Companies from many Northern Ireland regions have been advised to minimise the rising costs of insurance using tighter control over health and safety issues by a team of insurance advisors at a seminar in Portadown organised by Invest Northern Ireland.
Around 80 companies from most parts of Northern Ireland attended the seminar on costs resulting from Employers’ Liability Compulsory Insurance in the Carngrove Hotel, Portadown on 28th October.
Practical advice on how to minimise rising insurance premiums was provided by Peter McCarron, Invest NI’s Business Improvement Services, Bill Bryson and Tommy McCreary of Coyle and Hamilton, a leading Belfast insurance brokerage with extensive experience in areas including health and safety.
Mr McCarron said: “Rising insurance premiums have become a serious issue for every company in Northern Ireland. Rising insurance costs are impacting adversely on the bottom line at a time when ever increasing competition in virtually every market is making it impossible for businesses to pass these on easily to customers.
A number of companies have addressed the threat posed by increasing insurance costs successfully. We decided to organise a series of seminars throughout Northern Ireland that enable us to pass on the experiences of these companies to other businesses facing similar problems,” he added.
Mr Bryson said many companies mistakenly believed that they could exert little influence on premiums quoted by large insurers.
“Insurance is the same as other business costs, it can and must be managed by companies taking greater control of risks and showing insurers that they have effective health and safety measures that reduce hazards and thereby overall liability.
Greater management of risk through rigorous health and safety procedures is no longer an option but a requirement. This focus can be the difference between a realistic quote and no quote at all from an insurer,” he added.
”Managers,” he said, “could start by ensuring that their broker had experience in their business sector and understand the needs of their company. An experienced broker should help in identifying risks affecting the business and likely to influence an insurer.
By working more closely with an experienced broker, a company can gain greater understanding of an insurer’s requirements and implement measures that will help minimise rises in premiums. A broker can also help by presenting the business in its most positive light, emphasising the investment in risk management to potential insurers,” he added.