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Insurance and Your Business

The provision and cost of commercial motor insurance is based on an assessment of individual risk. In short, the more likely you are to make a claim and the higher the value of the claim is, the higher your premium will then be.

Insurers consider a wide range of factors when assessing the likelihood of your company making a claim, these include:

  • The number, type and value of the vehicles to be insured
  • The type of cover required
  • What the vehicles will be used for
  • The experience and qualifications of the drivers

Your company's claims history over the last three to five years will also be used as an indicator of your future road safety performance. Therefore, insurers will take into account the number and value of your past claims when calculating your premium.

However, many of these risks can be managed to help you reduce costs significantly.
For example, the frequency and especially the value of claims is not entirely predictable. Therefore, an Underwriters decision will also be influenced by other risk factors, most importantly your company's approach to risk management. Insurers know that generally organisations who have implemented effective risk management measures have the lowest accident rates.

Consequently, if you are able to demonstrate a proactive and effective attitude to risk management, you are much better placed to exercise control over your costs. Not only your insurance costs, but also the hidden costs of road traffic accidents such as having a damaged vehicle off the road and the cost of hiring a temporary car, or driver.

For further information and advice on how we can help you reduce the cost of your insurance premium contact us today.



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