Insurance can be difficult to get your head round; with so many different packages available it can be hard to decide what is best for you. It is important to find a product that works for you and with you. That’s why we’ve teamed up with industry experts, Griffiths & Armour, to create FR8 – they have the knowledge and experience to ensure whatever the size of your business or however conventional or complex your requirements are, the right cover is in place.
We asked them to answer some questions that you may have.
I have a great relationship with my broker. He’s a relative/friend etc?
That’s understandable and we’re sympathetic to those long established relationships you have. But in the interests of your own business, it’s worth doing a bit of due diligence here. At the very least it’s worth exploring what we can offer in terms of an all-round package, which is focused on safety and cutting your risks. You might be pleasantly surprised. There are lots of changes going on in the insurance market at the moment and what happens if your broker is taken over by another firm? It’s always wise to have a Plan B if something goes wrong – you never know it might become your Plan A!
This is about the 10th insurance product the RHA have promoted over the years?
Yes, there have been a few – but this one is a very different package. The others have been straightforward insurance products aimed at covering your fleet. What they didn’t do was to take a wider approach. FR8 helps our members to have a much better experience when they do actually have to make a claim. By managing the all-round safety of your fleet in the first place, you manage risk and reduce your premiums. That’s a very different deal from ones previously on offer with the RHA.
I’ve not got the best claims history?
That’s not something you just have to accept… you can do something about that. There are many ways in which FR8 can help you improve that image: you’ll need to look at the added value the policy provides and not just the price. Ultimately, your claims history will dictate your premium, not your broker. FR8 helps you to improve that all important claim history. Fewer accidents, fewer problems, better safety equals a lower price for you to pay.
I always wait till the last minute to get the best deal?
That’s not the best tactical approach to getting best value. You are effectively making life easier for your existing broker, so probably nine times out of ten you could end up renewing with your current provider and not actually generating any competition in the market place. Any underwriter who gets a last minute quote request could assume that you are up against it or are just trying to drill the premium down so they could either decline the opportunity to quote or potentially price the premium higher. Your claims history really does determine the premium – for every £1 your insurers pay out in claims they will want approximately £1.40 back in premium.
If I have an audit how much does that give me off my insurance?
Your claims history dictates the price you pay for your insurance policy, so if you improve your management of risk you will have fewer claims which in turn means a reduction in premiums. The RHA audit provides you with an overview of areas for improvement within your business and allows you to focus your time on improving these areas of weakness. A more compliant, well-run business will have fewer claims and is therefore much more appealing in the insurance market place. It’s worth remembering that the underwriter is making a business decision on what premium level will allow them to make a profit for your business. Having an RHA audit gives them more confidence the business is well run and should have fewer claims.
If you have more questions or would like to talk about your insurance, contact us today on 0151 600 2295 or email email@example.com to find out more.