Shredding move poses problem for Tyre Recycling Insurance Services
Every business needs to keep pace with changes in its market place to ensure its offer continues to meet demand and generate profits. So when a Tyre Recycling Services company decided to switch from tyre baling and move into tyre shredding/recycling, it was made with the future of the business in mind.
“What we didn’t anticipate was the huge hike in our annual buildings insurance premium this decision would cause,” “Quotes came in at over three times what we were originally paying the year before, plus there was a potential requirement of an additional $7,500 for fire alarm and detection systems.
The proposed increase was due to evidence that large stockpiles of shredded tyres can be prone to spontaneous combustion and have resulted in large insurance claims.
Rather than the knee-jerk reaction of their current insurance brokers who had previously arranged cover for the building, he company required a better informed and more considered approach that would protect the business from this risk – and at an affordable cost.
LAI Insurance Brokers already handled a number of risks in the Tyre Recycling Industry so we naturally the client turned to us for help.
“They took the time to understand the issue we faced, and its potential for our company, and applied their experience in finding us a manageable alternative policy. LAI worked quickly, too, which was vital in avoiding any interruption to our business.”
The LAI Insurance Brokers Solution
- Delivered specialist insurance advice tailored to the needs of the recycling industry
- LAI have an active network of insurers prepared to look at difficult or unusual risk to source quotes
- Throughout provided a pro-active, problem-solving approach to a business-threatening issue.
Talk To Us
Talk to LAI Insurance brokers about on Tyre Recycling Insurance Services to see how we can help your business.