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 70 – Premium increases continue as a consequence of claim costs!
- “Awards being granted by the judiciary are far too high!”
- “The values of compensation set out in the Book of Quantum by the Injuries Board are excessive!”
- “Insurers are too liberal with their cheque books!”
This is a sample that attempts to capture the most frequently referred to perceived causes of the high cost of insurance. At the risk of Whip…..! Sorry…Backlash from the various sectors I will comment as follows:
- True? – But then am I honestly in a position to comment beyond what is widely publicised/reported, commented upon and discussed in the media. Why not?!
- True? – “Minor Whiplash up to €15,700”, “Back – Soft Tissue – Minor €14,800” These are the sums for MINOR Whiplash! The list is extensive – check it out on line. Did I recently hear an interview with a spokesperson for the I.B. arguing that insurers were exaggerating when they estimated to average cost of whiplash claims at €15,000?
- True? – But then unless they are provided with a realistic defence the quicker they can dispose of the claim the chance increases for some potential saving. That’s where YOU THE POLICYHOLDER comes in!
Play your part!
- Signage – “Wet Floor” – “Wipe Your Feet” – “CCTV in operation”, Safe fitted with Time Delay Locks”, “Staff have no access to cash”, Etc…
- Training – Floor Checks, Lifting, Handling, Cooking/Hot work, Shoplifting, Slips/Trips, Armed Robberies – signed copy on record from all staff
- Compliance – Safety Statement, Statutory Inspection of Equipment
- Security – Review – Grade of Alarm Monitoring? Adequate PIR Detectors? Grade of Roller Shutters, Windows, Doors, Attic, Roof?
- CCTV – Retain copies of CCTV footage of any/every incident that could potentially assist you in defence of a claim or solution of a crime.
- Contact Insurers – Report every incident with insurers, Maintain contact, Ask questions, Express your views!
Always remember – call us to discuss any/every incident. We will advise and guide you.