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Beware of criminals- Santam

Santam is urging business owners to be vigilant in protecting their properties and assets as criminals are constantly on the lookout for new ways to carry out crimes.
According to crime statistics released by the Namibian police last month, the country has seen a dramatic increase in business crime since January of this year.
Urging intermediaries to make sure that their client policies are updated and appropriately valued Ken Robinson, head of Commercial Lines for Santam. says”Our research shows that many crimes can be avoided, and loss-to-business saved, if businesses are insured for the correct amount and if they take the time to update their security measures,”
Robinson believes that to adapt to this changing environment businesses must by update their security measures at least once a year. Intermediaries can assist their clients in engaging with security experts to understand the latest technology available to protect their cash and valuables, ensuring that they have appropriate insurance cover to protect their assets.
“Although a specific risk may stay the same, the way that the risk is exposed could be in constant evolution. In other words, one of a business’s fleet vehicles could get stolen, but the way that a criminal steals it, and the way that they access the business’s property, could change constantly.  Intermediaries play a vital role in ensuring their clients protect themselves against this risk,” says Robinson.
By showing the insurer that the business owner is proactive about protecting their business not only protects the client’s financial well being, but can also lead to a decrease when calculating their premium.
“We definitely take what business owners have done to protect themselves into account when we calculate the insurance premiums on this basis,” says Robinson.
Under-insurance is a major issue in Namibia. “If the value of a business’s office equipment is N$100,000, but only insured for N$50,000, then only 50% of the value of the equipment will be paid out when the need to claim arises. We see this mistake over and over again, and is one which can be easily avoided. Intermediaries have invaluable knowledge and expertise that ensures their clients are correctly covered and protected against loss due to theft. The value an intermediary adds to their clients’ business is key to its success,” concludes Robinson.
Santam has been in existence for more than 54 years and is Namibia’s leading short-term insurer.

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