Premiums for employers’ liability insurance in the recycling sector have always been expensive as the risks are considered high. Although fatalities have steadily reduced over the last few years, some recent high profiles cases have bucked the trend and we have seen underwriters increasing their rates.
So what can be done to make sure you are not overpaying and to keep costs at a reasonable level?
Macbeth’s recommendations are:
- Make sure that the wages and turnover figures declared to insurers are correct and that they are broken down as far as possible. For example, insurers will charge a lower rate for drivers and supervisors than they charge for pickers and sorters. If you have just clerical and manual wages declared, it is likely that you are overpaying.
- Make sure the business description is accurate and reflects all the work that is being carried out. This is important as insurers will not cover activities unless they are disclosed and some activities attract a lower rate than others.
- It goes without saying that a robust health & safety policy is essential, even for companies where there are less than 5 employees and where there is no legal requirement for a written health & safety policy. We would recommend that a written document is produced as this will demonstrate that the company is taking health and safety seriously.
- Use a broker rather than doing direct to insurers. This is likely to save you time and furthermore, a broker with experience in the sector will know which insurers to access and ask the questions that will obtain the best rates.
For further information, please contact Tony Gibbs on 0118 916 5485 or complete our enquiry form.