Top 5 tips for fleet managers

Our insurance experts at Hallsdale Insurance were asked to shortlist their top 5 tips for Fleet Managers – whether this be a full-time fleet manager or an individual such as a Finance Director or Business Owner that has been assigned the job!

Here at Hallsdale we have plenty more tips for Fleet Managers regarding their fleet insurance, but here are the top 5!

Implementing these should help reduce claims and therefore reduce future insurance premiums, in a market that is generally seeing quite substantial increases in premium pricing.

  • Use In-Vehicle Cameras

Statistics show a big reduction in fault accidents for fleets that use in-vehicle cameras. The simple reason being that drivers know they are being filmed, so they will drive more carefully, and this should result in a reduction in fault accidents.

  • Use Vehicle Telematics and GPS tracking

Vehicle telematics are considered less “big brother” and more commonly used in business vehicles in recent years. These track driver behaviour such as routes, speed, braking and time on road as well as GPS tracking so you know exactly where your fleet of vehicles are – including overnight parking.

  • Have a “named driver” rather than “any driver policy” if possible

Any driver policies have a big appeal as it gives your business a lot of flexibility if you have a high turnaround of drivers using your business fleet. However, it is likely that it is the same people using the business fleet the vast majority of the time, a “named driver” policy can be much less expensive as the risk is less and the insurer knows the driving history (claims and convictions) or each named driver.

Even if there are the occasional amendments, these can be done by your insurance broker.

  • Have a secure compound with cameras if possible

One of the biggest risks to insurers is theft of the vehicle and/or its contents. If the insurer knows there are precautions against theft, especially overnight, you will be rewarded with lower premiums.

  • If you have goods in transit insurance, make sure you have adequate sum insured

If you are a courier or haulier, or transport expensive products/goods, make sure your sums insured more than adequately cover the cost of replacement in the event of an accident, fire or theft. The cost-of-living crises and general increase in materials and production could mean it is time for you to review your sums insured on goods in transit insurance cover.

Cyber Liability Insurance (CLI)

Cyber Insurance is the fastest growing new commercial insurance policy in the UK, with many businesses across the country buying this policy for the first time in the last few years.

As a minimum, most UK businesses now transact electronically, and probably use the Cloud for IT/CRM, therefore exposing valuable data to cyber crime.

The rise in cyber crime and general awareness of cyber criminal activity, and the potential huge impact on your business in the result of a successful attack, means that more and more companies large and small are investing in a cyber insurance policy.

A cyber-attack can be costly – the losses incurred from suffering one could mean that you’d have to go into debt to cover the cost of getting your business back up and running, or even shut your doors completely. Cyber Insurance mitigates risk by helping to pay the cost for your business to recover from an attack.

In a world where cyber threats are varied (and constantly changing), cyber insurance can help your organisation to get back on its feet, should something cyber-related go wrong. Managing cyber incidents (such as ransomware and data breaches, particularly important with client data) may require in-depth technical knowledge. As well as minimising business disruption and providing financial protection during an incident, cyber insurance may help with any legal and regulatory actions after an incident.

Probably the biggest factor of cyber insurance is business interruption, which could be lengthy if the cyber incident is particularly troublesome and complex.

The cost of cyber insurance varies depending on your business type, size, and the cyber risks it is exposed to.

Please do contact our Cyber Insurance experts at Hallsdale Insurance, who have a close partnership with Coalition, a leading cyber insurer – allowing us access to exceptional cyber insurance protection.

Why are insurance premiums increasing so much?

The most high-profile insurance policies – in terms of national news headlines – that are seeing big increases in the cost of premiums is private car insurance. The reasons are plentiful, the cost of new and second-hand cars being much higher for one, the cost-of-living crisis increasing crime and thefts one other.

However, away from attention grabbing car insurance premiums, it is UK businesses that are really feeling the effect of business insurance policies increased year-on-year between 10-20% for most businesses. Generally speaking, it is only a declining/shrinking business that will not be affected by an increase in business insurance premium, and quite frankly they probably have bigger worries to consider!

Inflation, politics, the economy, claims and the CPI has all meant that insurance premiums have been under severe upward pressure.

Leading business consultancy PwC give this explanation about rising insurance premiums:

“Businesses in the UK may see price rises of between 10-20% in the cost of their annual insurance bill, worth hundreds or even thousands of pounds, according to estimates from PwC UK. This comes as a direct result of rising CPI, which has significantly increased the costs of materials and labour involved in the settlement of insurance claims. The global supply chain crisis has further exacerbated this, resulting in longer and more costly repairs due to a lack of supply of materials and labour.”

