Small and medium size businesses that set up the right organisation to follow their insurance contracts will benefit from a more comprehensive insurance program at an improved annual budget. However, setting up the right process can be a challenge as many people think that insurance is a set expense.
Often changes are simple and not expensive.
Here are 5 tips to better organise the follow up of your insurance contracts in your company in order to save time and money
- Set up all insurance contracts at the same expiry date.
Having all your insurance contracts at the same expiry will make your life easier:
- it will help you control your insurance cost and monitor the evolution of the budget along the years. If you have several contracts at different expiry date, the two previous operation will be possible but more challenging as you will have to do some prorata calculation.
- you will renew all insurances at the same date not wondering anymore if you have not forgotten one during the year.
- You will have more leverage with the insurer as you are negotiating several products at the same time.
And once the insurances are renewed, it is over. No more insurance to renew during the year
- Appoint one person in your company and make him/her the insurance expert
Insurance might appear boring and too technical so give the person in charge of the insurance in your company the possibility to know more about insurance. Same as a sport activity. Once you have passed over the annoying learning curve, you start having fun and taking pleasure in the practice.
Insurance is the same. Once you start understanding and becoming familiar with the topic, it will become a pleasant topic.
At Orix, we will be delighted to come and share our knowledge about all matters in respect of insurance with your appointed person.
- Place as many contracts as possible with the same insurance company.
Insurance companies do not make money on all lines of businesses or products they are distributing so they would certainly appreciate if you place as many contracts as you could with them. It will help them manage their portfolio.
In return, having several insurance contracts with the same insurer will certainly help you in your relationship with them to get specific pricing and to get a higher leverage of negotiation in case of a loss.
- Keep the main information in one simple and easy to read document
The key elements (premium, sums insured, policy number, contact person …) of each of your insurance contracts must be compiled in one easy to read and understand document.
At Clema Risk Solutions, each of our clients receive a summary of their insurance contracts we are advising so our client can have a clear view on what cover they have and the evolution of the cover year after year.
- Organising your electronic files and folders per line of business
They are lots of different ways to organise your insurance documents. One of the ways is to classify the insurance document per year and per line of business = business package, product liability, cyber insurance, employees’ benefits …
Not only you will save time and money with the above 5 tips, but you will as well insure a stability of your insurance budget along the years and an efficient follow up of your insurance contract and renewals.