In 2019, before the onset of the current pandemic and its economic impact, the UK general insurance market was experiencing rate increases not seen in almost two decades.
Insurers have been taking action to address unprofitable accounts brought about by a combination of unsustainably low premiums, the increasing frequency and severity of property and liability claims, and the continued rise of litigation/award costs.
Whilst this situation is a challenge for Adler Fairways and our clients, there are several things you can do help get the best possible outcome for your business’s insurance renewal:
Engage with us early
Starting your insurance renewal early gives you the best possible chances of success. We recommend beginning the process with us 4 months ahead of renewal. This can help secure better renewal terms and conditions.
Look for specialist knowledge and experience
Working with a broker who has specialist knowledge of your sector will mean that they can expertly represent your business. They will know which insurers to approach in the market, presenting your business correctly to insurers, avoiding an incorrect understanding of the risk.
Commit to the exercise
Work together with your broker, be clear and transparent about your business, investing the time in the process. This will lead to a better result for you.
Work with a broker who offers risk management support, this will not only improve the safety of your business, but can help reduce your insurance costs. Pro-active risk management is a key factor in Insurers’ considerations.
It should not always be about the price you are paying but the service you are receiving. A good broker will always tell you if you have the correct cover in place.