Page 7 - The Yorkshire Post: SME Toolkit 2019

SME TOOLKIT /7 SPECIAL SUPPLEMENT
MAKING A CHOICE: It’s good practice to start reviewing your insurance three or four months before renewal, giving your broker time to approach the correct markets and negotiate the best deal.
Keep yourself covered
INSURANCE: Finding the right insurance broker can often be one of the most important decisions a business makes – so it pays to find advice you can rely on, leaving you with more time to focus on your priorities.
THURSDAY MAY 23 2019 YORKSHIRE POST
TEAM OF EXPERT PROFESSIONALS
Wilby Insurance Brokers provides professional and friendly advice to thousands of businesses across Yorkshire and beyond.
They have offices in Leeds, Halifax, Lymm and Cumbria and are part of the PIB Group, one of the top 20 insurance brokers in the UK.
Their team of local experts are able to find the right insurance solution for a wide range of businesses.
Wilby can provide you with a free, impartial, review of your business insurance arrangements to help you get the right cover for your business at the right price.
Please visit their website wilbyinsurance.co.uk, call 01422 358 525 or follow
them on Twitter @ wilbyinsurance
How important is choosing the right insurance broker?
Insurance can often be seen by business owners as an inconvenience. They know they need it but would rather spend
the time or money elsewhere. However, finding the right insurance broker can often be one of the most important decisions a business makes.
Wilby Insurance Brokers has offices in Leeds, Halifax, Lymm and Cumbria and is part of the PIB Group, one of the top 20 insurance brokers in the UK*.
Jennie Burton, inset, Director at Wilby Insurance Brokers, says: “Your insurance broker should be keen
to build a relationship with you. It’s crucial that they understand what you do so that they can identify the right insurance portfolio for your business.”
Five top tips to help you review your business insurance:
1. Select a small shortlist
Businesses often believe that the more brokers they ask to provide
a quote, the more likely they are to find the cheapest price; however, the opposite is often true, says Jennie. “When reviewing your insurance, the old adage ‘too many cooks spoil the broth’ is very apt. By selecting
a small shortlist of two or
three brokers (including
your existing broker) you
can avoid the insurance
market being flooded
with many brokers
approaching similar
markets.”
2. Present your
business in the best way
possible
Insurers give their best rates to businesses that can demonstrate they’re well-managed and less likely to claim. You can’t always control your claims history but according to
‘Like many things in life, you often get what you pay for with insurance.’
Jennie there are a few things you and your broker can do to help secure the best rates.
“We often help our clients to improve their risk, as a group we
offer risk management services to ensure businesses have good
health and safety plans in place and can develop business continuity
plans to help protect a business. This all helps us to negotiate with
insurers to help get you the best possible deal.”
3. Focus on service rather than price
Like many things in life, you often get what you pay for with insurance. You can always find a cheaper price with an insurer you may have never heard of, but are they likely to pay out if you need to claim?
That’s not to say you can’t find a competitive price with a reliable insurer – this is when a good insurance broker is key.
4. Discuss your concerns
If you have any concerns about your insurance arrangements, then a review is the perfect chance to get
a second opinion. Jennie says: “We often find that when we review the current arrangement for a business, there are potential issues with cover. It could be that the buildings are undervalued or that there is a condition in the current policy that the client is not aware of.”
5. Don’t go to market every year
Reviewing your insurance can be a rewarding exercise. However, unless there are service issues with your broker or your business has been through a lot of change, then aim to only go to market every three years or so.
Don’t leave it until the last minute to obtain quotes. It’s good practice to start reviewing your insurance three or four months before renewal. This will give the broker time to approach the correct markets and negotiate the best deal.
This five-step approach should help take a more effective approach to reviewing your insurance arrangements, and free up more time to focus on running and growing your business.
*Insurance Times Top 50 Brokers 2018