Insurance Renewal – What can help to lower your premium

From April 26th, 2021, new judicial guidelines on personal injury awards, recently approved by the Judicial Council, take effect. This promises to reduce premiums for businesses. According to a recent report in the Irish Times (Dec. 2020) public liability insurance premiums have jumped by an average of between 15 and 20 per cent in the past three years, with a lack of data on the market serving as a barrier to new entrants, according to the State’s consumer watchdog. The Government has warned it will hold the insurance industry to account if the costs on motor and business cover do not reduce following the introduction of new personal injury guidelines. It this is the case it will take time to take effect.

In the meantime, as businesses how can we help ourselves to lower our premium costs.

1. Trade or Professional Organisations – Many trade organisations offer group insurance schemes. Businesses can benefit from group discounts in these schemes. It is worth getting a quote.

2. Building and Contents – It’s important to update your buildings and contents policy. Are you insuring assets or contents you no longer own, what is the value of replacing your buildings or moving to another location and have you accounted for the drop in value of certain assets or vehicles etc. Installing CCTV, intruder alarms and shutter doors can result in reduction in premiums.

3. Employee Training – Claims on your policy increase your premium. Is there more you can do to train employees and staff to prevent accidents and mishaps? Certain training programmes may even result in a premium discount.

4. Telematic Insurance – Insurance companies are more comfortable where they see a business actively reducing their risks and they can prove it. This is a growing trend and coming from America. What does that mean? It means demonstrating in real time that you are carrying out your regulatory fire and electrical checks, that you are checking securing doors, that HACCP requirements are done on an hourly, daily basis etc. Gone are days of ‘back dating’ paper records. If you have a system in place that can demonstrates you are complying in real time with your regulatory duties, ask for your discount, shop around. You are a lot less riskier to underwrite than other organisations and you should be compensated for doing the right thing.

If you would like further information on TICCbox please contact Bridget at