Prove Compliance. Mitigate Risk. Save on Insurance #provemitigatesave
We spend a great deal of time talking to customers and prospects about compliance, and most importantly about how they manage and monitor it. What systems and processes do they have in place? How often do they review said processes? And when all is said and done, are they happy that everything that needs to be done, like fire walks and critical maintenance checks, ARE getting done. We get an overwhelmingly positive response from businesses that they are confident that their compliance obligations are being met, because they have trusted and competent persons in place to do the checks and monitor them. This then means that all of their critical fire and other associated safety equipment is in good working order, which in turn means that their staff and customers are residing and working in a safe environment.
This is of course has a significant impact on insurance premiums, because without said systems and processes in place, no reputable insurer is going to provide them with cover. Right? Well yes this is true to a large extent, but what has become evident to us is that many insurers are “happy” to take paper log-books and maintenance sheets as proof of due diligence. Yet it seems to us totally incongruous that the very proof that is being used by the insurer to enable them to provide cover, would not survive the very disaster that the checks are supposed to prevent.
So let’s consider something… if you are carrying out daily fire walks and maintenance checks in your business, AND keeping all of the data that PROVES that you are doing so, with 100% certainty, in an off-site, digital, secure, backed up and mirrored environment… why would you pay the same insurance premiums as someone who (let’s face it, may or may not) do it once or twice a month and “proves” it by writing stuff down on scraps of paper? The point is pretty simple. YOU know that stuff is getting done in your business by your staff… but how do you know that it is being carried out to the same level of diligence by your competition? If they are not, they are clearly more likely to make a claim, either because of a potentially avoidable disaster befalling them, or because an angry customer or employee is suing them because a faulty piece of equipment has injured them. TourTraxUk works closely with specialist brokers and underwriters alike, to ensure that businesses who are diligent about compliance, and who take the trouble to PROVE it, pay less to insure their premises and staff than businesses who don’t. Because they make fewer claims. It’s not about Big Brother spying on your trustworthy staff, it’s about proving that you are better and more diligent than the competition. And we all know that being better than your competition saves money, and keeps customers loyal, whatever aspect you apply it to.