Managing Risk Equals Managing Costs
The insurance industry generally considers cabinet maker workshops to be a relatively high fire risk by industry standards. When insurers assess the costs of property and business interruption insurance for cabinet makers they are particularly interested in assessing the “housekeeping” procedures including dust management/extraction, fire protection, managements attitudes and pro-activeness to risk management and flammable controls. Operators who have documented procedures and controls in place to manage these exposures will be looked upon more favourably by insurers which should ultimately be reflective in the premiums charged.
For those operators who want to take control of their insurance premiums and showcase their business in the right light they will ultimately benefit by helping drive some cost efficiencies through their business. No doubt there will be other tangible benefits such as enhanced working conditions, and staff professionalism helping to drive the right culture throughout the business. This can lead to an improved reputation thereby attracting employees and customers alike.
Independent risk assessments can assist you with:
- Risk identification and mitigation
- Tailoring your insurance cover based on YOUR needs
General Advice Disclaimer
The information in this article is to be regarded as general advice. Your personal objectives, needs and financial circumstances were not taken into account when preparing this content. We recommend that you consider the suitability of this general advice, in respect of your objectives, financial situation and needs before acting on it. You should obtain and consider the relevant product disclosure statement and Financial Services Guide from Allsafe Insurance Brokers before making any decision to purchase a financial product.
