On the morning after the fire...
On the morning after the fire...
…neither you nor I, the health & safety executive, the fire officer, the police, the ambulance service, the loss adjuster, your insurers, your bankers, suppliers, customers and staff – no one, in fact, will give a toss about how much you paid for your business insurance.
They’ll all be taking statements, looking for bits of paper, asking questions, but not about your premium. Our obsession with ‘the premium’, how cheap it can be, obscures our ability to ‘get real’ about the business insurance market.
Anyone can ‘quote you happy’, but, ‘happy claims’ are hard to come by, here’s why…
There are four GREAT, INDISPUTABLY UGLY TRUTHS about business insurance
- Insurance companies dispute 50% of all large claims from businesses* (that’s worth reading twice!)
- They do this for two reasons:
- breach of policy conditions (which you never read or remembered)
- inadequate information disclosure (which you didn’t think important at the time).
- It takes 3 years on average‡ to resolve a large disputed claim (if you can resolve it!). Meanwhile, without cash flow, your business goes into administration.
- This is why 43% of businesses experiencing a disaster NEVER RECOVER*, not because they have experienced a disaster, but because their insurance is a disaster!
The instant gratification of saving a few quid now will turn to burning resentment in the cold light of a bad day when your future looks bleak and no one is stumping up.
Finance Directors weary with overheads, brokers obsessed with ‘targets’ can become mesmerised by the single, shining prize, but all that glitters is not gold. There is no such thing as ‘cheap insurance’, it’s an oxymoron, like ‘the living dead’, which is what half of all businesses become on the morning after the fire.
We’re sleeping with the enemy…
The enemy is not the cold-hearted insurance company, it’s our own complacent attitude towards purchasing a complex contract upon which our entire future rests.
Complacency is the active ingredient in a recipe for disaster, formulated by ‘cheap and easy’.
large claims disputed
reasons this happens
years to resolve
businesses never recover
So, what’s the answer?
At the Business Insurance Bureau, we know that it’s not about how cheap you make it, but how you make it cheaper.
Bob the Broker’s business philosophy is called: Making it cheaper, by doing it right™
There is only one legitimate way to make your insurance cheaper: cutting down claims by controlling the risk.
That takes partnership, relationships, service commitment, expertise and ‘going the extra mile’.
No one else will provide this – a Risk Management Rebate Voucher worth up to £500.00† towards the cost of:
- Cleaning Kitchen Extract Systems
- Fixed Electrical Testing
- PAT Testing
- Fire Risk Assessment
- Health & Safety Compliance
- Security Compliance
- ISO Accreditation
- and other risk improvement
How does it work?
The small print...
†Terms and conditions apply. Rebates are calculated based off your final premium amount and on receipt of legitimate certification that the work has been carried out. The £500 figure is based on a sample of 101 clients who received a rebate between 2016-2017.
*sources: business continuity institute/london chamber of commerce and industry ǂft.com July 2014 MacTavish
FEATURED IMAGE: This picture was given to us for use by our client Nichol Wheatley, called ‘Loss and Anger’ in aid of the Glasgow School of Art fire. The appeal is still ongoing and donations can be made “The Mackintosh Campus Appeal” via Alan Horn at Glasgow School of Art: 0141 566 1470.
Let's make it cheaper, by doing it right
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"On the morning after the fire, no one gives a toss about how much you paid for your premium..."
"When the water came up to our knees we realised we might be a problem..."
"I just left the blow torch on for a moment whilst I took the phone call..."
Who are The Business Insurance Bureau?
The Business Insurance Bureau is a niche specialist underwriter and commercial insurance broker, defying conventional categorisation, comprising of a small number of gifted individuals forming a collective intellectual giant.
We have developed our own unique range of quality insurance products, which has given the business a competitive advantage in several areas. Being in control of the entire process, from enquiry to policy issue, has allowed our business to deliver service levels hitherto unimaginable in this sector, or indeed for a business of its physical size.
We insure a spectacularly diverse clientele, similarly exclusive and excellent in their field, who rely on The Business Insurance Bureau to protect their assets, minimise their liabilities and secure their future.