Yes! Your Insurance Costs, if managed well, can get you really fantastic savings…
If you want your business insurance costs to go down with minimum hassles, try the following key things…
1. Start work on Renewal of Insurance atleast a month in advance:
This helps you have a good window of time to your broker for floating your quote to more Insurance Companies and hence improves your negotiation power.
2. Employ practical risk mitigation:
Employing simple and practical risk mitigation,
For e.g. Simple fire extinguisher installed at your office can give you a minimum 5% saving on Fire Insurance. More such suggestions can be provided by your Broker.
3. Give as much information possible on the risk to be insured:
Underwriters are under tremendous pressure. Giving them appropriate decision making data make the underwriter more open to accepting risk at a lower price.
Informing about various risk mitigations by you, is very important for a good drop in quotes. For e.g. if you are taking a Group Personal Accident for your factory workers, and you maintain benchmark safety standards, these need to be informed to the underwriter, through the broker.
4. Assess your projected claims ratio:
Say you are a small group of 50 employees. A Maternity coverage in the Group Health Insurance Plan would result in a very high claims ratio. Though you would
not be affected immediately, your future premiums with the Insurance companies will be drastically affected
5. Cross-subsidizing:
Packaging of a High Risk product, with a low risk with one Insurance Company. For e.g. A Group Personal Accident can be packaged with a Group Health Insurance.
6. Share the Risk:
By adding Deductibles, Co-payments to your Insurance plans, you can get a significant reduction in your costs.
For e.g. Some Companies insure the employees’ parents in the Group Health Insurance. A co-payment clause here would help a significant reduction on costs.
7. Timely Additions/Deletions:
Ensure timely addition and deletion of the assets/manpower insured.
8. Ensure correct valuation:
Ask your broker, on the basis of valuation of loss , when a claim is filed with the Insurance Company. You should insure your assets with same valuation method.
For e.g. Claims on damage to Building Structure are paid at cost of re-construction. Hence, your coverage should also be a reconstruction costs and not market costs. This will bring down the costs to atleast 30%.
9. Employ a Professional Broker:
Brokers are experienced professionals in negotiating good deals with Insurance Companies. Finding a good broker, would be key to your Insurance Costs Management.
10. Get a Free Insurance Audit done:
Insurance Brokers also offer free Insurance Audits, which provide a detailed assessment of your Insurance coverage and costs.
For e.g. A good broker will assess whether your equipments have a Breakdown warranty on Assets/Equipments. If the warranty is valid, you don’t need to buy an Insurance for Equipment Breakdown.
This article has been brought to you by Bonsai Insurance Broking Pvt. Ltd.
About Bonsai Insurance Broking
Founded in 2003, Bonsai is one of the most respected and fastest growing Insurance Brokers in India. We are committed and excited to make a consistent difference to your business through our knowledge and experience in the Insurance domain.
How we can help you get the best deals?
We deal with all Companies
Being an IRDA Licensed Insurance Broker, we deal with all Insurance Companies.
We are Neutral
Our revenue margins being the same with each Insurance Company, we are completely neutral and uninfluenced by a particular insurance company.
On the other hand, being consolidators of business for Insurance Companies, we share a fantastic relationship.
We are team of highly qualified & experienced individuals
If you are speaking to an expert at InsuranceMall.in, he would be a MBA [Finance], a Chartered Accountant or a Chartered Financial Analyst.
Customized Solutions for all:
We have Insurance products which would suit even your boot-strapped budgets and at the same time, give you that fantastic deal to retain your important assets, including your team.
Our Team of Highly Qualified Experts would help you decide on the right solutions and package for your company, like we have done for numerous other start-ups and the grown-ups!!
Our Solutions:
We offer the entire gamut of Insurance Services
Office Package Insurance
Group Life, Health & Accident Insurance for teams as low as 5 people
Group Gratuity
Key Man Term Life Insurance
Directors’ & Officers’ Insurance
If you are looking for Personal Insurance: You need to only visit www.InsuranceMall.in, India’s No. 1 Neutral Insurance Shopping Website.
The right deal is just an email/call away.
Contact us today!
