Wimbledon. Widely considered the biggest tournament in tennis, it attracts over half a million guests through its gates during the 14-day event, and that’s before you factor in the millions tuning in to watch it worldwide1.
Tennis is a sport that requires a well-thought-out strategy, thorough preparation and precision. Much like your insurance.
In this article, we are going to take some lessons from the court on how you can win your ‘insurance championship’.
- Have the right team behind you
Behind every Wimbledon champion is a team of people working hard to maximise a player’s potential. Coaches, trainers, physical therapists, nutritionists, agents all providing support and expertise to work towards a common goal.
In insurance, your broker is your team. They can anticipate your risks, provide specialised knowledge and quick support to protect what matters. To ensure success, partner with a broker who knows your industry well.
- Do the prep work
Do you think a tennis player rocks up to the centre court at Wimbledon without preparing first? Any player worth their salt will have studied the court and the conditions. Will the match be played on clay or grass? How will this impact the way the ball bounces? What will the weather be like and how this will influence the way the ball moves?
Just as players analyse the court conditions, you should assess your unique risks and variables to understand the playing field of your business. What exactly do you need to cover? Is it the building itself? Is it public liability, employers’ liability, business interruption?
Preparation is key, so it’s worth considering the cover you need vs what would be nice-to-have. Much like a good coach, it’s worth having an insurance broker on your side to help you with this. An insurance broker can help you assess your business situation and identify potential risks before explaining the types of cover that can address those risks and any gaps in your current coverage. They can then provide tailored recommendations to match your specific needs. When you’re speaking with a broker, ensure that you disclose any key risks, so you don’t accidentally leave yourself exposed at a later date.
- Scout out the opposition
The top players in the world study not only the court but their opponents. They review match tapes to size up their strengths and weaknesses that they can use to their advantage.
Outside of the court, we can apply this strategy to other areas of life. When you’re reviewing your insurance, it’s always worth looking at a range of insurers to accurately gauge their offering, strengths and weaknesses. Read customer reviews, ratings, and compare prices and services to figure out who can offer you exactly what you need. Top tip, have a look at the satisfaction rates when it comes to claims to see who can truly step up to the plate under pressure. Your broker can help support you with this as well as giving you access to exclusive offers from a panel of insurers that they work with and trust.
- Invest in the best
A tennis player wouldn’t pick a racket based on price; they would pick the equipment that gave them the best chance of winning. The same applies to your insurance. Try to avoid basing your decision purely on cost and instead choose the policy that is best suited to your circumstances. Bear in mind that the most expensive policy doesn’t mean it’s the best policy.
- Serve and volley
Watching a game of tennis is almost like an athletic conversation. Players move in sync, gliding back and forth with precision, reacting instinctively, to create a dynamic dialogue where each stroke is a calculated challenge.
When you’re selecting your insurance policy, don’t be afraid to “serve-and-volley” questions to your provider to ensure you fully understand your policy. This might include questions about exclusions, deductibles, premiums or missed payments. A quality broker will be happy to walk through these questions with you and give you the customer service you deserve.
- Call in “Hawk-Eye”
No, we’re not talking about the Marvel superhero (unless he secretly has a superpower for finding the best insurance that we don’t know about). We’re talking about Hawk-Eye, where a player can challenge the line judge’s call by closely reviewing the computer vision system.
From an insurance perspective, you should feel empowered to challenge your provider if there is anything you spot when you review the fine print. If you need additional clarity, feel free to speak to your broker to help explain any clauses that are particularly vague or confusing.
- Don’t get complacent
Professional tennis players train almost constantly. They practice between matches to always ensure they are at the top of their game.
The same applies to your insurance, you should review it regularly to ensure it will perform as you need it to. Each year and after any major business event, like a new acquisition, make sure you are touching base with your broker to give an update and discuss how it may affect your insurance.
Consistent with our policy when giving comments and advice on a non-specific basis, we cannot assume legal responsibility for the accuracy of any particular statement. In the case of specific problems, we recommend that professional advice be sought.
Sources:
[1] https://www.wimbledon.com/en_GB/news/articles/2024-07-26/the_championships_2024_passing_shots.html
