Tak­ing the risk out of busi­ness

Macclesfield Express - - SME BUSINESS TIPS -

●● 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.

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