business insurance

Business Insurance

Manage the cost of your business insurance

We specialise in the provision of general insurance and risk management reviews and the audit and procurement of employee benefits packages.

In each case, the processes we have developed produces outstanding results.

A little more information

For each of our clients we provide the truly independent perspective they require when purchasing or renewing their insurance and employee benefits programmes, so that they can make the best, most cost-efficient and effective purchasing decisions in these key, business critical areas.

As the case studies and testimonials on this site demonstrate, we work with enterprises and organisations drawn from right across the private and public sectors – with both UK and multinational requirements.

We also work in partnership with venture capital and private equity businesses, helping them to derive greater value from their investment portfolios. In each case the common link is that by working with our specialists our clients obtain exceptional results which improve the coverage and service they enjoy whilst, at the same time, saving both time and money.

Cost areas include:

• Employee Benefits
• General Insurance
• Pensions

General Insurance and Risk Management Reviews

Our general insurance and risk management review service embraces the full range of commercial insurance covers, from property, business interruption and liability, through to specialist areas such as professional indemnity, directors’ and officers’, marine and aviation.
Our team are also experienced in handling projects where there is a requirement for particular processes or procedures to be followed, such as tenders conducted under the OJEU regulations.

Having the right package of cover and service in place to protect your enterprise is vital. However, if you haven’t subjected your general insurance and risk management arrangements to independent review, or you are relying on the ‘traditional’ open-market exercise involving a number of brokers competing for your business, it’s almost certain that you could be enjoying more effective cover, more efficient service and significantly reduced premiums.

This is because, in contrast to most purchasing exercises, where getting the best deal means obtaining prices and specifications from a range of suppliers, where your insurance needs are concerned, this simply isn’t the case. As a result, the methods you are currently using to assess your programme are inherently flawed.

Defending the status quo

As your business needs, objectives and the marketplace you are operating in change, in order to ensure you are fully protected, your insurance programme needs to evolve too. However, by challenging the status quo, your current insurance broker has nothing to gain (and potentially your account to lose), by proposing innovations to cover and programme design, which might conflict with its previous recommendations.

An ‘imperfect market’

At the same time, the market for commercial insurance is an ‘imperfect’ one. When placed under open-competition, incumbent brokers frequently employ defensive marketing tactics which close off (or even ignore), potentially useful and more competitive markets. here a number of brokers are involved, the problem is compounded as confusion amongst insurers, who are receiving multiple, often conflicting presentations, leads to missed opportunities.

Our project process removes these obstacles to your obtaining the right package of cover, premium and service. It is structured to ensure that your current broker is able to do its best possible work, whilst our specialists, working with a carefully selected alternative broker, chosen for its ‘fit’ with your specific requirements, carry out a parallel ‘confidential’ exercise. At the end of the process, you will have an objective view of the options available to you, leaving you free to choose the course of action which delivers the optimum package of protection.

Employee Benefits – Audit and Procurement Services

Our service in this area starts with a comprehensive review of the arrangements currently in place, from ‘risk benefits’ such as life assurance and private medical insurance, through occupational health and wellbeing services to pensions and overall programme administration. This is designed to identify the full range of up-front and hidden programme costs and to gain a clear understanding of each client’s needs and objectives.
Our experts then work with our clients to identify the full range of options open to them and assist them to conduct the exercises required to test those options and take decisions as to the future structure and administration of their employee benefit programmes.

We then work with our clients to help them to implement their new programmes and to derive the maximum benefits from the changes they are making.

Employee benefit provision can be an extremely complex and emotive area. Therefore, when reviewing this provision, a range of factors need to be taken into account. In recent years, the market for employee benefits has undergone considerable change and this process is continuing. New ways of accessing the market, the impact of auto-enrolment, changes to the employer-employee covenant as working life patterns change and the increasingly different ways of providing coverage and supporting occupational health and wellbeing, all mean that if you haven’t looked in detail at the shape of your programme, level of support and service you are receiving in the past 12 to 18 months, your programme is almost certainly not as efficient as it should be.

We provide a comprehensive review and procurement service, which audits your current programme, clearly identifies the opportunities and savings open to you and helps you to implement the changes required to make your employee benefits arrangements more effective and cost-efficient.

Insurance Case Studies

Get in touch today to find out how ERA can help with your business insurance needs.

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