There may be ways to manage insurance costs without simply reducing cover.

The available options depend on the policy and risk.

Review your excess #

Some insurers offer lower premiums where a higher excess is selected.

The excess should still be affordable if a claim occurs.

You can read more about insurance excesses.

Improve how the risk is managed #

Depending on the insurance, insurers can consider controls such as:

• Documented procedures
• Staff training
• Contract review
• Quality assurance
• Cybersecurity controls
• Physical security
• Maintenance
• Safe work procedures

Strong risk management does not guarantee a lower premium, but it can improve how the risk is presented to insurers.

Review the policy structure #

Options can include:

• Combining compatible covers
• Reviewing optional sections
• Removing cover that is genuinely no longer required
• Reviewing excesses
• Comparing suitable insurers

Keep sums insured and limits accurate #

Do not reduce a sum insured or liability limit purely to lower the premium without considering the potential gap in cover.

Property values, replacement costs and contractual insurance requirements should still be reflected appropriately.

A clear and accurate insurer submission can also assist insurers in understanding the risk.

Contact our team if you would like to review available options for managing your insurance costs.