How to Tender Guide
June 24, 2013
Many CLA members face significant annual insurance premiums to protect their property, land, business activities and motor vehicles. The cover requirements can be quite complex and there can often be a degree of uncertainty as to whether cover has been arranged correctly and best value is being obtained.
The role of your broker in this regard is to give you peace of mind – you want to know that they have worked hard to obtain the most suitable cover to protect you, your family and your business. But how can you be sure that your cover is adequate for your requirements and that your broker is meeting these objectives?
Insurance is often talked about as a relationship purchase. There is nothing wrong with this and indeed, it is important that the broker and client have mutual trust to ensure that professional guidance and advice can be provided. However, taking a ‘better the devil you know’ approach is certainly a flawed one. Without evaluating your existing arrangements, you will not know if your coverage is correct or fairly priced.
The dangers of not thoroughly reviewing your insurance covers on a periodical basis are that you could find the cover you have in place is just not what you thought it was, and clearly the ramifications of this for you, your family and business could be serious.
“Getting the Best Results from your Insurance Tender” has been produced exclusively by CLA Insurance. It is an impartial document targeted at farmers, estate owners and rural businesses (including the land agents who act on owners behalf) who spend over £10,000 per year on their insurance programme. The guide gives advice on when you should tender (if at all) and how you can gain the most out of the process. The document also details the different types of tender strategy you can adopt with the positives and pitfalls to be faced by each. It takes you through the steps of approaching and selecting brokers, the preparation needed to be done in advance and how to review and evaluate tender responses received.
By following the advice in the guide you will feel more confident that the end result is an insurance programme that is fit for purpose and provides the scope of cover you require at a competitive premium.
To receive a free copy of the guide, please fill in the registration form here and we will send you through a digital copy.