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Tips to help you manage interest rate rises and retain staff
As interest rates rise and premiums also increase, businesses are looking for ways to reduce the financial impact of rising costs.
One way is to consider increasing your policy excess. Policy excesses are the amount of money that a business must contribute towards the claim, with the insurer paying the balance.
Increasing your policy excesses will usually result in a lower premium.
Retaining employees in a tight labour market is difficult. What would happen if you had a large fire or storm damage and couldn’t operate for a lengthy period of time? Could you afford to keep on your key employees?
Insuring Business Interruption cover will make sure you can continue to pay employees wages until the business is back up and running.
Otherwise, you may have to lay off key staff who are likely to be hired by a competitor. This can add another level of complexity to getting your business back up and running.
By insuring salary & wages, businesses can show their employees that they are committed to their continued employment, boosting morale and productivity. It can also help in attracting new employees.
If you are considering increasing your policy excesses or Business Interruption for salary & wages, it is important to speak to your insurance adviser.
They can help you to assess your individual needs and find the right solution for your business.
Here are some additional considerations when making these decisions:
• The industry and size of your business, as well as your annual turnover;
• Your incident and claims history;
• The amount of salary & wages that you want to cover will also affect the cost of your insurance policy.
It is important to weigh the costs and benefits of these changes. However, these can be a valuable way to mitigate the financial impact of a business interruption and protect your business in the event of a claim.
Contact us today to discuss your options.