How to Manage your Insurance Premiums
All businesses need to manage their insurance programmes, and we've compiled a guide to help you do just that.
Managing your premiums can be a daunting task, but we can help to take the hassle out of it, year on year.
Here's how you improve your insurance programme and better manage your premiums in just a few steps.

1. Identify the risks and find ways to mitigate them
Assess your risks on an ongoing basis. Speak with health and safety consultants, solicitors and insurance brokers who can help identify and manage your risks
Once you have recognised these risks, speak with your insurance agent or broker and find out what can be done to transfer these risks through insurance

2. Explore your options - design the right insurance programme and then look at the price
When reviewing your insurance programme, take the time to explore all of your options and ask yourself:
Does this policy cover me against all of my potential risks?
Do I get access to any additional benefits which could help better manage my risks and improve my businesses performance?
Do I fully understand all the terms, conditions and exclusions of the policy?

3. Demonstrate that you have sound risk management procedures
Review your practices and update them accordingly. This can prevent accidents and reduces the chances of a claim
Provide evidence that you have sound risk management procedures in place, which is a great negotiating tool when you are looking to reduce your premium

4. Create the right impression
Make sure the proposal form is neat and tidy and accurately reflects all of your business activities. This will influence the insurers' perception of your business and could avoid invalidating the insurance
Support your proposal form with any additional information to help your broker/insurer better understand your business.
Consider:
Material changes about your business
Details about the contracts you are involved in
Copies of your corporate brochure
Terms of business
CV with details about your experience and qualifications
If you have had claims in the last six years, provide further information, you may want to include:
Date of the incident
The amount claimed
A summary of the work performed
Any loss adjustor's reports
Details about what your business has done to try and prevent reoccurrence

5. Ask your broker for their informed view of the current market and give yourself time
Markets that specialise in certain types of insurance, such as Professional Indemnity tend to be relatively small. Try to find brokers who specialise in these markets that can give you an informed opinion about any trends in the markets
Completing the forms in good time will allow your broker to approach a broader panel of insurers on your behalf. Insurer's risk appetite and rates continually change. Fully completing the forms and in good time will give you more options and allow your broker to obtain more feedback for you
Try and abstain from sending the application to too many brokers. This not only floods the market but can slow down the quoting process and won't allow your broker to carry out an independent and impartial review of the market
Contact us today to see how Simcox Brokers can help.
Email: hello@simcoxbrokers.co.uk
Call: 0117 325 0560