EOFY Insurance & Safety Review
It’s that time of the year again, and for most organisations, the end of the financial year can be one of the most stressful times of the year. This annual business calendar milestone often coincides with the rollover of organisations insurance policies, including Worker Compensation and other General Liability covers. This milestone should be a trigger for organisations to not only review their organisations insurance renewal premiums, but to also review how their premium has been calculated.
Some questions to ponder when you are reviewing and paying your organisations next insurance bill:
· How many claims have been incurred over the past 12/ 24/ 36 months, and how have these claims impacted our new premiums?
· Has my insurance company provided me with sufficient information on the incurred claims, and can they assist in analysing them to see what we can learn?
· What can we invest in to reduce the frequency and severity of future claims, to lessen future insurance premium rises?
If your role is in Finance and you don’t have the answers to the above questions, seek them from your WHS or People & Culture staff, who should be able to assist you.
If your role is in WHS or People & Culture and you don’t have answers to the above questions, seek them from your Insurance Company, or Broker if you use one. Most Insurance Companies and Brokers have dedicated teams that can partner with your organisation to share information on claims trends and how these impact premiums; you just need to ask.
Whilst it is easy just to pay the bills and move onto the new financial year, don’t let the opportunity pass whereby your organisation has not taken the time to learn from your past insurance claims and importantly, what can be done to prevent more from occurring in the future.
If your organisation requires assistance in reviewing claims trends or developing plans to reduce the frequency and severity of future claims, feel free to reach out to the Better Safe Solutions team who are happy to help.