Could ISO 45001 Reduce Your Insurance Premiums?
Even with all the best safety measures in place, injuries at activity centres aren’t uncommon, making insurance premiums costly. So, what can you do to keep your insurance premiums down?
The Rising Costs of Insurance Premiums
Insurance for any business is a must, helping to protect you and your business should the worst happen. But with the ‘where there’s blame, there’s a claim’ culture having risen in recent years, it’s not surprising that insurance premiums have too. In 2019, Ireland faced an insurance ‘crisis’ due to the rise of insurance premiums, with some businesses who had received claims against them, unable to obtain a quote at all. This has forced businesses to make cut-backs or close their doors completely.
The Times reported that one of Ireland’s biggest adventure playgrounds had to remove two trampolines after their insurance premium doubled to more than €50,000 in just four years, with the trampolines costing the business an additional €25,000 to insure. Another business reported a 400% increase over a six-year period, despite not having made any claims at all. The firm, which runs activities such as rafting, kayaking and archery was forced to close temporarily whilst they sourced insurance.
But there is a way for you to attract lower insurance premiums from a wider range of companies, by implementing the ISO 45001 Health and Safety Management System.
Introducing ISO 45001
ISO 45001 is an internationally recognised management standard that helps you to anticipate and control risks and comply with regulations. It helps reduce the number of accidents and potential litigation cases and shows insurers that you take Health and Safety seriously, resulting in better priced insurance quotes.
ISO 45001 will help you:
- Identify hard-to-spot risks through regular risk assessments
- Predict consequences of risks, even the less obvious ones
- Improve accident registers helping you identify training requirements
- Ensure processes are documented so everyone can act consistently
- Engage your team members.
As well as reduced insurance premiums, ISO 45001 can bring your business many other benefits to include enhanced reputation, reduced costs of incidents and improved productivity and staff morale.