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How our risk management tools can help you reduce your premiums

The reduced Discount Rate used to calculate Personal Injuries Compensation is having an impact on insurance premiums. At Square Mile Broking, we believe that there is an intrinsic link between the risk management procedures a client has in place and the long term premiums they pay.

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The Ogden Rate Discount Rate changes – what are the impacts?

The significant change to the way Personal Injuries Compensation is calculated is having a huge impact on both the Insurance industry as well as customers and claimants.

We recently published an article outlining the changes and what the increases will mean to businesses, including an increase in claims costs for Commercial insurances such as motor fleet, employers and public liability cases. Read the article here.

The heightened increase in claims costs affecting multiple lines of business that attract claims for bodily injury including, Motor, Public/Products Liability and Employers’ Liability, means insurance companies are having to review their pricing to absorb the increases.  As a result, businesses are seeing a rise in their insurance premiums for these insurances.

Due to the changes and potential sizes of pay-outs, we are keen to ensure that all clients with a Liability, Contractors or Commercial Combined Insurance, seriously consider increasing Employers Liability cover to £20,000,000 (from the standard £10,000,000), Public Liability cover to £5,000,000 increased to £10,000,000, for all Contractors Insurance.


What your business can do to reduce your premiums

As a business, managing your risks is a significant way of reducing your premiums. We offer a huge range of risk management tools that can help your business reduce your number of claims, including at fault claims:


We have teamed up with an independent Health & Safety consultant who provides special discounted rates for Square Mile Broking clients.  They are able to provide expert advice and consultancy to cover all aspects of Health & Safety & Risk Management for your business, including;

  • Health & Safety Policies & Management Systems
  • Risk Assessments
  • Health & Safety Training
  • HR & Employment Law
  • Competent Source of Advice
  • Construction Design & Management Regulations (CDM)
  • Helpline & Email Support
  • Fire Safety Consultancy

If you would like to find out more about these services, email us for more information or call and speak to a member of our team 0330 024 2980.


Square Mile Broking DNA+

This new initiative complements your existing, more traditional security precautions by using modern advances in forensic analysis and can be used in every business, from offices to warehouses and construction sites.

The DNA+ product works on 2 layers of protection, firstly each pack provides a number or warning signs and stickers for you to visibly place around your business which will act as a deterrent. The second layer of protection involves the application of invisible forensically coded microdots on all theft attractive items.

These microdots are personally coded to each client and nearly impossible to remove. The codes are stored in a central, secure database accessible by the police, so when an item is suspected of being stolen, the police use special UV lighting to identify the microdots and a separate scanner to check the code. Not only does this allow the stolen property to be returned, but also as clear evidence in court to ensure a conviction.


Tools available for managing motor fleet risks

  • In-vehicle cameras – Designed to sit on the dashboard of a vehicle, a dash cam can help to protect vehicles, stop fraud and prove liability in the event of a claim.
  • Drivercheck – To aid motor fleet management, Drivercheck is a simple and comprehensive way to check drivers licences across your business, ensuring each driver is able to be on the road.  The tool will give you full DVLA information about each driver including alerting you to a number of issues such as expired photo cards and non address matches.
  • In-cab verbal coaching technology – These tools sits on the dashboard of a vehicle and listen to the vehicles engine, identifying it’s efficiency ‘sweet spot’.  If the driver moves out of this sweet spot, the tool alerts the driver both visually and verbally encouraging safer driving.
  • Claims App – Our Square Mile Broking Claims App has been designed to take away issues around First Notification of Loss (FNOL) which means a claim can be reported instantly, including the submission of incident photographs.  This means the claims process and costs can be better managed. Read more about our App and download it here.
  • Square Mile Risk Management and Health & Safety – Our Risk Management page gives more details and information on how to manage risks.

If you have any questions about the Discount Rate and any resulting premium increases, please call us: 0330 024 2980 or arrange for a callback. We can give you advice about your risks and steps you can take to manage them.