In the current uncertain UK economic climate, companies are all under pressure to reduce costs and maintain cash flow. With insurance premiums now set to rise, Oval has something different to offer that may help you to reduce your financial exposure to the insurance market.
Typically, large organisations are burdened with unexpected increases in premiums through no fault of their own, effectively subsidising other organisations in the process. For example, flooding in Cornwall resulting in large claims will directly increase your premiums even if you are not located in a flood risk area or the same vicinity.
Self-Insuring some of your risk can help you to control those swingeing premium hikes and during the current downturn, help alleviate some of the pressure on your insurance costs.
With rates beginning to increase we are offering all our prospects an opportunity for a mid term self insurance review. In some instances we have been able to reduce insurance costs by up to 70%.
Self-Insurance Vs Insurance Companies
The benefits to your organisation are:
- If your company has a good claims experience, you will participate in the profits that an insurance company would usually be privy to; for your company this could mean significant savings
- You protect yourself from the cyclical nature of the insurance market, allowing you to budget effectively and accurately
If you are spending in excess of £100,000 a year on your conventional commercial insurances, there is a high probability you could benefit and save money from switching to self-insurance.
Oval is one of the UK’s top ten commercial insurance brokers and has both the expertise and experience to review your current insurances and determine if self-insurance can deliver cost savings within your risk parameters.
For further information please contact Matthew Collins on 01376 574200 or email matthew.collins@theovalgroup.com