Is there anything that I can do to prevent my premium from increasing? There are many actions with little or no cost that can be done. Tip 32 – If I report every incident will my premium increase? Nothing frustrates me more than a retail policyholder finding that they have compromised their insurance cover by failing to report an insured incident outside of the required time limit. These are just a few reasons that this happens. 1. “There was nothing wrong with him and any way it was his own fault!” 2. “There was no report to me that anyone fell!” 3. “I didn’t know that I was covered for that. It happened 6 months ago can I claim now?” 1. The denial based upon what you believe to be the case but given that the statute of limitations for making a claim is two years and that many don’t materialize until after long your CCTV record has gone, what chance is there of defending? Like it or not the judiciary find in favor of claimants without you having a solid defence. Why would your insurer be expected to cover you if you have given them the perfect excuse by failing to comply with policy conditions? 2. This is where neither you nor any of your staff, (you hope!), have any knowledge of an alleged incident. Here you should be taken care of by your insurer. If not, call me! 3. Example – Revenue Audits – accountant’s fees are covered. If this has happened to you then you will know that your insurer will not pay this claim if it wasn’t reported before the audit commenced. If it did and you’re not insured with us then I can only sympathize, but if you are insured with us then ONCE AGAIN I’M TELLING YOU! So will your premium increase? Only if there is a genuine or likely chance of a claim. Regardless who you are insured with, call me at any time to discuss any incident that has any potential of becoming a claim. Always remember – call us to discuss any/every incident. We will advise and guide you.