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Hard Times

Posted on 18th January 2012 by Stanley in Editorials

When financial pressures begin to rise, it is common for Insurance providers to receive an increase in claims as businesses adjust to economic constraints. The claims can come in many forms such as injury claims from employees or third parties, employee grievances and property damage losses. In this article, we will review the best ways to protect your nursery and also explain the concerns of the insurers.

It is an Insurers primary duty to ensure that they have sufficient funds to pay claims made by their clients. In the past year, insurers have already seen a rise in the number of claims submitted whilst also having to take into account the reserves they need to make for a potential major claim. Insurance providers offer policies to protect a nursery against a wide range of situations, such as an outbreak of an infectious disease, a safeguarding allegation against a setting or an employment law dispute. When assessing these risks compared to the average individual premium the insurers charge, it is easy to see that the overall premiums could be eroded. Although some incidents are unavoidable, small claims can quickly escalate into a large claim payment if the nursery needs to be closed whilst the repairs take place. Even small claims have an associated administrative cost to the insurers, so it may be prudent not to pursue a settlement. This will pay dividends in the long term for you as an individual company, as well as the industry as a whole.

Another area of concern for insurers is the increase in fraudulent claims. All insurers have specialist teams to investigate incidents of potential fraud and the majority have zero tolerance for this type of behaviour. Although motor fraud claims are well publicised, more general frauds are becoming prevalent. Insurers work closely with policyholders to support them in the months or years it can take to resolve these situations but unless an actual payment is made to the third party claimant, it is worth mentioning this is not a criminal offence.

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