PlastikCity Insurance Blog // Take Control of Your Buildings Insurance Renewal

A recent insurance enquiry received by PlastikCity Insurance raised an interesting subject, one that many businesses may not be aware of – and it managed to save the client over £100,000. In this blog, PlastikCity Insurance explains how companies can take control of their building’s insurance renewal process, ensuring they receive the best possible cover at a competitive price.

As you know, PlastikCity Insurance was created to use our expertise to help members and the wider industry with any insurance need (big or small).

Most of our advice is usually in the form of risk prevention and ways to mitigate losses. However, part of our service is to provide advice and share knowledge which is helpful to any and all types of business. Advice that could save you money and provide peace of mind.

Buildings Insurance Renewal

For most companies there will be the annual, grin-and-bare-it process of dealing with the landlord on the renewal of the buildings/premises insurance.

This usually involves a lot of grumbling about the increase in premiums (despite having had another year free of incident or claim) and the landlord shrugging its shoulders and saying ‘it’s the best I can get’.

We all know that in reality the landlord has little interest in ensuring the premium for the premises you occupy is competitive. After all, they are not the ones paying; it’s down to you!

For most tenants, there is a feeling that nothing can be done about it. The landlord has you over a barrel and fighting it is time consuming and distracting from actually running your business. There is also the mis-conception that you, the tenant, has no control over the insurance offered.

This is where PlastikCity Insurance can help. By providing us with your renewal details, we can complete a review and ensure that you are getting the correct cover for an affordable price.

If, as a result of that review, it is clear that your existing renewal is over-priced, you can use our evidence to impel your landlord (under its FCA obligations) to explain/justify its proposal. Ultimately, you can present PlastikCity Insurance with a Letter of Authority and we can take over the management of your insurance.

For the specific case in question, the client runs a large warehouse-based, plastic recycling plant. The premium the landlord put forward for the renewal of the building’s insurance was c.£200k. Clearly thinking this expensive, the client approached us for help. Using our market knowledge and insurance expertise we were able to provide a quote for comparable cover and save the client over £100,000, raising very serious questions for landlord to answer.

So, when your next annual grin-and-bear-it renewal comes up, simply get in touch and let us show you how we can help.

And, remember, for each enquiry we received (regardless of outcome) we will make a donation to PlastikCity’s chosen charity (www.midlandsairambulance.com)

PlastikCity Insurance policies are arranged and administered by PHL Insurance Brokers Limited*.

Read more about PlastikCity Insurance Services here.

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