Risk management
Effective risk management focuses on identifying, analysing and minimising risks that impact your business which can in turn reduce your premiums and reduce claims.
Effective risk management
We encourage you to manage your risks with a view to minimising the likelihood of claims, reducing claims costs and defending claims from third parties. Maintaining a good claims record is the most effective way to secure long term sustainable insurance premiums:
Outward facing cameras
Commonly referred to as dash cams, small dashboard mounted cameras can record both ahead of and behind your vehicle. The primary benefit is being able to prove exactly what happened in the event of an accident. Cameras can play a major part in reducing cash for crash, staged and other fraudulent claims. In addition, drivers are more likely to drive sensibly with an operational camera fitted in the vehicle.
It is important that you consult your licencing authority before fitting a dashcam. It is also important to consider data or privacy risks that may arise from the use of cameras.
Telematics
Vehicle telematics refers to a device that collects data about the usage of a vehicle. This normally includes information about location, speed and driving behaviours. The information is sent via mobile networks to a platform or device for review. Telematics allow business owners to identify erratic behaviours such as harsh braking, over accelerating and cornering at speed all of which greatly increase the chance of accidents. The data can be used to educate and improve the driving of employees.
Telematics can be used in tandem with dash cams to provide a complete picture of driver’s behaviours and style.
Security/Trackers
Naturally insurers can be concerned about the theft risk when covering high value chauffeur vehicles. One way to protect your vehicle is to install an approved tracking device. These devices are usually professionally installed and will normally have a monthly subscription charge. In the event your vehicle is stolen, the tracker’s signal can be followed by a monitoring station who can in turn notify the police.
This technology significantly increases the chance of recovering a vehicle following a theft. This in turn can reduce any associated claims cost.
Thatcham are a product research firm that categorise the quality of security and tracking systems. Often insurers will only recognise tracking systems that meet certain Thatcham categories. Please contact us should you wish to discuss the most appropriate device for your circumstances.
Effective incident reporting
Accidents will happen, but how they are handled can have a significant impact on the amounts paid out and ultimately on your premiums.
It is important that claims are reported quickly as delayed reporting of claims often leads to significantly increased costs. In the event of a fault claim quick notification of incident to insurers can help keep payments to third parties for courtesy cars and repairs to a minimum. For non-fault claims, insurers can look to get you back on the road as quickly as possible.
Please refer to our claims page for more information on what to do in the event of an accident.