The most high-profile insurance policies – in terms of national news headlines – that are seeing big increases in the cost of premiums is private car insurance. The reasons are plentiful, the cost of new and second-hand cars being much higher for one, the cost-of-living crisis increasing crime and thefts one other.
However, away from attention grabbing car insurance premiums, it is UK businesses that are really feeling the effect of business insurance policies increased year-on-year between 10-20% for most businesses. Generally speaking, it is only a declining/shrinking business that will not be affected by an increase in business insurance premium, and quite frankly they probably have bigger worries to consider!
Inflation, politics, the economy, claims and the CPI has all meant that insurance premiums have been under severe upward pressure.
Leading business consultancy PwC give this explanation about rising insurance premiums:
“Businesses in the UK may see price rises of between 10-20% in the cost of their annual insurance bill, worth hundreds or even thousands of pounds, according to estimates from PwC UK. This comes as a direct result of rising CPI, which has significantly increased the costs of materials and labour involved in the settlement of insurance claims. The global supply chain crisis has further exacerbated this, resulting in longer and more costly repairs due to a lack of supply of materials and labour.”
Hallsdale Insurance can’t promise to arrest the rise in your business insurance premiums – this will ultimately be determined by the insurers themselves – but we can assist by shopping our insurer panel and using our interpersonal strong relationships with insurers to ensure they have a sharp pencil! Introductory discounts are also available as insurers are keen to win new business in a competitive market.