Paul Chetwynd-Talbot’s Top Tips for Securing the Right Insurance Deal

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Paul Chetwynd-Talbot, National Practices Leader at Willis, addressed the Royal Warrant Holders Association members at the AGM on March 2, 2011. Included in his presentation were a number of tips about what you should be looking for from your insurance broker with regard to your commercial insurance needs and risk management planning.  Here’s a summary of Paul's tips:

1. Your insurance broker's role is to buy insurance on your behalf having understood your business needs. It is not to sell you insurance - so work with them to help you.

2. Choose a broker who takes the time to understand your business and its objectives, not just your insurance risks – especially if your business has more complex risk management issues.  A good insurance broker will work in partnership with you.

3. If you have risk management problems ask your broker to help you solve them. It will also give them an edge to secure you a better deal with insurers.

4. Look for your broker to have a local presence.  This will help to get you a more personal service.

5. Choose a broker that stands out from the crowd and has relationships with pre-eminent insurers.  A good insurance broker will act as your PR consultant to an insurer and will seek to add value to your business rather than being just a transactional ‘middle man’.

6. As insurers become increasingly selective, the best managed businesses will receive the warmest reception. Be proactive on risk management.  Be the well-managed risk.

7. Be prepared to buy insurance on the basis of ‘must have’ rather than ‘nice to have’.

8. Look at your insurance in the overall context of managing risk.

9. Consider locking into a 2 or 3-year fixed price deal if available.

10. Once you are sure about your broker and insurer, look to develop a long-term relationship with both of them.

Last reviewed 9/3/2011

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