Have you considered ways in which you can reduce your chances of facing a loss?

Loss control is a risk management technique that involves several approaches to reduce the possibility or frequency of a loss.  Besides purchasing insurance, you can choose to use protective devices, oral or written contracts to reduce the severity of a loss, such as taking driver training programs that seek to reduce likelihood of accidents or purchase sprinkler systems which reduce the severity of loss caused by fire. Let’s review some areas in which you might exercise loss control.

Risk management techniques for automobiles:

  • Use some other mode of transportation instead of owning a car
  • Borrow or rent a car when needed
  • Take defensive driving courses or training programs
  • Obey traffic laws
  • Avoid texting and other common distractions while driving
  • Always yield the right of way, when appropriate
  • Take driving conditions into consideration
  • Park your car where there is the most security
  • Make sure to have a security alarm or other anti-theft devices
  • Keep up with car maintenance, most importantly check brakes
  • Drive cars that have high safety ratings
  • Don’t lend your car to inexperienced or inconsiderate drivers
  • Have an emergency kit or first aid kit available

Risk management techniques for your home:

  • Keep on top of home maintenance
  • Properly store flammable liquids and dangerous chemicals
  • Have a security alarm or other anti-theft devices
  • Consider an apartment or condo which avoids certain risks of home ownership
  • If there are any known hazards in your home, warn visitors
  • Avoid running a business from your home
  • Take precautions when if your premises includes play sets, trampolines, tree houses and swimming pools and/or other attractions
  • Keep hazardous objects out of the reach of children
  • Recognize activities that may create a bigger exposure to loss such as dangerous hobbies or activities
  • Pay attention to heating and electrical devices and systems (such as portable heaters, loads on electrical circuits, etc.)
  • Have a fire escape plan as well as any available safety devices (such as fire extinguisher, ladder, etc.)

Other wise risk management techniques:

  • Store important papers in a safe or fire-resistance box
  • Keep all the negatives of photos so that they can be reproduced
  • Have digital recordings of personal property for documentation
  • Keep copies of personal videos or digital property
  • Be sure to carefully read contracts or agreements before accepting them
  • Arrange to exchange and keep important papers and mementos such as copies of videos and photos with friends so they’re easier to access and less expensive than storing in a safety deposit box

Have you considered ways in which you can reduce your chances of a loss? An insurance agent is a helpful source, so contact your insurer for assistance.

If you have any questions about your existing policy, are inquiring information about a possible future policy or need further information, please call us at (631) 738-7300 or get a quick quote at www.vrpinsurance.com

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January 16th, 2013 by VRP Insurance Agency