How Savings Can Be Made in the Claim Process

1. Efficient Risk Management: The best way to save on claims is to minimise the likelihood of accidents or defects occurring in the first place. By investing in high-quality materials, hiring skilled labour, and adhering strictly to safety regulations, small and new developers can reduce the risk of incidents that lead to claims. Many insurers also offer discounts or lower premiums to developers who demonstrate robust risk management practices.

2. Comprehensive Coverage: Choosing the right level of insurance coverage from the start can result in savings over the long term. While it may be tempting to opt for cheaper, minimal coverage, this can lead to costly out-of-pocket expenses if a claim is made. Working with an expert insurance provider like Compariqo ensures that developers get comprehensive coverage tailored to their project’s specific needs, preventing unexpected costs down the line.

3. Streamlined Claim Processes: When claims do need to be made, a streamlined and efficient process can result in quicker payouts and reduced legal or administrative costs. Compariqo works closely with clients to ensure that any claims are handled swiftly, minimising disruption to the project and avoiding drawn-out, costly disputes.

4. Avoiding Unnecessary Claims: Not every issue that arises during construction needs to result in a formal insurance claim. Small developers can save money by managing minor issues internally rather than filing claims for every incident. This helps avoid premium increases, which can occur after multiple claims. Developers should maintain open communication with their insurer to understand when it’s beneficial to resolve an issue in-house and when it’s necessary to file a claim.