Charity insurance - the secrets to getting yours for less
06 October 2009
For any charity, every penny counts. This article gives some tips to help charities save money on their charity insurance.
Aanyone responsible for a charities budget will know how important every penny is. And if part of your job is to make sure your charity gets value of money on your charity insurance, then these tips from the UK Social Welfare Insurance Broker could be just what you need. It is important to remember that charities, non-profit and voluntary organisations could possibly pay lower premiums without having to sacrifice on cover.
From registered charities employing hundreds of staff to small charities, community groups and voluntary groups on a much smaller scale, savings could well be made by following these simple but highly effective tips and regardless of whether your charity is big or small and regardless of budget, if you follow these tips, there is every chance that your premiums could be reduced without having to sacrifice on cover, excesses or levels of service and support.
Secret number one when looking for charity insurance is to make sure you use an insurance provider who actually understands your needs. Buying a one size fits all insurance policy might well seem at first hand like the best solution but will having an insurance policy that is not designed for the voluntary sector actually give you the cover you need? What charities of all sizes and types need is the protection and peace of mind of knowing a policy gives cover that protects you, your charity, your volunteers and your donors.
Failure to get such a policy could very well mean that in the event of a loss occurring you may not be covered. Therefore make sure you use an insurance company or insurance broker who understands what you need and who understand charity insurance and insurance for the voluntary sector. They should be able to offer you advice and guidance aimed at reducing your exposure to risk which in turn could lead to a reduction in premiums. If using a specialist Charity Insurance broker or expert is most likely to result in your charity getting the right insurance cover for less, how can you find a Charity Insurance expert?
Internet search engines like Google, Yahoo and MSN have certainly made the job of sourcing charity insurance specialists much easier and a simple search of one of the numerous search engines is likely to product information on a whole host of experts for a wide variety of insurance products and type. You should however be careful to check that the company who is claiming to be specialists in charity insurance really are. The quickest and easiest way to do this is to simply pick up the phone, give them a call and start asking them questions.
Asking questions rather than just waiting for them to ask you is a great way to find out what makes them experts and how you can benefit from using them. Questions you might consider asking them include what insurance companies they use, how long have they been trading and providing charity insurance and what experience do they have in providing insurance for the charity and voluntary sector. By doing this and asking questions your chances of finding the right broker or provider for your charity is likely to increase.
Another secret which could help reduce premiums is one which all companies, let alone charities, use when shopping around for insurance.
Secret number two when it comes to sourcing charity insurance is to therefore be totally honest when you are asked what you are currently paying for your charities insurance. Most people, businesses and charities when asked how much they are paying by an insurance company or insurance broker will not tell them. They believe that by doing so they are somehow unlikely to get the best quote in return. The truth is if you want to get the best quote from a charity insurance provider, your chances of success will increase if they have a premium to work against.
This does not mean that you should make up a price but simply when asked the question of what are you currently or what is your best premium, tell them the truth and see what happens. By following these two simple but highly effective secrets, there is a good chance the price you pay for your charity insurance will reduce. Give it a go and see if it works and make the next year the year your charity saves money on your charity insurance premiums.
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