Short of inventing a time machine, it’s hard to reverse a bad history of insurance claims. Fortunately, there are steps you can take to improve your risk profile and avoid being slugged with expensive premiums or higher excesses and onerous policy conditions.
Identify the problem
Not knowing your risk profile is like trying to build a house without any walls. The first step is to identify and understand the risks in and to your business and which of these risks are leading to the increase in claims. Once known, you can then strengthen the control environment.
Plan for security
Responsible behaviour generally results in fewer incidents that may impact your business operations and the safety and well-being of staff, customers & visitors. This will then enable better management of premiums and policy terms & conditions.
Australian National Security advises making security planning part of your everyday business.
It will help you manage and recover from all types of incidents. Security planning will deliver many practical benefits, such as:
- Contributing to the success of your business
- Helping achieve your goals and objectives
- Protecting the safety of you and your staff
- Protecting your profitability and livelihood
If you are worried about fleet insurance, you can improve your profile with insurers by:
- Ensuring drivers complete a defensive-driving course – this can be particularly beneficial for younger drivers
- Improving vehicle security, such as with immobilisers, car alarms and tracking devices, along with secure vehicle parking
- Avoiding accidents by reducing time spent driving in peak-hour traffic
- Invest in smaller, more modern vehicles with lower risk ratings than their older counterparts
There are plenty of options for reducing costs, such as by driving a more affordable vehicle and having a higher no-claim bonus. For example, one year of accident-free driving could cut up to 20 per cent off your premium. We can give you advice on how to improve your profile and your policy.
You can’t fix a bad profile overnight, but if you follow the right steps – and if you keep out of trouble – your situation will improve.