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Why I Hate Insurance Advertising

Why premiums keep rising

Regulations for insurance underwriters are getting tighter. It’s to protect solvency in the insurance industry, but it’s not exactly helping the solvency of insurance policy holders. It seems like every year it’s more of a struggle to cover insurance costs.

Efficiency and understanding can reduce the cost increases

Because we specialise in one sector – business insurance for professionals involved in assessment and consulting – we can be more efficient in the way we run the business and how we deal with our underwriters. The business is online and automated as much as we can make it. This keeps overheads low. We understand your risks and can explain them to the underwriters. This keeps their underwriting costs low.

There is power in numbers

Because Envirosure is a specialist insurer, we have numbers on our side. When I go to underwriters to negotiate a deal, I take with me a good claims record and hundreds of policy holders – there are nearly 1000 of us. This is a strong negotiating position and there are several underwriters to choose from. I find that underwriters tend to listen when you threaten to walk away with that many policy holders.

Don’t be a chump by staying with your old insurer as costs bite

Insurers take it for granted that many of their policy holders will automatically renew their policies without shopping around – even if they do grumble about the price. So, instead of putting your time and energy into grumbling, put it into finding a better deal. Start with Envirosure, because we know we’re hard to beat.

Price rises are inevitable, buying the most expensive insurance is not

Ultimately, it is up to you. Insurance prices will always increase – it’s a function of inflation, and it’s accelerated right now because of regulatory changes. But you don’t have to accept the first quote you get, and you don’t have to renew automatically. Get a few quotes – including one from Envirosure – and shop around at renewal time.

Anthony Saunders
Insurance Broker, Risk Transfer and Environmental Insurance Specialist
EnviroSure [CAR No 269649]
p: 1300 7999 50 (Direct Line)
f : (02) 9948 4681
w: www.envirosure.com.au

Anthony Saunders is the principal of EnviroSure Insurance, a specialist Public Liability and Professional Indemnity insurance provider for small businesses and sole traders involved in accreditation, measurement, audit, assessment and associated consulting and training.

Date posted Jun 1, 2022