Insurance Premium Tax Puts More Pressure on the School Budget
The 2% hike to Insurance Premium Tax (IPT) announced in the Autumn statement has come through this month making it the third increase in just two years. First introduced in 1994 at just 2.5%, IPT now stands at 12%. Criticised by many as a stealth tax, this is just another headache for SBM’s trying to insure a large asset base on a tighter budget.
There are a number of steps a school can take to reduce their premium, including obtaining some alternative quotes or considering increasing the policy excess if there’s a small or no claim history. A school can also ask their provider to take into account any recent improvements in security or Health and Safety. However, whatever action is taken, having an up to date, accurate asset list is essential in negotiating the best insurance deal and only paying for what you need.
Jason Allison, SG World Customer Insight Specialist said “AudITasset management software and services bring the school inventory under control quickly and cost effectively. Negotiating the right insurance cover is just one of the benefits. Schools can save hundreds of man hours updating the asset list and save money by deploying their resources more efficiently.”