022-67242424 or 022-30503050 or Email us today: info@insurancebrokerindia.com
If you want your business insurance costs to go down with minimum hassles, try the following key things…
1. Start work on Renewal of Insurance atleast a month in advance:
This helps you have a good window of time to your broker for floating your quote to more Insurance Companies and hence improves your negotiation power.
2. Employ practical risk mitigation:
Employing simple and practical risk mitigation,
For e.g. Simple fire extinguisher installed at your office can give you a minimum 5% saving on Fire Insurance. More such suggestions can be provided by your Broker.
3. Give as much information possible on the risk to be insured:
Underwriters are under tremendous pressure. Giving them appropriate decision making data make the underwriter more open to accepting risk at a lower price.
Informing about various risk mitigations by you, is very important for a good drop in quotes. For e.g. if you are taking a Group Personal Accident for your factory workers, and you maintain benchmark safety standards, these need to be informed to the underwriter, through the broker.
4. Assess your projected claims ratio:
Say you are a small group of 50 employees. A Maternity coverage in the Group Health Insurance Plan would result in a very high claims ratio. Though you would
not be affected immediately, your future premiums with the Insurance companies will be drastically affected
5. Cross-subsidizing:
Packaging of a High Risk product, with a low risk with one Insurance Company. For e.g. A Group Personal Accident can be packaged with a Group Health Insurance.
6. Share the Risk:
By adding Deductibles, Co-payments to your Insurance plans, you can get a significant reduction in your costs.
For e.g. Some Companies insure the employees’ parents in the Group Health Insurance. A co-payment clause here would help a significant reduction on costs.
7. Timely Additions/Deletions:
Ensure timely addition and deletion of the assets/manpower insured.
8. Ensure correct valuation:
Ask your broker, on the basis of valuation of loss , when a claim is filed with the Insurance Company. You should insure your assets with same valuation method.
For e.g. Claims on damage to Building Structure are paid at cost of re-construction. Hence, your coverage should also be a reconstruction costs and not market costs. This will bring down the costs to atleast 30%.
9. Employ a Professional Broker:
Brokers are experienced professionals in negotiating good deals with Insurance Companies. Finding a good broker, would be key to your Insurance Costs Management.
10. Get a Free Insurance Audit done:
Insurance Brokers also offer free Insurance Audits, which provide a detailed assessment of your Insurance coverage and costs.
For e.g. A good broker will assess whether your equipments have a Breakdown warranty on Assets/Equipments. If the warranty is valid, you don’t need to buy an Insurance for Equipment Breakdown.
This article has been brought to you by Bonsai Insurance Broking Pvt. Ltd.
About Bonsai Insurance Broking
Founded in 2003, Bonsai is one of the most respected and fastest growing Insurance Brokers in India. We are committed and excited to make a consistent difference to your business through our knowledge and experience in the Insurance domain.
How we can help you get the best deals?
We deal with all Companies
Being an IRDA Licensed Insurance Broker, we deal with all Insurance Companies.
We are Neutral
Our revenue margins being the same with each Insurance Company, we are completely neutral and uninfluenced by a particular insurance company.
On the other hand, being consolidators of business for Insurance Companies, we share a fantastic relationship.
We are team of highly qualified & experienced individuals
If you are speaking to an expert at InsuranceMall.in, he would be a MBA [Finance], a Chartered Accountant or a Chartered Financial Analyst.
Customized Solutions for all:
We have Insurance products which would suit even your boot-strapped budgets and at the same time, give you that fantastic deal to retain your important assets, including your team.
Our Team of Highly Qualified Experts would help you decide on the right solutions and package for your company, like we have done for numerous other start-ups and the grown-ups!!
Our Solutions:
We offer the entire gamut of Insurance Services
Office Package Insurance
Group Life, Health & Accident Insurance for teams as low as 5 people
Group Gratuity
Key Man Term Life Insurance
Directors’ & Officers’ Insurance
If you are looking for Personal Insurance: You need to only visit www.InsuranceMall.in, India’s No. 1 Neutral Insurance Shopping Website.
The right deal is just an email/call away.
Contact us today!
022-67242424 or 022-30503050 or Email us today: info@insurancebrokerindia.com
0 comments:
Post a Comment