MOTORING
Bryan Banbury
Keep down the cost of insurance claims
The claims landscape is changing and for businesses which run fleets of cars and vans, costs are at an all-time high. Independent insurance broker Russell Scanlan has recorded a growing trend of significant price rises, hitting those with a bad claims history particularly hard. Managing Director Bryan Banbury explains the causes behind these price increases and the steps businesses can take to help lower their costs. In early 2017 the Chancellor
slashed the discount rate (or Ogden rate) - a calculation which takes into account the interest claimants can expect to earn on the amount of compensation money they receive if they invest it - from 2.5% to - 0.75%. The cut rate has meant that lump sum settlements are now much higher, resulting in great losses for insurers’ financial reserves. As a result, they have drastically increased the cost of cover. The growing cost of insuring
your business fleet is not always reflective of the risk involved with running it, but there are ways you can help bring your costs down. Driver selection: Minimising the
likelihood of a claim is key – as 39% of all deaths on the roads are work related, insurers will take into consideration who you have driving your vehicles and how they drive. Technology: Installing black
boxes is an effective way to offer detailed reports into an employee’s driving behaviours. Dash cams are also valuable for ensuring a smooth and easy claims experience. Health and Safety: Driving
should be well integrated into your health and safety policy and in line with current laws. Work schedules: It is against the
law to set tight schedules which could cause employees to speed or drive dangerously. Think about traffic conditions, road works and speed limits to prove to your insurance company that employees have adequate time to get to each stop. The basics: It is essential to
regularly check safety features on fleet vehicles to reduce the risk of a serious accident and hefty claims made against your business.
business network March 2018 69
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