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6 TIPS FOR BUYING INSURANCE

Use these tips to help you find the best value in insurance.

When you are looking for the best value in insurance, it is about more than just getting the cheapest insurance policy out there. While price is important, there is a lot more to the value of an insurance policy than just price.

BE OPEN AND HONEST

Be as open as possible with your insurance advisor and insurer – try to tell them about the risks that concern you and how you deal with them. They should be open and supportive and offer you advice on how to reduce risk and premiums.

DO LESS

Some charities believe they are required to undertake annual tenders for their insurance and that they should get at least three quotes every year. In fact, there can be a benefit in having the continuity of the same insurance; reviewing your cover every three years is reasonable.

‘SELL’ YOUR RISK MANAGEMENT

Make sure your insurance advisor and insurer understands how you manage and minimise risk, as that will help them get you the best possible premium.

TAKE ACTION AFTER A CLAIM

If you have had a claim and are looking to avoid paying more at renewal, make sure you take action to avoid the problem happening again. This is part of ‘selling’ your risk management.

PACKAGE DEALS

You may benefit from packaging your various insurances together, such as in a combined policy – it will minimise your premium and avoid unwanted inter-insurer disputes if a claim has the potential to affect more than one type of insurance.

SEEK OUT SPECIALISTS

Using a specialist insurer or advisor who understands the sector you operate in can help ensure your cover is suitable for your needs. You may also be able to access cover which is not normally available.

Want an insurance broker that will go to market and fight for the best pricing and coverage for your nonforprofit, associations or charity organisation? Contact us for a free, no obligation quote and consultation.

Get In Touch

Get in touch with us today and one of our team will contact you shortly to discuss your insurance needs.