When you are shopping for the best business liability insurance cover, you need to show potential insurance companies that you are actively taking steps to reduce the likelihood of accidents happening in your business.
They will, for example, want proof that you have an up-to-date Safety Statement and that your risk assessments are suitable for your business.
In addition, if you can demonstrate that you’re going beyond your basic legal responsibilities, you are more likely to attract the interest of the best insurance companies.
Here are seven key elements that are most likely to impress insurers:
Let’s briefly look at these.
Safety must be driven by senior management. Good intentions alone are not enough: management must visibly demonstrate that they are actively and genuinely committed to the safety cause.
They should also insist that all line managers and supervisors follow their lead.
Safety statements are usually written with the best of intentions: but aspirations alone won’t prevent accidents. Good, well-thought out, safety practices and procedures need to be put in place and then followed.
Let’s be realistic: most workers and managers can’t be bothered to read safety statements. A good part of the reason for this is that most of these documents are simply unreadable. They’re often written by safety professionals for safety practitioners: managers and workers are seldom the target audience.
It makes sense, therefore, to prepare a simple, short, easy-to-read employee Safety Handbook. But don’t get too bogged down in detail: half a dozen pages should be enough.
Remember that 70% of all accidents are attributable to five main causes (i.e. manual handling; slips, trips and falls; struck by object; contact with something rough or sharp; and falls from height).
Click here if you’d like to see – and download – a specimen Safety Handbook.
These should be done fortnightly or monthly: and any weaknesses found should be quickly remedied.
All accidents should be immediately investigated. Useful evidence has a short shelf life: so speed is essential. And remember this: without good records, you simply won’t be able to properly defend any compensation claim.
If someone is hurt at work, you should show your genuine concern for their well-being. Make sure that some senior manager visits the injured person in hospital or at home.
No employee should be left out-of-pocket after an accident. If possible, continue to pay wages: and reimburse all medical expenses.
Every contract of employment should clearly set out rules relating to such things as accident reporting, use of personal protection equipment, compliance with safety rules etc.
Click here if you’d like to see – and download – a specimen wording for this.
Finally, don’t forget to tell your insurance company about the steps you’re taking to improve your safety regime (and lower their risk exposure). If they don’t know what you’re doing, they’re unlikely to discount your premium.
Insurance companies, like all of us, are in business to make money. It follows that if you want to obtain a really competitive insurance quote, you must be able to convince insurance companies that your insurance business will be profitable for them.
The best way of doing this is to improve your health and safety practices. Beyond doubt, this is the most effective and direct way of cutting your insurance bills.
