As a club manager, you can have a big impact on keeping your business insurance costs under control. Here are a few ideas to consider:
Be a risk manager. Effective risk management will reduce risk exposure, which will turn into real savings on your insurance costs. Taking documented steps to train staff will prevent employee and member accidents and implementing a preparedness (contingency) plan are just examples of ways to earn insurance discounts. It pays to implement risk management best practices!
Raise your deductible. In your quest to save money on insurance, your deductible is a great place to start. Your deductible is the amount that you must pay in the event of a loss before coverage kicks in. If you are implementing risk management best practices you are lowering your chances of claims which then allows you to consider increasing your deductible. In most cases, the higher your deductible, the lower your annual premiums will be.
Stop making small claims. Avoid using your club’s insurance for numerous small incidents. Insurance carriers look at claim frequency and severity as part of their equation in pricing the insurance premium. When businesses have a frequency problem then the insurance industry tends to charge higher premiums. Learn from those small incidents, increase awareness and implement accountability to supervisors and staff. You will see your frequency drop right away which insurance underwriters will view as a positive when underwriting your club or business.
Put all of your policies under one roof. CMAA ClubSolutions’ insurance program, the Club DNA Program, can handle all of your club’s insurance needs, provide a contingency plan, train all your employees and you can still do business with your current insurance broker! Want to know more? Visit www.preparemyclub.org, call us at (703) 739-9500 or have us remind you about Club DNA prior to your insurance renewal by filling out this short form.