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Correct and Reduce your Insurance Spend

Undertaking some or all of the following tips will reduce your Commercial Insurance Costs. Start today to reduce your insurance premium, increase/correct your cover and ensure maximum claim benefit thereafter.


1.       Make sure your business description adequately reflects all the activities of your business.  In the event of a claim, one of the first areas reviewed is the business description to ensure that the activity giving rise to the claim falls within the scope of your business description.

2.       Calculate your property and business interruption sums insured accurately. Nearly all property insurance policies have an under insurance clause in them.  If you do not have adequate sums insured this clause will apply and any claim will be reduced proportionately.

3.       Clarify the exact construction of your property from the walls, floor, internal floors and roof. If there are any double skin / cladding panels in either the external or internal building, insurers require to know the infill of these.  Find out the age, when it was last re-wired , re-roofed, re-plumbed. People often describe their building as standard construction and this is a vague term and in the event of a claim can invariably cause issues.

4.       One of the main rating factors for property is the fire risk. Find out what minimises your risk and ensure the broker quoting has been given all the information i.e. sprinklers systems, alarms, water tanks, proximity of nearest fire brigade, number of fire extinguishers and/or hose reels.

5.       If you invest in Health & Safety over and above require by law, make sure your  current or potential insurance provider knows about it.Advise them of the training procedures, induction procedures etc that you have in place. It will help show any prospective insurer that you take your risk seriously and actively try to minimise any possible exposures.

6.       Advise any prospective insurer of the Territorial Limits required, i.e. where in the world both your products are used and/or your employees are involved in work.  Many policies only give Territorial Limits for Ireland and Ireland/U.K  only unless required otherwise. Any activity outside of this needs to be advised to insurers to ensure the relevant extensions are provided.

7.       Know your exact claims history. Give detailed explanations of each claim describing the circumstances, date of event of the claim and any changes you have made since to minimise a similar claim re-occurring.

8 Cost Saving Recruitment Tips

Saving companies Time and Money is our mantra. Therefore, we are delighted to provide you with 8 Cost-Saving Recruitment Strategies, generously shared by Recruitment Magic.

Recruitment budgets are being squeezed all the time, from the SME through to multinationals. Employers are having to increase their focus on sourcing candidates in low cost ways more than ever before. This guest post gives you some great tips on low cost strategies for hiring new staff.

Tip 1 – Use Referrals

Your current employees will have friends with similar talents and interests, so let your work force know you’re hiring if you have a key role you’re trying to fill. Many companies now offer a referral bonus, ie. cash compensation if a new hire recommended by a coworker turns out to be a good fit for the company. If you’re wary of shelling out a referral bonus, consider this: A BNET article written by POM8 chief executive officer Grant Powell says recruitment agencies can charge two to three times more per hour than you would pay if you found a candidate through referral channels. Don’t stop at talking to employees, either. If you have loyal customers and suppliers who understand your business, they may be able to recommend candidates who fit the bill too.


Tip 2 – Use Social Media

Twitter, Facebook and LinkedIn are free services, and you’re missing out on top candidates if you’re not signed up. People with profiles on these sites are usually serious about their careers and touting their professional expertise. Connect with coworkers on LinkedIn, then use the site to request introductions to others who interest you. Follow people who tweet about topics related to your industry, as well as recruiters. Use the openness of social networking to get personal with your invitations. For example, if the person has a skill listed in her profile and that’s what grabbed your attention, say so in your invitation to connect.


Tip 3 – Think Outside the Box

Anytime you receive fantastic customer service from a retail assistant or from a staff member in a hotel or restaurant think about their fit with your company. If you hire people where customer service and people skills are required and other knowledge can be taught on-the-job, these people could be your next top performers. Be on the look out for top talent in the most unlikely of places. You never know where you might locate your next best hire!


Tip 4 – Use Self-Selection

Submitting a CV online is easy, but showing up for an on-site information session takes a little more work. Choose the best resumes from the pile you’ve received, then invite those people to participate in a second step, whether that’s a facility tour, group interview or skills assessment test. People who aren’t really interested in your company will decline to participate, while those who are excited about what you do will be happy to take the next step. By getting applicants to self-select, you ensure that you’re using your time to interview people who are qualified and enthusiastic.


Tip 5 – Use a Low Cost Recruitment Solution

There are now companies in the UK & Ireland offering low cost, fixed price packages which give you massive exposure to multiple jobsites, multiple talent pools and large social networks for a fraction of the cost of going to a recruitment agency.

Tip 6 – Job Fairs

Virtual Job fairs are a low-cost way to find employees. If you decide to attend a live job fair, you don’t necessarily have to invest in large, expensive stand, you could also attend and simply network with other visitors on the day. Talk to the other employers who are exhibiting as if you were a candidate and see how they are attracting top talent to learn from others.

Tip 7 – Use Internships

An effective intern strategy within the Company can really give you a chance to meet fantastic employees of the future. Interns are usually very keen to learn and very keen on gaining the right experience in an industry. Many interns are free of charge, you can find companies who supply interns in your area, and often the colleges and universities fund their top stars internships. If you like them after a 3 or 6 month internship then you have the option to offer them full time employment.


Tip 8 – Attend Industry Conferences

Attend industry conferences and trade shows that aren’t normally about recruiting. Talk to potential employees through networking at these events. Talent currently employed by your competitors will be there so why not network and meet with others who work in a related industry who may give you access to tap into potential candidates. Awards dinners are usually great for this.


Have you any more tips to share?