Buying insurance can be a confusing and costly experience for any charity trustee, manager or administrator. If you’re unsure how to approach buying insurance for your organisation, contact CaSE Insurance today.
- Be Open, Honest and CommunicateTrust your insurer. They will ask you lots of questions and will need honest answers; from your perspective, the more questions your insurer asks, the better their understanding of your risk exposure and insurance needs will be. Your insurer will rely on you to disclose material facts. These are any facts that may be relevant to their insuring you – think about the risks that you have dealt with, activities you undertake, events you run and staff, volunteers and service-users that you manage.
Consider your communication in terms of risk management too. Before you even make provision for insurance, you should have well documented plans of risk assessments and risk management. If you haven’t, it’s probably a good idea to get started. If you have, great – and don’t forget to tell your broker or insurer all about it. If your insurer has a good idea of your robust and thorough risk management exercises, they may be able to offer you a lower premium or alternative cover.
- Use a SpecialistThere are three aspects that you may wish to consider here. Firstly, specialist charity insurance policies are likely to be the most suitable for you when compared to standard small business or commercial policies. Specialist charity insurance may offer cover that is more suited to your activities and service-users, and may offer benefits for your trustees or volunteers.
Second, specialist charity schemes are a good option too. If you’re in a group of similar organisations, there may be a group insurance scheme arranged by your umbrella or membership organisation that could save you money and that will be tailored precisely to your groups’ needs.
Finally, using a specialist charity broker or insurer is likely to make a huge difference to your insurance and risk management. By building a relationship with an expert who understands your sector, your organisation and the risks involved – and who has extensive experience insuring organisations like yours – you are more likely to get the best advice, cover and premiums possible.
- Claim? Take Action!Although this isn’t particularly about buying insurance, taking action after a claim is extremely important when it comes around to buying new or renewing your insurance. Any insurer will ask for your claims history, normally for the previous five years. Whilst being forced to make a claim is no bad thing and may not be your fault at all, it can impact your premium as you may not be eligible for the best rates or may miss out on a no claims bonus.
When discussing your quotation with your broker or insurer, you should explain what lead to the claim(s) and the procedures and actions you have put in place to minimise the risk of the same thing happening again. If you can demonstrate that you have learned from a claim, they may feel that you’re less likely to make future claims. When combined with your risk management, taking action after claims can make you an organisation that any company would love to insure!