Rising insurance costs could be avoided if Shropshire employers
took the time to double check their policy details.
That's the message from Dave Williams, of Henshalls insurance
brokers in Newport and Shrewsbury, who warned companies they needed
to be on their toes when it came to the small print.
"When it comes to renewing your company's liability insurance,
you will probably find the cost has gone up again this year. And
although you'll be keen to reduce your premium, you must be careful
not to jeopardise the level of protection."
Dave said the premiums for both Employers' Liability insurance
and Public Liability insurance had risen considerably in the last
18 months.
But he said often companies were paying more than they needed
to, purely because the information provided to their insurer was
inaccurate.
"Make sure your business description and other information
you've provided is correct - maybe you've moved into a less risky
area, or reduced the amount of work you're doing.
"If your circumstances have changed and you've not informed your
insurer, you could be paying for cover that's no longer
required."
Dave said some policies were also based on an estimate of total
payroll or turnover, so it was important to check the
calculations.
"Your policy may also be worked out depending on the number of
employees you have, so if people have left, it's likely your
premium will be too high.
"Pass on the up-to-date details to your insurer and request a
new quotation before you just automatically renew your cover."
Dave said the responsibility to make sure the cover was correct
lay with the employer and larger companies or businesses working in
higher risk industries would be wise to seek professional
advice.
Employers' Liability insurance covers anyone who has an
employment contract for injury, illness or death while they are
working for you.
Public Liability insurance is to protect your company if you
face a claim from a third party for personal injury or damage to
their property, and this cover is not compulsory.
For more information about Henshalls, please visit their website
here: www.henshalls.com