Source – https://www.pwc.co.uk/press-room/press-releases/double-blow-for-business-as-rising-insurance-costs-pushes-up-ann.html

Hallsdale Insurance can’t promise to arrest the rise in your business insurance premiums – this will ultimately be determined by the insurers themselves – but we can assist by shopping our insurer panel and using our interpersonal strong relationships with insurers to ensure they have a sharp pencil! Introductory discounts are also available as insurers are keen to win new business in a competitive market.

Commercial property portfolio landlord trusts Hallsdale’s property insurance expertise and insurer panel

Background

Hallsdale Insurance, a renowned insurance brokerage specialising in commercial property insurance, has been in the industry for over 17 years.

Known for their comprehensive coverage options, tailored policies, and exceptional client service, Hallsdale has built a robust portfolio of satisfied clients.

One of their notable clients is a major commercial property portfolio landlord, who we will call Business owner, which owns and manages over 50 commercial properties across the United Kingdom.

Business Owner

Business Owner manages a diverse portfolio of commercial properties, including office buildings, retail spaces, and industrial warehouses. With commercial properties located in both metropolitan and more suburban area, including business parks, they face a range of risks, including natural disasters, fire, vandalism, and liability issues.

The company sought an insurance broker who could provide extensive coverage, competitive pricing, and a strong relationship with top UK insurers.

Challenges

Business Owner faced several challenges:

  1. Comprehensive Coverage Needs

The diverse nature of their property portfolio required a tailored insurance plan that could address varying risks across different locations and property types.

  1. Cost Efficiency

As a large portfolio owner, the company needed cost-effective insurance solutions without compromising on coverage quality.

  1. Risk Management Expertise

They required a broker with deep expertise in commercial property risk management to help mitigate potential losses and provide proactive risk management advice.

  1. Claims Support

Efficient and effective claims handling was essential to minimize downtime and financial impact in case of an incident.

Solution

Hallsdale Insurance approached the challenge with their signature expertise and strong insurer relationships. The following steps were taken to meet the client’s needs:

  1. Risk Assessment and Tailored Coverage

Hallsdale conducted a thorough risk assessment of business owner property portfolio. This involved site visits, risk analysis, and consultations with the property management team to understand specific needs. Based on this assessment, Hallsdale designed a tailored insurance program that provided comprehensive coverage across all properties, including specialised policies for higher-risk locations and property types.

  1. Leveraging Insurer Panel

Hallsdale leveraged their extensive panel of top-tier insurers to negotiate competitive premiums and comprehensive coverage options. By presenting business owner portfolio to carefully selected insurer partners, Hallsdale ensured the client received the best possible terms and conditions. The panel included insurers with strong financial ratings and a proven track record in commercial property insurance.

  1. Proactive Risk Management

Hallsdale provided ongoing risk management consulting to help business owner mitigate potential risks. This included regular property inspections, loss prevention advice, and training for the property management team on emergency procedures and safety protocols.

Hallsdale’s experts worked closely with the client to implement risk mitigation strategies that reduced the likelihood of claims and minimised potential losses.

  1. Claims Handling Support

In the event of a claim, Hallsdale offered dedicated claims handling support. Their experienced claims team ensured prompt and fair settlements, working closely with both the client and the insurers to expedite the claims process. This support was crucial in minimising business interruption and financial impact following an incident.

Outcome

Client X experienced several significant benefits from their partnership with Hallsdale Insurance:

  1. Enhanced Coverage

The tailored insurance program provided comprehensive coverage for all properties, ensuring adequate protection against a wide range of risks. This gave the client peace of mind and financial security.

  1. Cost Savings

Through Hallsdale’s negotiations and competitive insurer panel, Business owner achieved substantial cost savings on their insurance premiums. The cost efficiency allowed the company to allocate resources to other critical areas of their business, including commercial property renovations.

  1. Improved Risk Management

Hallsdale’s proactive risk management consulting led to the implementation of effective loss prevention measures. This not only reduced the frequency and severity of claims but also enhanced the overall safety and security of the properties.

  1. Streamlined Claims Process

The dedicated claims support provided by Hallsdale ensured that claims were handled swiftly and efficiently. This minimised downtime and financial impact, allowing the client to resume normal operations quickly after an incident.

Conclusion

The partnership between Business owner and Hallsdale Insurance exemplifies the importance of specialised expertise, tailored solutions, and strong insurer relationships in commercial property insurance.

By trusting Hallsdale’s property insurance expertise and insurer panel, Business owner successfully navigated the complexities of insuring a diverse property portfolio, achieving enhanced coverage, cost savings, improved risk management, and efficient claims handling.

