Risk Management
At Barker Insurance, we believe a pro-active approach rather than a reactive approach is the key to managing your risk. Managing your risk profile helps to keep your claims or loss ratio* down, which in turn keeps your premiums down. Below are a few suggestions for managing your risk:
Additional vehicle security:
Installing additional security in your vehicle will not only reduce the risk of theft but it will also reduce your premium. Should you install a tracking device in your vehicle, you will have a NO theft/hijack excess. Please bear in mind, if you are currently receiving a tracking discount on your vehicle and the device is not installed or not operational, you have no theft cover. It is recommended to call your tracking company to test your unit every three months. Smash and grab window tint is also an effective way to combat attempted hijacks.
Lockblocking on vehicles:
The thieves have recently been using a device which blocks your central locking from working on your vehicle and then once you have left your car, they either steal the vehicle or its contents. Make it a habit that when locking and leaving your vehicle, double check your vehicle has locked properly when using your remote. Do not walk away from your vehicle is it does not lock.
Don’t use your cellphone while driving:
Talking on your cellphone or texting while driving increases your chances of having an accident by more than 60%. Install a Bluetooth kit or just refrain. Your friends will still be there when you get to your destination.
Never drink and drive:
All those adverts are out there for a reason. Never get behind the wheel if you have been drinking. Rather use driving services like Uber that will get you to and from your destination safely. Its never worth the risk of your life or someone
Surge protection/lightning protection:
Installing a surge protector device on your distribution board can be a huge asset in saving your home or business electrical system in the event of a power surge or a lightning strike. For further information, visit surgetek.co.za . Barker Insurance offers one free surge device per policy to be installed by your preferred electrician.
Jewellery valuations:
It is a good idea to get your jewellery valued every three years. Remember to contact us to update your policy should the values change.
Fire extinguishers:
Keeping a fire extinguisher in your home, car, boat or caravan can be very handy in case of fire.
Cellphones:
One of the most common claims made by clients is for cellphones that have been dropped damaged and often in the toilet. Be a sport and don’t take it into the loo with you.
Driver awareness courses:
Especially for drivers that have recently received their licence and have had less experience on the road, completing an additional driver awareness course will heighten their awareness on the road, general road safety and become a more economical and confident driver. Should a client complete an awareness course and is under the age of 25, in the event of an accident, we will waiver the additional young drivers excess. For further information, visit www.driving.co.za.
Valuables in your vehicle:
Always keep any valuables carried in your vehicle locked away in your boot and not visible to the passer-by i.e. laptops and handbags.
Check alarm systems in your home:
Test your home alarm system, panic buttons and backup battery every three months or before heading off on holiday, and upgrade your device if necessary. Your theft cover on your contents is subject to your alarm system being operational.
Good driving habits:
Always practise good driving habits. Reducing your speed, keeping a generous following distance, as well as a good attitude on the road. These have all been proven to reduce accidents and aggravation on the road.
Clearing gutters:
Make this an annual task in your diary just before the rainy session. Simply clearing your gutters could help avoid leaks, water damage or flooding.
Geysers:
Consult a plumber to ensure that you have a drip tray fitted under your geyser to minimise water damage should your geyser burst. Where possible, install geysers outside or in a garage. Consider installing a solar power geyser to reduce electricity costs.
Don’t leave valuables lying around:
Always make sure that you lock all valuable jewellery in a safe, locked draw/cupboard and do not leave lying around the house. And similarly, don’t leave the keys to those safes or cupboards lying around either.
Reliable staff:
Make sure to employ reliable domestic workers/gardeners/workers contracted to do work on your home. You are trusting them with one of your most valuable assets.
Your insurance policy:
It is vital that your insurance policy is updated regularly, values are corrected and all items that need be covered are covered. Read your policy, don’t just delete it. Should you require a personal policy review of your policy and contents, simply contact your Barker consultant and arrange a time for them to pop around.
*What is a claim or loss ratio and how is it calculated?
What is a claims or loss ratio?
A claims or loss ratio is defined as the ratio of incurred claims to paid premium.
And how is it calculated?
A claims or loss ratio is calculated by dividing the total claims expense of a policy by the total premiums paid.
For example:
Joe Soap has been a client of BIB for three years and during that time he has paid R90 000 in premiums. He recently made his first claim to the value of R60 000. His current claims or loss ratio is now 66.6% from inception of his policy.