Facility management and business insurance

How Persi can help businesses lower the cost of business insurance.

For businesses of all sizes, insurance is a necessary but often costly expense.49% of UK SMEs having some level of business insurance, however a July 2023 report from Allianz estimates that four in five (80%) were underinsured. (source)What this shows is that SMEs lack the funds to insure their businesses because what respected business owner would not want to ensure its equipment? Premiums can take a significant chunk out of operating budgets, especially for businesses with higher risks due to complex facilities or frequent maintenance needs. However, with Persi’s innovative approach to facilities management, businesses can not only improve their operations but also potentially lower their business insurance costs. Here’s how.

The Connection Between Risk and Insurance Costs

Before we look into how Persi can support SMEs we need to look into the relationship between risk and insurance cost. Insurance premiums are calculated based on the perceived risk to the insurer. For facilities-related risks, factors like equipment failures, workplace injuries, property damage, and compliance with safety regulations all play a role in determining costs. When these risks are poorly managed, insurance premiums rise.

By addressing these risks proactively, businesses can demonstrate to insurers that they’re taking comprehensive steps to minimize liabilities, often leading to reduced insurance premiums.

How Persi Reduces Risks

Persi simplifies facilities management by connecting businesses with vetted professionals and engineers, creating an ecosystem where proactive risk mitigation becomes achievable. Here’s how our platform directly contributes to lowering risks and, consequently, insurance costs:

1. Preventative Maintenance

Using Persi, businesses can hire skilled professionals to perform routine maintenance on critical infrastructure, ensuring that equipment operates efficiently and safely. Preventative maintenance reduces the likelihood of costly breakdowns and accidents, which are often triggers for insurance claims. Moreover, Persi's advanced asset management functionality allows these pre-preventative maintenance visits to be automatically scheduled, thus ensuring your equipment stays up to the standards needed for your business.

2. Improved Compliance with Regulations

Regulatory non-compliance can lead to fines and increased insurance costs. Persi professionals are equipped with expertise across various industries, helping businesses stay up-to-date with safety standards and compliance requirements. By ensuring facilities meet all regulatory benchmarks, businesses can avoid penalties and demonstrate lower liability to insurers.

3. IoT Integration for Real-Time Monitoring

Persi facilitates the adoption of Internet of Things (IoT) technology, allowing businesses to monitor facilities in real time. IoT devices can detect potential hazards, such as water leaks, electrical faults, or unsafe temperature fluctuations, and alert professionals before they escalate into costly incidents. Insurers view IoT integration as a proactive risk management tool, often rewarding businesses with lower premiums.

4. Access to Vetted Professionals

Hiring unqualified or inexperienced workers can increase the likelihood of mistakes and accidents. Persi connects businesses with vetted professionals who have the skills and expertise to handle facilities-related tasks safely and effectively. This minimises risks and reassures insurers of the business’s commitment to safety and quality.

Data-Driven Insights for Better Risk Management

Persi also empowers businesses with data. By analysing trends in maintenance and repairs, businesses can identify patterns and address vulnerabilities proactively. For instance, if data shows recurring issues with HVAC systems, a business can schedule more frequent inspections to avoid failures. This kind of predictive approach to facilities management reduces the likelihood of claims and can be a persuasive factor in negotiating lower insurance premiums.

Enhanced Safety Measures Lead to Savings

Insurance companies appreciate businesses that invest in robust safety measures. By using Persi to implement structured maintenance schedules, ensure compliance, and integrate IoT solutions, businesses create a safer environment for employees and customers. A safer facility not only reduces the risk of accidents but also strengthens a business’s negotiating position when renewing insurance policies.

Why Choose Persi?

At Persi, we’re more than a facilities management platform—we’re your partner in building a smarter, safer, and more cost-efficient business. By empowering businesses to take control of their facilities, we enable them to reduce risks, save money, and focus on growth.

Whether you’re looking to optimize operations, maintain regulatory compliance, or lower insurance costs, Persi offers the tools and expertise you need to succeed.