Kickstarting FY 24/25 with one of our best client outcomes to date.

While our priority is, and always will be, to provide top tier insurance solutions for our clients, it is worth asking what a $19,000 saving would look like for your business?

Depending on your business, this could be:

-? ? ? ? ? The lease for another company vehicle

-? ? ? ? ? A portion of your annual rental costs

-? ? ? ? ? Fortnight of wages

-? ? ? ? ? A marketing campaign

-? ? ? ? ? The annual cost of fuel

A few weeks ago, we were approached by a Gold Coast based business who had been dissatisfied with their existing broker for some time. They simply hadn’t found the time to conduct a remarket.?

Part of the reason they hadn’t found the time is because they are due EOFY, when everyone is bogged down with administrative tasks (I wrote about the benefits of moving your renewal date away from EOFY in my last article).

Given that we had less than 2 weeks prior to renewal we were reluctant to engage, but on paper, the client was a good fit for us.?We were confident we would be able to provide value.

They were involved in the trade services sector (commercial painting/surface protection) and had a turnover of around $5.0M p.a.

In addition, they were incredibly cooperative and willing to provide whatever we needed to do our job.

Their current arrangement looked like this:

• Business Package for $43,429
• Broadform Liability for $7,850

TOTAL of $51,279.

With reputable insurers, sure. But their information was outdated and there were some double ups in their coverage.?

A few things we needed to do, amongst other things, were;

1. Increase their turnover from $3.5M to $5.0M.
2. Increase their Business Interruption from $2.5M Gross Profits over 18 months to $4.0M over 24 months.?
3. Remove a duplicate liability policy which was no longer necessary.
4. Provide some advice around the risk management associated with the premises, to make their business more attractive to insurers.

Being in an industry considered to be a high hazard from an insurers perspective, we immediately conducted a remote survey of our clients premises.?

Photos, review of housekeeping, fire/security protection, ventilation, manufacturing processes etc.

We also discussed a continuity plan, as well as their willingness to implement additional safety measures to satisfy the insurer we were in discussions with.

I won’t get into the details, but the information was passed onto and negotiated with the insurers we had approached, and the outcome was fantastic for our client.

• Business Package for $24,286 ($19,143 saving)
• Broadform Liability for $4,106 ($3,744 saving)

TOTAL of $31,952.

Comparative savings of $22,887, or 44.63%.

We also incorporated Management Liability policy, as this was a large exposure given a 22-person team, which was $3,020.

Savings including ML of $19,327, or 37.68%.

An amazing result.

More engagement with our client.

Superior level of cover.

A larger saving for their business.

While we cannot promise this kind of saving for every client, there is certainly a way partnering with PIB can benefit your business.

Reach out to us today to discuss how we can help you.

1300 521 355 / [email protected]