A buyer’s guide to scaffolding insurance
Whatever sector you operate in, having the right insurance is a vital part of good business management. Here, Luigi Maggio, Chartered Insurance Broker and Director at McCarron Coates, explores his top tips for buying insurance.
Insurance is a costly expense for any business. The only way to ensure you get genuine value for money is to make sure you achieve the best offer in terms of cover, premium and service. It’s more complex that simply picking the cheapest or finding something that’s reassuringly expensive. Following the few simple steps below will help you get the best value.
Prepare properly
Treat the purchase of your insurance the same as you would when undertaking a contract of your own. Approach it in a timely manner with a broker who will represent your business to its full potential and one that understands NASC’s standard of practice, demonstrating how you operate at the highest levels. But at the same time it is important not to approach multiple brokers, as this is counterproductive when the insurance firms receive your opportunity. Limit yourself to a maximum of two brokers you have confidence in.
Agree a strategy with your broker
It’s important to agree the best approach for how you engage with insurers and which ones are the most suitable for your company. Many insurers specialise in different areas of scaffolding, depending on the locations you work at and the type of customers you serve. You should be advised on which insurer is best suited and where they currently stand in terms of strategy, competitiveness and so on.
Understand why you are providing the information you are
Apart from the obvious financial information required to secure your insurance, you should be asked to provide examples of risk management, Health & Safety, and site management. The aim of your broker is to highlight that you have strong processes in place and therefore represent a reduced risk to the insurer. An understanding of how you manage your team, contracts and supporting documents will always deliver you the best outcome.
Consider the proposition presented to you
An understanding of the market cycle will help you to consider the various options presented. The misconception is that you must approach all insurers every year to secure the best terms, this is not the case. Be aware of anything in your current policy that will affect your decision when moving insurer. For example, is your policy on a 90% minimum and deposit and, if so, what does this mean? Do you have ongoing claims with your current insurer, so are you considering moving while these are ongoing? What conditions are attached to any new offer, and is the new cover the same or more restrictive?
By preparing properly and asking yourself some simple questions you can make sure you get the best insurance for you and your business, and the best news of all is that it doesn’t have to cost the earth.
Visit NASC Insurance Services to find out more or call 0113 298 3489 to speak to a broker who really understands the industry and your business needs and discover how we can help.
