Keeping your claims low, and your premiums lower…
Bob the Broker’s Risk Management Rebate: Explained
The Business Insurance Bureau fights complacency by contributing towards risk management. Here we explain the ‘what’, ‘why’ and ‘how’ about Bob the Broker’s Risk Management Rebate…
On the morning after the fire, neither you nor I, the loss adjuster, your insurers, the fire officer, the health and safety executive, the police, your bankers, suppliers, customers and staff – no one in fact, will give a toss about how much you paid for your insurance.
They’ll all be taking paper statements, looking for bits of paper, and asking questions, but not about your premium.
Our obsession with ‘the premium’ and how cheap it can be, obscures what’s really important. What’s really important are the four, great indisputably ugly truths about business insurance:
No. 1 – Insurance companies dispute 50%* of all large claims from businesses.
No. 2 – They do this for TWO reasons: breach of policy conditions and failure to disclose information.
No. 3 – It takes THREE YEARS† on average to resolve a large disputed insurance claim (if you can resolve it). Meanwhile, without cash flow, your business goes into administration.
No. 4 – Joining the 43%* of all businesses experiencing a disaster NEVER RECOVER – not because they have experienced a disaster, but because their insurance is a disaster.
We know that running a business can be challenging at the best of times, which is why Bob and his team go the extra mile to give you one thing less to worry about. We pay to get your kitchen cleaned, your electrics tested and your fire risk assessments completed on time, so that there’s no dispute about bits of paper on the morning after the fire.
What is Bob the Broker’s ‘Risk Management Rebate’?
There is only one legitimate way to make your insurance cheaper – cutting down claims by controlling the risk. The Risk Management Rebate is a financial contribution from The Business Insurance Bureau of up to £500:00 towards different risk management improvements like cleaning kitchen extract systems, PAT testing, fire risk assessments, security compliance, health and safety compliance, thermographic surveys and other deserving risk improvement features.
How do I qualify?
You can receive a rebate if your business is eligible to be insured on our unique underwriting facility. If you have multiple locations that qualify, then all locations can qualify for a rebate. All rebates are annual, based off your premium amount and are to be allocated based on your policy conditions.
Example: You get PAT testing done in Year 1, but because this doesn’t need to be done every year, we contribute towards a fire risk assessment the following year, improving your risk in relation to other policy conditions.
What do I need to do?
Insure – First of all you need to get in touch with us to see if you qualify, then if you do, we will provide you with a quotation. Once accepted we will put you on our underwriting facility and take a look at your policy conditions to advise what kind of risk improvements we can contribute towards, and how much the rebate will be.
Comply – Once agreed, you get the risk improvement work done by a qualified and recognised supplier, complying with your policy conditions.
Verify – Send us a copy of your certificate/report of the risk improvement work that took place, ensuring your suppliers contact details are attached so that we can verify you have met your policy conditions appropriately.
Reward – Once we receive the copy of your certificate/report, we will send you a cheque in the post, or pay your supplier directly the agreed amount of rebate.
Remind – We run a reminder service to let you know in plenty of time when your next round of risk improvement work needs to be booked in.
Renew – Once the risk is taken care of, it’s time to renew. You are a better risk, there are fewer claims, we can bring your premiums down to better than competitive levels, making it cheaper, by doing it right™.
What do we accept as proof of risk improvements?
All risk improvement work needs to be carried out by a fully qualified and recognised supplier.
We check that all certificates and reports are valid with the supplier to ensure the work meets industry standards and is legitimate.
For ducting cleans, we will only accept TR/19 reports with photographic evidence of the work being carried out (before and after photos) from a qualified and recognised supplier.
***For…. Other standards of certs etc to be inserted here***
We have a range of recommended suppliers for various improvement work that you can find at the bottom of the page.
What if I don’t qualify?
If you don’t qualify, all is not lost. Our underwriting facility can only insure certain types of business, which is why it’s important to get in touch to see if you qualify. If you’re business can’t be put on our underwriting facility, we have other offers that can help to ease the costs of your insurances and still make it cheaper, by doing it right.
Multi Location Discounts
Up to ten locations – 10% deduction
Up to fifteen locations – 15% deduction
Over twenty locations – 20% deduction
Long Term Agreements
2 Years – 2.5% deduction
3 Years – 5% deduction
5 Years – 10% deduction
VentPro – ***blurb to be inserted here***
DM Risk Management – ***blurb to be inserted here***