Here at AIC we have access to more insurers than nearly any other high street broker, with over 140 live agencies, so we’re well placed to answer that question.
Firstly different risks attract different insurers, so which insurer is best for you will depend on the size and type of your business. Perhaps you have high risk elements such as poly-tunnels, which some insurers don’t like. Maybe you have several sites, so the risk of claims are spread, and this can appeal to another part of the insurance market.
Secondly the insurance market is constantly changing, with perhaps an insurer experiencing a bad claims run, they will sometimes hike rates and make themselves uncompetitive. So having a broker such as ourselves constantly monitoring the insurer pricing will serve you well.
How can I save on insurance premiums for my Agricultural Business or Garden Centres?
You must look to mitigate the risks for insurers, which means identifying what possible claims there could be and managing those risks. Obvious answers are security such as alarms to prevent theft, but not so easy on the outside spaces. Then less obvious answers are the slips n trips, which account for a lot of the claims on public access areas. There’s a couple of things to help irradicate these claims, such as monitoring walkways regularly for obstructions (hose pipes especially) and ice in cold weather. And CCTV reduces claims further by way of ensuring claims are genuine and/or perhaps not negligent.
What are the risks to insure against?
The starting point is usually the material assets of the business, from property and buildings to the stock being managed. Then we move on to the Public and Employers Liability cover, which protects the customers and staff in case of injuries. You’ll likely need business interruption cover, which protects your company for lost profits following an incident – which shouldn’t be underestimated as we often see these claims costing more than the original loss. With these three covers in place (Material Damage/Liability/ Business Interruption) you have now covered most common occurrences such as Fire/Theft/Flood/Injuries to staff & Customers, and financial losses following a claim.
Whilst those are the main points to consider, there might be other more obscure things which are specific to your business, but still very important to insure. Maybe the supply of goods such as water/electricity are paramount, or a particular weekly delivery to your customers should be insured? These are not normally major hurdles, and that’s why forming a bespoke package of cover is essential good housekeeping for your business.
How AIC can Help you:
We will conduct a full review of your cover requirements and tailor your insurance policies to meet your changing needs, making sure you are adequately protected for all your requirements. We will get a better understanding of your risk management features and not only advise on how these can be improved but also relay this on to our insurer partners in order to achieve the best possible discounts to the premiums quoted.
Our customer service and claims support will also give you the peace of mind you need when you get home and put your feet up after a long hard day at work from knowing you have the right cover in place through AIC. So please feel free to put us to the test and call me on 01442 242400 or email graham@aicinsure.co.uk and let me know when your insurance is due for renewal and I will arrange a time to discuss your requirements in more depth.