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Remaining an attractive risk to insurers

You will probably remember, that during the period of the pandemic nearly all insurers within the social care market closed their doors to new business risks and some even walked away from their existing clients, unable to offer ongoing renewal terms. However, since the beginning of 2023, we have begun to see a recovery with some insurers reconsidering their risk appetite and offering new quotations for well managed risks.

So, what makes an organisation attractive to an insurer? There are many things that your business may already be doing that can help you when it comes to finding the right insurance policy for you, but there are also some things you may not be aware of.

Here we share a list of our top tips to ensure your business remains or takes steps to become more attractive to insurers, making getting a policy in place easier for the best premium for your business.

How to remain an attractive risk for insurers

CQC report
Your CQC rating gives the insurer a huge amount of data to understand your business and how it works. Insurers ideally want ‘Good’ and ‘Outstanding’ rated homes and at Towergate, our insurer partner offers a premium discount to any ‘Outstanding’ rated home. If your CQC rating is ‘Requires Improvement’, our insurers could still be able to provide cover for you but would need to have evidence of a detailed and up-to-date action plan.

Claims background
When it comes to insurance, claims experience plays an important role when it comes to choosing the right policy for your business, but for insurers, claims history can also determine if cover can be provided. Should you have a good claims history, insurers may take this into consideration when it comes to supplying a discount. If you have made a claim in the past, insurers would look to see what measurements you have put in place to prevent reoccurrence.

Engage with your broker
When it comes to speaking to your broker ahead of your business renewal, there is no such thing as too much information. If you have a dedicated point of contact, you will find it easier to update them throughout the year with any updates within your business including potential claims, legal issues and so much more. Having a relationship with your broker means that when it comes to speaking to insurers, you can trust them, and they can vouch for you.

Partnerships and Membership of Professional Bodies
As a member of National Care Forum, you benefit from an exclusive partnership that our insurers trust. When discussing your insurance with us, don’t forget to mention that you are a member of NCF as it may help when speaking to our insurers.

Engaging website
Your website is there to offer all the relevant information to your audience and as a broker, we also take a look at individual websites as we want to see how you stand out from competitors, how you are reviewed by service users and their families and if all the relevant information regarding your care is published and accessible.

For further advice, please call Richard Barnes on 07768 314 298 or email richard.barnes@towergate.co.uk

You can also visit www.towergateinsurance.co.uk to find out more.

 

Towergate Insurance is a trading name of Advisory Insurance Brokers Limited. Registered in England No. 4043759 Registered Address: 2 Minster Court, Mincing Lane, London EC3R 7PD. Authorised and regulated by the Financial Conduct Authority.

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