Business Insurance Brokers | Sydney Hills | Risky Business

Business and General Insurance And Negotiating Your Claims

  • Risky Business
  • Insurance
  • Insurance Finder
    • Cyber Attack Protection
    • Faith Insurance
  • Meet The Team
    • Jobs
  • Contact Us
  • (02) 8814 3888
You are here: Home / Why Is My Insurance So Expensive?

Why Is My Insurance So Expensive?

Insurance Premiums Have Risen … Why Is My Insurance So Expensive Now-

It is perfectly clear to anyone who has been quoted for insurance lately that the cost of insurance is significantly higher than it was just 2 or 3 years ago. We have put together some of the reasons insurance premiums are getting more expensive together with some tactics to reduce your insurance premiums.

This is just an overview so if you’d like more information please contact us using our online feedback form or send us an e-mail at info@riskybusiness.com.au.

Reasons for Increased Premiums

There are several reasons for increased premiums lately and unfortunately several of these reasons have coincided. For some policies this has resulted in dramatic increases in premiums!

General factors for increased premiums include:

  • A general increase in the size and number of claims.
  • An overall increase in theft and insurance fraud.
  • A general financial downturn in some markets. This has impaired the ability of insurance companies to earn money that might otherwise offset claims costs.

Specific factors increasing the cost of insurance include:

  • The collapse of HIH. This has put a lot of pressure on insurance companies to revise the way they assess risk. The extra scrutiny has resulted in more risks being identified.
  • Terrorism, war and natural disasters have proved expensive for insurance companies of late. Bombings, fires, floods, storms and droughts have all put pressure on insurance companies to increase your premium.

 

Tactics to Reduce Your Premium

It’s not all bad news however. There are some simple things you can do to reduce your premium:

  • Assess your risk regularly and demonstrate to your insurance company that you are making an effort to prevent problems before they happen. Not only will this give them a reason to lower your premium but you’ll also enjoy fewer insurance incidents. Factors you can help control include fire risk (and your response to a fire), employee education & morale, theft risk (deterrence & prevention) and general safety for you, your staff & the public.
  • Assess your risk regularly! This one is worth repeating. Insurance companies want to know that you are aware of and trying to reduce your risk.
  • Be honest! Telling us (and therefore your insurance company) how many claims you’ve had may cost you a little more but not nearly as much as a denied claim might.

Website Content

  • Assistant Account Broker
  • Contact Us
  • Davelcorp
  • faithinsure
  • FINANCIAL SERVICES GUIDE
  • Insurance
    • Cyber Attack Protection
    • Faith Insurance
  • Meet The Team
  • Payment Options
  • Payment Options TABLE
  • Risky Business
  • Small Business Insurance Finder
  • The Team
  • WE HAVE MOOOVED!
  • You….. are a “Gun” Client Broker

Contact us

Phone & fax Phone (02) 8814 3888 Fax (02) 8814 3899 Where to find us Unit 52 (from 28/02/17) 5-7 Inglewood Place Inglewood Business … Read more >>

Like us on Facebook

Facebook Pagelike Widget

Insurance finder

What type of business are you in? Disclaimer: Neither IBNA nor its members are liable to you or anyone else for any loss in connection with use of … Read more >>

Payment Options

We offer a range methods.
Please click here for more information >>

Why is my insurance so expensive?

Insurance Premiums Have Risen ...  It is perfectly clear to anyone who has been quoted for insurance lately that the cost of insurance is … Read more >>

Looking for something?

Home | Privacy | Disclaimer | Terms | Financial Services Guide | FAQ | Contact

Unit 52 / 5-7 Inglewood Place Inglewood Business Centre Norwest Business Park Baulkham Hills NSW 2153

Phone (02) 8814 3888 | Fax (02) 8814 3899

AFS Licence number 277564

Copyright © 2019 · www.riskybusiness.com.au

Website & SEO by Hubsite Builder