The latest statistics* show a drastic increase in premiums and no sign of it slowing. ACAPMA Insurance advises all businesses to shop around in the face of the increase.  This means businesses need to Prepare to Compare their insurance. 

ACAPMA CEO Mark McKenzie recently released an Insights video guiding businesses through the steps they should be taking now to ensure that they are in the best position to avoid these startling increases. Check out the video and the steps you can take now to mitigate this trend below.

“Increased insurance costs in the face of an economic downturn is making business more challenging.  If you haven’t compared your insurance costs recently, then 2020 is the year to do it.  That said, comparing insurance brokers and providers can be complex and time consuming.  But if you simple let ACAPMA Insurance know your next insurance renewal date now, we will organise a quote for you to compare with your current insurance provider before your renewal date.  Backed by the market buying power of Marsh McLennan Group, the largest broker in the world, ACAPMA Insurance is well placed to give you a competitive quote and keep a lid on your insurance costs.”

Mark McKenzie, CEO, ACAPMA

PREPARE TO COMPARE;

  1. Start Early
    Start discussions with your current and any potential insurance Brokers 3 months before your policy is due for renewal.  This will allow enough time for your current or prospective Broker to form excellent understanding of your particular risk profile and allow for the Broker to put forward a detailed proposal to the insurance companies that reflects your actual situation.  If you leave it too late you could be stuck with the “standard” risk profile and thus the type of “standard” increases that have been reported in the last quarter
     
  2. Review your Risk Appetite
    Take stock internally on where the business falls when balancing the premium vs excess arrangement.  Review your coverage and your excesses to address pressure on premiums.  Discuss this appetite with your Broker to get the best outcome
     
  3. Get involved with your Insurance Submission
    Your Broker will put a Submission to the insurance companies that represents your business and its activity and risk profile.  You should work with your Broker to ensure the Submission is as detailed and customised as possible to ensure your business is treated as the entity it is and not the “standard” default industry participant
     
  4. Manage the Milestones
    Your Broker should be communicating your renewal and Insurance Submission weeks before the renewal date.  This is to allow you the choice to shop around.  If your current Broker is not meeting these Milestones, actively ask them for copies of renewal and Submission information weeks in advance, so that you can shop around and not get stuck with a renewal at the last minute
     
  5. Clear up Claims
    Before you renew your policy it is important to clear and finalise any open claims.  The Insurance Submission will have to address open claims and can result in less favorable outcomes.  So actively work with your Broker to close off any open claims as far in advance of renewal as possible

*Insurance News:  Australia Sparks Record 31% Rise in Pacific Renewal Prices…read more

ACAPMA

Also circulated via Convenience World – https://mailchi.mp/a14bfd5e88ab/insurance-update-31-increase-in-premiums-means-its-time-to-compare-a-message-from-acapma?e=70cbf77ede

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This article contains general information and does not take into account your individual objectives, financial situation or needs. For full details of the terms, conditions and limitations of the covers, refer to the specific policy wordings and/or Product Disclosure Statements available from Marsh Advantage Insurance on request. Marsh Advantage Insurance Pty Ltd (ABN 31 081 358 303, AFSL 238369) arranges the insurance and is not the insurer.
Australasian Convenience and Petroleum Marketers Association receives a financial benefit when an insurance policy is arranged by Marsh enabling it to continue to provide further services to the fuel and convenience industry. LCPA 20/486