Employer Liability insurance costs UK employers four times more than all other compensation systems and is an area in which IOSH members can have a direct and positive impact. This was the message delivered by Nick Martens, British Vita plc, during his presentation at Sound Off.
“Employer Liability insurance provides employers with a financial incentive to manage and improve health and safety risks,” Nick explained. But it is up to the health and safety professional to make the case for lower insurance premiums, he added. Anything that will reduce the likelihood of a claim can affect the premium; the question IOSH members need to consider is: “What turns an underwriter on?”
The answer is, quite simply, a proactive and open attitude, i.e:
* understand the process and the people involved, so knowing the difference between an underwriter, a broker and a claims adjuster is crucial;
* demonstrate an understanding of the noise regulations;
* provide tangible data as proof that your policies work and ensure that all of your efforts are put into context;
* show evidence of hearing and mechanical checks; and
* keep the underwriter up to date on any new initiatives you are adding to your strategy.
“If you are confident of your ability to avoid or defend claims, consider an excess,” Nick also urged.
So clearly, IOSH members can add value to their business by addressing this key boardroom concern. By demonstrating competence, and how a business will comply with the revised regulations, the best possible insurance premium can be delivered to the benefit of employers and employees.
