How Risk Management Can Help To Save Money On Your Insurance
Risk and insurance management can save your business money on your insurance premiums and potential losses by picking up and minimising issues before they happen. And ultimately, reduce the number of claims you have. Although most insurance brokers won’t include this in your policy, risk management is an important factor to consider during your insurance journey and A&T truly believe this which is why we fund access for all of our clients to the A&T Risk Management Service. As risk management brokers, we can advise you on risk management and your commercial insurance policy, so that you make the best decisions to protect your business. We have outlined a few of the ways that comprehensive risk management can help you.
Fewer Claims
By carrying out risk assessments on your commercial property, you are helping to prevent workplace injury. Your colleagues’ safety will always be a priority. So not only does effective risk management help them feel safe in the business, but it also prevents them from having to make a claim against you.
Fewer claims on your insurance saves you potential legal fees and helps to reduce your premiums over time. This is achieved because you have demonstrated that you’ve adopted the sensible and robust procedures and are a lower risk to the insurer. A good accompaniment to risk management is a commercial legal expenses insurance policy. This means you are protected on all counts if a claim is made. As a result, you can recoup legal expenses you when making or defending a claim.
The risk and insurance management review process often exposes ways in which you can potentially make improvements in your business. When managed alongside your insurance policy, you can have full visibility of your business’ risks and processes. In turn, this makes your company adopt safer processes with less downtime time due to accidents or issues arising. The major benefit of this is increased profits!
Lower Risk of Damage
Another benefit of proper risk management is that your building and business will not have a lasting financial impact from damages that build up over time. A risk and insurance management plan allows you to identify the potential problems. This could be a faulty lift in the building or a market risk associated with assets. When planning for these issues, you can financially prepare and show an insurer that you have precautions in place.
If you need help with putting together a plan, speak to our team who can help get you access to our risk management services. We can provide you with free templates to use alongside your insurance policy and ensure you are getting the best value out of your commercial insurance.
Save Money on Your Premiums
The most important benefit of a risk and insurance management plan is that you can save money. As with any insurance policy, a reduced risk means a reduced premium. If you are a company that naturally has higher risks, such as the construction industry, then being able to demonstrate that you understand the risks you face along with how you manage them, insurers can look favourably on your business when underwriting your policy.
Looking to learn more on how this works? Feel free to contact our team of experts. Not only can we help you with your commercial insurance, but we can also show you how to make the most of our risk management templates and plans.
For risk and insurance management services, contact us at Alan & Thomas. We provide a range of covers for private client and commercial insurance. Risk management services and guidance comes free of charge alongside the covers we provide. So you can receive a comprehensive solution when working with us. Our relationships with lead insurers mean that we can provide protection for your business from several events and claims. Call our risk management insurance brokers today on 01202 754900 or email info@alan-thomas.co.uk for further information.