Taking the risk out of business
●● ENCOUNTERING risk is an inevitable reality of running a business, but some can be managed.
pictured right, the director of Finch Insurance Brokers provides his top tips on risk management and insurance: ●● If your business has any degree of complexity, it is advisable to enlist the services of a reputable broker who holds the correct qualifications rather than going ‘direct’. ●●
The cheapest insurer is not always the best. A good broker can connect you with a number of insurers who specialise in your business sector. ●●
Collaborate with your broker to produce a document to send to insurers (a ‘submission’) which shows the work you have done to manage risk, so insurers can factor that in. ●●
If you shop around every year then insurers will become less interested in quoting for your business. Unless there are fundamental changes to your business, I recommend only ‘going to market’ once every three years. ●●
Some insurers offer a Low Claims Rebate (LCR) or Profit Share clause.
This means that if claims are below a certain percentage of your premium then the insurer will return a pre-agreed portion of your premium to you.