Just One More Thing
Just One More Thing
Posted on 16th November 2020
Woody Allen once said "There are worse things in life than death. Have you ever spent an evening with an insurance salesman?" Whilst we don't want to be taken for dinner every evening by our clients (although now I come to think of it that would be nice....) There's a really good reason why you should really discuss your business in depth with your broker and not just answer the questions they ask.
All the best brokers seem to continually probe and ask questions of their clients and prospects, almost like Columbo (for those that are old enough!) "Just one more thing...." this is for good a reason.
Often when we are calling a client regarding their renewal to enquire if there have been any changes, we are told everything looks fine as it is and to carry on. It's not until we start having a general conversation about things that we discover more. For example how Brexit might effect them, to find the client is carrying more stock as they're stockpiling, or how COVID has resulted in their wages and turnover being down. Both of these can send premiums in opposite directions. It may even affect how the policy responds and even which insurer we recommend due to price.
This is why it's great that we have our clients for many years, rather than a single year. We learn how their businesses are growing, what new markets they hope to penetrate and then we can consider how that might affect their insurance. These discussions often extend into how the business is operated.
For us as your broker, we have to represent your business with insurers in the best possible light and insurance underwriters can be a pessimistic bunch! If you have appointed an external HR firm to look after your companies HR, or have a good qualified internal HR manager this can reduce Employers Liability claims. Is your database / CRM system backed up and how often? As this can make recovery following a major loss quicker and so reduce business interruption claims.
Can you work from any premises or just this one? Fire protection, security, alarms, the list is endless and goes far beyond the usual sums insured. If we can show an insurer that you've anticipated a risk and have a plan if it occurs, it will sometimes allow some insurers to quote who otherwise wouldn't, or may help us achieve a discount.
My advice is volunteer as much information as you can, if your broker hasn't asked, don't assume they wouldn't benefit from knowing. Currently we are experiencing insurers wanting to increase premiums at the exact time that clients are under financial burden and need to make all the savings they can (without reducing cover). These things may just help you achieve a better insurance policy and premium.. Meaning you could take your broker out to dinner....or not!