How to Increase Your Insurance Premium
Increase your insurance premium costs
Don't Try This At Work
Sometimes companies need to increase their insurance premiums. However, the above video is not the way to go about it. The most likely outcome from copying the above is to make your business or company uninsurable, this, of course, is not very healthy for you or your employees as an uninsurable company is most likely one that can no longer trade.
You may be thinking "Who in the world wants to increase their insurance costs?
Well, there are circumstances where increasing your insurance costs are a good thing. Procuring more cover, expanding your workforce, adding to your assets and equipment or perhaps your business has just landed a really good contract and you need a higher level of liability cover in order to secure the new contract. In these cases increasing your insurance cost is a good thing and we are more than happy to assist you where we can.
Many companies and businesses grow and secure larger contracts and more business. When you're first starting out, lower levels of cover are, in most cases, more than enough to enable you to safely carry out your work and will offer comfortable levels of liability should something go wrong. Later, as your business and reputation grow, you may need to increase your cover levels in line with the work you are undertaking.
FML Insurance (update: Now Primo plc) are always happy to adjust your cover levels at any time with your insurer on your behalf, just speak with your adviser. It may be when you started out you only needed 2 million liability but your work and reputation get noticed and your local authority have offered you a contract but require you to have 10 million liability, this is a good way to increase your insurance cost.
Our best advice is to avoid higher insurance premiums caused by anything you've seen in the video above