Mark Radburn's Top Tips for Securing the Right Insurance Deal
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Willis Networks' Managing Director, Mark Radburn addressed the membership at the BPF budget planning seminar on the 9th July. Included in his presentation were some top tips for purchasing your commercial insurance. See a summary of Mark's top ten tips below and remember to use them at your next renewal.
1. Your broker's role is to buy insurance on your behalf having understood your business, it is not selling you insurance ..... so work with them.
2. choose a broker who takes the time to understand your business and its objectives, not just your insurance risks. In addition, make sure you choose a broker with knowledge of your industry.
3. If you have risk management problems can your broker help solve these? It will also give them an edge to secure a better deal with insurers.
4. Give your broker the time to do the best job for you, start discussions at least 3 months before renewal. The harder the market the more time they need.
5. Consider a "silent" excercise - but only if you have doubts about your existing broker. Let just one new broker go to the market on your behalf to get alternative quotes but without you advising your existing broker and insurers. Insurers often cooperate more when only one broker is active in the market.
6. If you're seeking a review only involve one other alongside your existing broker..... involving multiple brokers will close down the market.
7. When you come to review the terms put forward pay careful attention to the cover provided by the policy and the extra extensions the insurer will give. Ask if it's the insurer's standard wording. Extended wordings sometimes cost more but can mean a substantial claim is included rather than excluded.
8. Once you are sure about your broker and insurer look to develop a long-term tripartite relationship with them.
9. Look for your broker to have a local presence; this enables you to benefit from a bespoke personal service.
10. Consider insurer reputation and solvency rating.... ultimately they will be paying any claims. Be confident they will still be there when you need the claim cheque!
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