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PREPARE AND PLAN AHEAD

For a number of industries and/or for certain risk exposures, businesses may find it increasingly difficult to obtain insurance. Working alongside your broker to plan ahead and fully understand what insurers are looking for in the current market, and having the right paperwork ready and available, will put you in the best possible position.


Timing is often critical. Therefore, working together with your broker to develop a strategy for your insurance program placement in advance will identify potential issues and help your business to prepare accordingly.

1. WORK WITH THE INSURER, SELL YOUR RISK

Insurers are becoming more selective in the risks they choose to cover and want to understand the risk culture inside your business. Underwriters may ask to visit your premises to see how your insurance on paper translates to reality. Having a clear picture of your business helps insurers to fill in any blanks and builds their trust.

2. INFORMATION

Insurers are looking for high quality paperwork, including details of any claims, risk reports and an understanding of any changes to your business over the past 12-18 months. We can guide you through this process to ensure that insurers have all the information they need to make an objective decision.

3. PREPARE FOR THE POTENTIAL OF INCREASED INSURANCE PREMIUMS

It is important that your business is prepared for rising insurance costs. Focus first on getting the right cover. Reducing insurance coverage comes with risks and your broker is able to discuss different funding options to help ease the burden of potentially rising prices and find the right cover to meet the needs of your business.

4. WORK WITH YOUR BROKER

A broker, as your trusted advisor, is here to help you and your business navigate the transitioning market. Your broker will discuss the scope, placement and strategy of your insurance program, and takes a longer term view that helps you face your future with increased confidence.

For more information on the Gallagher approach to creating value for you, and your business, get in touch.


We’d be delighted to have a no-obligation discussion on your current insurance and risk management program, or to undertake a strategic review if you are an existing partner.