Insurance: It’s one of those things that you’re legally required to have, but there are other policies operators should consider for maximum business protection
As an operator, have you ever considered the small things you could do to your business that could have a great benefit on your insurance premiums?
Darren Curd, Associate Director at insurance broker Wrightsure, has explained how making small changes, such as implementing a full risk management programme – perhaps naming a vehicle to give the driver ownership – can reduce your claims cost, and how operators should consider the wider range of policies available to the industry.
Wrightsure can help
Operators can rest assured with the knowledge that the team at Wrightsure are experts in their field. Attending Coach & Bus UK, on the stand the firm’s team will have over 200 years’ collective experience in the passenger transport industry.
“We have different facilities for different operators – there is nothing we can’t do or think about,” Darren says.
Wrightsure’s passenger transport products include:
- Vehicle insurance
- Employer’s liability
- Public liability
- Property insurance
- Personal accident
- Directors and officers’ insurance
- Legal expenses
- Coach holiday travel insurance
- Tour operator’s liability
- Financial failure insurance
- Minibus breakdown.
“The team have been with the business for a long time and operators will have different problems,” he says. “You hear concerns in the industry like premium rates going up because of Ogden or operators in difficulty getting a particular driver insured.
“We’ve never had concern for these particular barriers because of the insurers we work with.”
More is required
But when it comes to buying, insurance is one expenditure a business will always set out to find the cheapest price for.
“The big coverage everyone focuses on is motor fleet and liability insurance,” explains Darren. “They’re policies that are legal requirements and protect the greatest assets.
“Operators sometimes choose not to go beyond those key policies even though there is a wider range out there that people should be thinking about at the moment – things like fleet terrorism and cyber liability are key discussion points at the moment.”
Terrorism and cyber cover
With the evolution of technology, operators should start considering fleet terrorism and cyber protection. Darren explains that Wrightsure was instrumental in developing the policy wording with an insurer for fleet terrorism.
“It is a product that has never existed in the market before,” he says. “There’s not much thought about it from operators, but we see quite a crucial gap in the market for this.
“It took us 18 months to develop it and has now been available in the market since January this year. We’re quite proud of it.”
The key element, Darren explains, is that operators will wonder why they need these types of policies.
“Because of our experience and our industry knowledge going beyond one business, we hear of examples where these policies could be needed,” he says. “This means that an operator can be more informed about making a decision on whether that business really needs those type of insurances.”
Making the investment
There are lots of things that can affect insurance premiums. Critically, operators have to consider that future premiums are more or less wholly dependent on the cost of claims. It is the most unforgiving ingredient dictating future premium prices.
Making the investment in technology, telematics and CCTV systems will help, but it’s also down to workplace attitudes, Darren says.
“CCTV and telematics cost money, but CCTV is your silent witness,” he says. “It’s not going to lie. It will give comfort about what really happened, and the telematics are there to prevent incidents happening in the first place, with a smoother attitude to driving.”
However, attitude towards risk management is also crucial.
“You need to have the right attitude to the people you employ; they’re ultimately the ones who will be driving your vehicles.
“Introducing effective risk management initiatives will help an operator to keep their claims low or non-existent. Things such as naming vehicles to give drivers ownership, introducing uniforms to form a ‘team spirit’ and providing medical insurance could help.”
Come and visit
The Wrightsure team will be on hand to answer any questions operators may have surrounding their insurance at Coach & Bus UK, stand D40.
