5 Tips to Reduce Corporate Insurance Premiums for Your Business

There are many different types of insurance coverage available for businesses – professional liability, work injury compensation, business interruption, and more. While it is crucial to have sufficient coverage to protect your company’s assets, it is also important for you to make sure you are not spending more than necessary on your insurance.

Here are 5 tips from us on how to reduce insurance premiums for your business:

1. Provide insurers with a specific description of risks insured to get a more accurate rating for your premium

You can ensure that you receive a more accurate premium rating by providing your insurer with as much underwriting information as possible. This would allow the insurer to properly assess the risks involved, and in turn provide you with a more competitive rate.

 

2. Only get the insurance your company really needs

While we understand that many businesses would want to be sufficiently covered and protected against risks, not every class of insurance may be required for your business. We can help you to determine the types of coverage necessary for your business, to avoid over-insuring and only getting the insurance your company really needs.

3. Promote good housekeeping measures within your company

Good housekeeping measures will ensure a lower risk of accidents happening in your workplace. Here are a few healthy workplace habits you can adopt:

i) Make sure that you have safety equipment provided for your employees.

E.g. helmets, boots, or gloves if necessary. Also consider warning signs for injury-prone environments like construction sites and factories.

ii) Keeping the floors and walkways clear of objects that might cause employees to trip and fall.

E.g. loose wires, boxes, uneven tiles and carpeting.

iii) Properly station all machinery at their respective locations. Also ensure all crates and boxes are safely stacked.

4. Preventive measures must be taken to reduce workplace injuries

The best way to minimise the hidden costs of workplace injuries and related insurance costs is to prevent accidents from happening in the first place.

i) Analyze your workplace and operations – Evaluate your business from top to bottom and review your equipment as well as all workplace activities.

As part of your evaluation, talk to your employees to learn about their safety concerns, such as whether they feel adequate safety measures are in place.

Before adding new operations, equipment or facilities to your business, be sure to analyze them for risks as well.

ii) Mitigate hazards – Simply identifying and being aware of hazardous practices, equipment and infrastructure is not enough.

When hazards are identified, you should seek to remove or control them by replacing or fixing equipment, adding new safety measures or changing workplace operations.

At risk locations, firefighting equipment should be readily available. Ensure that there are fire drills and training on how to use these firefighting equipment so that employees will be prepared during a real fire. All employees should also be well-informed of the escape routes in the event of a fire.

 

iii) Implement training – Train your employees about workplace safety and how to identify hazards.

This can be done by including workplace safety training as part of employee onboarding, and by offering refresher training courses on a regular basis.

In addition to injury-prevention training, you may want to include first-aid training so that your workforce can respond effectively if an accident does occur.

 

You can also check if an employee has attended the following courses:

  • Basic Industrial Safety and Health Course (BISH)
  • Building Construction Supervisors Safety Course (BCSS) or Supervise Construction Work for WSH
  • Construction Safety Orientation Course (General Trade) (CSOC)
  • Safety Orientation Course (Metalworking) (MSOC) or Apply Workplace Safety and Health in Metal Work
  • Shipyard Safety Instruction Course (General Trade) (SSIC)
  • Shipyard Supervisors Safety Course (SSSC)

 

5. Consult an insurance broker

There are many advantages of working with an intermediary when it comes to general insurance –

i) We always act in the interest of our clients

ii) We will thoroughly review your existing coverage and provide advice accordingly

iii) When the need for claims arises, we will guide you through the entire claims process and follow up with insurers on all outstanding matters

iv) We are your first point of contact for all your insurance matters

Speak to us today!