With the Insurance Premium Tax (IPT) set to rise from 6% to 9.5% in November, BLM partner and head of the broker sector, Helen Devery has advised that businesses could be pushed towards underinsurance, in Post magazine.
“There is concern that the rise in IPT and the cost of premiums generally could lead to underinsurance for businesses. There is, therefore, a real need for organisations to consult with their brokers and advisors to consider effective ways to mitigate the increase, for example higher deductibles and levels of self-insurance.
“Businesses must identify their risks, both current and emerging, and implement robust strategies to manage these effectively. The costs of accidents and incidents can often highlight areas of underinsurance. But if the horse has already bolted, the business has to play catch up to recoup its losses.”
You can read Helen’s article in full on the Post website.