The Peabody Insurance Blog
Personal Insurance
Combining your home, auto and life insurance can give you a substantial discount. In fact, almost any type of personal insurance policy can be bundled in order to save on premiums and streamline the claims process.
Award Recognizes Outstanding Employers in the Insurance Industry
2023 Best Places to Work in Southeast Michigan
As costs are on the rise, we have put together a short video with money saving ideas for your insurance. If you have any questions on your coverages or policies, please give us a call (810) 629-1504 or send an email to info@peabodyinc.com.
"Winter is around the corner! Get ahead of those cold and snowy days and stop into Peabody Insurance for a free ice scraper and a warm cup of coffee. Learn more about winter driving tips here."
Most insurance policies are written to allow a building owner to rebuild to the condition it was in prior to a loss, this type of coverage is referred to as replacement cost.
Winter months present additional hazards that are typically not factors for employees during warmer weather - specifically, slip and fall concerns. With snow and ice covered conditions, you run the risk of taking major falls, which can lead to serious injuries.
Following the long Michigan winter, it is always a good idea to do some spring maintenance.
Building values have increased an average of 9% a year for the past three years. If you haven’t reviewed your limits in that time you could be underinsured by 30%.
Business Insurance
Award Recognizes Outstanding Employers in the Insurance Industry
May Lunch & Learn - Cybersecurity
Follow these workplace hazard precautions As a property manager, you have an important responsibility. Building tenants and owners all rely on you to keep the property safe, orderly and functioning. However, there are also many hazards relating to your property management duties, including dealing with unruly people, performing a wide variety of repairs and tasks and facing countless unknown risks on each property. Your safety is just as important as the tenants occupying the premises, so keep the following precautions in mind. Always watch out for your personal safety when dealing with the public. Sometimes people can become violent, angry or act unpredictably for no reason or over a seemingly minor issue. You may experience stress with someone else over lease agreements, parking zones or when dealing with complaints and disputes. When collecting rent or carrying large amounts of cash, always keep your eyes out for others. To be less vulnerable, make frequent trips to the bank during regular business hours. It is also wise to let someone else (spouse, significant other, close friend, etc.) know your daily routine in case you cannot be reached. This could indicate to them that you are in danger and need assistance. Conduct frequent safety inspections to identify potential hazards, such as uneven pavement, puddles of oil or water in walkways, faulty door locks, etc. Fix these problems immediately or hire someone to do so. Limit access to the property by installing locks on all entrances. Also install adequate lighting to deter intruders, especially in more desolate areas of the building. It is also wise to manicure the landscaping often so that there are clear views around the property. Communicate hazards with your tenants by placing signs on defective equipment or by restricting them from areas that are being repaired. Do not try to perform services that you are not properly trained on, such as HVAC work, plumbing repair, etc. If you attempt to repair or replace something without expertise, you may unnecessarily hurt yourself and/or may damage the property. Always use caution when working on electrical equipment, as these items can pose shock hazards. Be mindful of crush dangers when working near fans, elevators and trash compactors.
Loss Control Tips - Residential Property Management Companies
Most insurance policies are written to allow a building owner to rebuild to the condition it was in prior to a loss, this type of coverage is referred to as replacement cost.
Protecting your business from cyber risks can be an overwhelming venture. A new day means more viruses are being discovered, more spam is being delivered to your inbox and yet another well-known company is the victim of a data breach. The world will never be free of cyber risks, but there are many loss control techniques you can implement to help protect your business from exposures.
Winter months present additional hazards that are typically not factors for employees during warmer weather - specifically, slip and fall concerns. With snow and ice covered conditions, you run the risk of taking major falls, which can lead to serious injuries.
Whether an organization owns a parking structure or provides parking facilities to employees through a third party, there are a number of associated risks that must be addressed.
The $10,000 Work Comp Claim May Be Costing Your Company An Additional $17,000 - $35,000 In Insurance
Insurance is complex. Our firm delivers tens of thousands of insurance policies on an annual basis and I would predict that less than 1% of them are opened and read. Why? It is because insurance policies are confusing and in today’s fast paced business climate, business owners and company employees have much better (more profitable) use for their time. Sound about right? There is one exception... If you want to control your insurance cost - understand your Experience MOD. What is an experience MOD? It is a factor built into your work comp program that will make a $10,000 work comp claim cost your company over $35,000 in a 3 year period. How is a mod calculated? The process of calculating the experience modification factor is complex, but the underlying theory and purpose of the formula is straight forward. Your company’s actual losses are compared to its expected losses by industry type. The formula incorporates factors that account for company size, unexpected large losses and the difference between loss frequency and loss severity to achieve a balance between fairness and accountability. How does my mod affect my premiums? The mod factor represents either a credit or debit that is applied to your workers’ compensation premium. A mod factor greater than 1.0 is a debit mod, which means that your losses are worse than expected and a surcharge will be added to your premium. A mod factor less than 1.0 is a credit mod, which means losses are better than expected, resulting in a discounted premium. Your focus is growing your business; my focus is preventing, mitigating & transferring your risk.
