24 Sep, 2020
The insurance industry is experiencing its hardest market in 20 years, with premiums increasing, breadth of cover being restricted, policyholders being asked to comply with harsh conditions and some businesses struggling to obtain insurance at all.
This has come about because insurance companies have struggled to balance their books in recent years but they now face a number of regulatory and legislative changes, a fall in the value of their investments, an increase in climate related claims and of course Coronavirus. All of these are forcing insurers to take a hard look at what they insure and what they charge.
The result is that insurance companies are no longer fighting for your business; they are picking and choosing who they insure, happy to turn away clients that they consider high risk and demanding more from those who they do insure. Our advice in this hard market is for businesses to invest in their processes & risk management in order to demonstrate to underwriters that they are ‘best of breed’ and a safe bet to insure. ISO standards can show a culture of safety, attention to detail and planning that will set your business apart from the others and make you attractive to insurers.
A well-run business that can evidence high standards of risk management, product control, health & safety and business continuity might not just save significant money on their insurance premium it might actually make an uninsurable business insurable.