This case study highlights Hallsdale Insurance’s commitment to delivering exceptional value and service to their clients in the commercial property sector – and like our strapline “Your Business, Our Priority” – working in true partnership with our clients and insurers to deliver exceptional outcomes.

Midlands based company uses Hallsdale Insurance for their manufacturing insurance

Background

Hallsdale Insurance, a leading insurance brokerage known for its expertise in commercial insurance solutions, has been serving businesses across various industries for over three decades.

One of their valued clients is a Midlands-based manufacturing company, Business owner, which specialises in producing high-quality automotive and industrial parts.

The company operates multiple manufacturing facilities and distributes its products both domestically and internationally.

Business Owner

Business owner manufactures a wide range of automotive and industrial parts, including engine components, transmission parts, and precision-machined products.

With a strong reputation for quality and reliability, the company supplies parts to major automotive manufacturers and industrial equipment producers.

Given the nature of their business, Business owner faces significant risks related to manufacturing processes, product defects, and potential liability issues.

Challenges

Our client encountered several key challenges:

  1. Comprehensive Manufacturing Insurance Cover
    The company needed robust insurance coverage to protect its manufacturing facilities, machinery, inventory, and operations from various risks such as fire, theft, machinery breakdown, and natural disasters.
  1. Product Liability Insurance
    Given the potential for product defects, the company required extensive product liability insurance to cover claims arising from defective products that could cause damage or injury.
  1. Competitive Insurance Premiums

    As a growing business, Business owner sought cost-effective insurance solutions without compromising on the quality and breadth of coverage.

  2. Claims Handling
    Efficient and responsive claims handling was crucial to minimize operational disruptions and financial losses in the event of an incident.

Solution

Hallsdale Insurance addressed these challenges through a comprehensive and customized approach:

  1. In-Depth Risk Assessment and Tailored Policy Design

Hallsdale conducted a thorough risk assessment of Business owner operations, including site visits to manufacturing facilities, evaluations of machinery and equipment, and consultations with the management team.

Based on the assessment, Hallsdale designed a bespoke insurance program that provided extensive coverage for property, equipment, inventory, and business interruption.

  1. Product Liability Insurance

Recognising the critical need for product liability coverage, Hallsdale included a robust product liability insurance policy. This policy covered claims related to product defects that could result in property damage or personal injury.

It provided financial protection against legal expenses, compensation claims, and potential recalls, ensuring the company’s reputation and financial stability were safeguarded.

  1. Leverage of Insurer Panel for Competitive Pricing

Hallsdale utilised its strong relationships with a panel of leading insurers to negotiate competitive premiums and favourable terms.

By presenting the comprehensive risk profile of Business owner to selected insurers that understand the manufacturing industry, Hallsdale secured cost-effective insurance solutions that met the client’s budgetary requirements.

  1. Dedicated Claims Support

In the event of a claim, Hallsdale provided dedicated claims support to ensure swift and fair settlements. Their experienced claims team worked closely with Business owner, the loss adjustors and the insurers to expedite the claims process, minimising operational downtime and financial impact.

Outcome

Client Y benefited significantly from partnering with Hallsdale Insurance:

  1. Comprehensive Protection

   The tailored insurance program offered comprehensive protection for the company’s manufacturing operations, including property, machinery, inventory, and business interruption coverage. This comprehensive protection ensured that the company could continue operations smoothly even in the face of unexpected incidents.

  1. Robust Product Liability Coverage

The product liability insurance policy provided peace of mind and financial security against potential product defect claims.

This cover was crucial in maintaining the company’s reputation and avoiding substantial financial losses due to legal claims or recalls. The product liability insurance was probably the most vital component of the entire cover due to the financial risks associated with product defaults.

  1. Cost Savings

Through Hallsdale’s negotiations and insurer relationships, Business owner achieved significant cost savings on their insurance premiums. The competitive pricing allowed the company to reinvest savings into other areas of the business.

  1. Efficient Claims Handling

Hallsdale’s dedicated claims support ensured that any claims were handled promptly and efficiently.

This minimised operational disruptions and allowed the company to resume normal operations quickly after an incident.

Conclusion

The collaboration between Business owner and Hallsdale Insurance demonstrates the value of specialised expertise and tailored insurance solutions in the manufacturing sector.

By relying on Hallsdale’s deep understanding of manufacturing risks and their strong insurer panel, Business owner secured comprehensive coverage, cost-effective premiums, and efficient claims support.

This case study highlights Hallsdale Insurance’s commitment to delivering exceptional value and service to their clients in the manufacturing industry.