Reducing your insurance premiums while maintaining coverage

The pandemic has impacted businesses globally and across all sectors. So, it pays to review your insurance policies to make sure you’re only paying for what you need right now. Could your business pay smaller premiums yet still be adequately covered?

This article guides you on how to ensure your business insurance is on the money, so to speak.

Improve your security measures

There may be laws dictating the security measures you need to put in place to operate your business. Often, businesses will just do the minimum. However, going beyond that, and keeping us in the know, can help manage your insurance premiums. By taking extra precautions, if there is a security breach, you’re mitigating the risk and resultant damage. So, if you do have to make a claim, it may not be as high as if you only took the minimum precautions. That means your claim(s) will be lower with less impact on your premium.

You could improve the security of your premises with a real-time, interactive online monitoring and security system (such as one that lets you control your alarm remotely and sends you alerts). As well, up-to-date fire-detection measures such a sprinkler system could mean slimmer premiums. Often, your installation costs will be covered by the lower insurance costs over time. Worker safety programs and driving awareness programs can also earn you a discount. And making moves to ensure your business is cybersafe can help reduce your premiums and your risk of hefty fines under the Privacy Act. 

Reduce your risks

We can guide you on loss-prevention programs to minimise risks in your business.

If you can prevent a loss, you can avoid one. Same idea with accidents. Do you track your incidents (including near misses) and claims? Incidents are a reliable predictor of claims. But, don’t stop at recording those trends – look to analyse across your business. Maybe one division or location accounts for a large chunk of your incidents and claim costs. Get to the bottom of what’s causing that differential and see what interventions you can put in place. If this sounds like a lot of paperwork, there are cloud-based options to record and analyse your trends through an online dashboard interface. We can suggest claims management software to suit you and risk management approaches.

Consider which of your clients, if any, are particularly vulnerable to COVID-19. What could be the impacts on your long-term business prospects? The virus may also disrupt your value and supply chains. Are there opportunities for alternatives that would be a better fit in these uncertain times?

Also, how are you managing biosecurity risks for your staff and visitors to your business premises, for example? Your leadership can support staff who are anxious about infection risks and job security.

Review your policies regularly

COVID-19 has prompted all businesses to check the fine print on their insurance coverage. If your insurance premiums do increase, and most are due to the recent bushfires, storms and COVID-19, we can explore options to minimise the impact to you.

Your business might have pivoted and changed operations to keep afloat in the pandemic. For example, staff delivering products rather than customers coming onto your premises or if you bought new equipment or plant. Perhaps you’ve let some staff go, so their names should be removed from your list of vehicle drivers for company cars. Also, your remaining staff could have absorbed more duties, so their classifications in your insurance policy need to reflect that. Therefore, your policies will need to be updated.

Think of us as your business adviser to help you methodically review your policies quarterly or as needed when business circumstances dictate. We’re here to ensure you cover what you need – no more, no less.

We can help you find protection based on your individual business needs. Your insurance policies may well be solving yesterday’s problems. Taking time to evaluate with an eye on the future allows you to tweak them accordingly. We’re tapping into a global network of peers so can really have their finger on the pulse with insurers’ policy changes. New technologies mean that we’re accessing real-time data to source the best-fit premiums for you. It could be time to consider a different kind of bundle of policies, too.

Financial support for the asking

We’re all in this pandemic together. 

Businesses may not know that insurers are mindful of the disruption and uncertainty COVID-19 has caused and therefore, are showing some compassion. Depending on your circumstances, you might be able to access financial support, such as:

  • Delayed premium increases for six months
  • A discount, such as for not having ever made a claim
  • A discounted premium because your insurer might not be able to offer the full range of services during a pandemic shutdown
  • Alternative pricing – short term cover, for example
  • Super-speedy claims resolution for emergencies.

You won’t know if you’re eligible for these if you don’t ask, so be sure to discuss this with us.