Auditel Consultant:
Chris Bourke

High Wycombe Manufacturer surprised by Insurance Savings

10 Nov 2009 | Filed under: Supplier Management

I’ve found it’s not unusual for business owners and managers to be very faithful to their insurance brokers.

Unlike with energy suppliers, and the suppliers of most other services, a close working relationship often gets formed over several years.

However, just as with any other service provider, a regular measure of the value that broker is bringing to the table should be undertaken through an independent, confidential, audit.

One of my favourite clients – a manufacturer in High Wycombe – was happy for a confidential review of his insurance cover and charges to take place. Although he was convinced his existing broker was doing a fantastic job and it was unlikely their value would be beaten.

So what was the end result? Well it was a welcome surprise for my client when an alternative broker came up with a saving of several thousand pounds for the same level of cover.

It’s worth auditing and checking any overhead cost category. You never know where the next pleasant surprise is going to come from!