Peabody Insurance Blog


Peabody Insurance Agency Included in the Big

Sep 24, 2021

FENTON, MICHIGAN, SEPTEMBER 21, 2021 – PEABODY INSURANCE AGENCY retains its Best Practices status, once again becoming a part of an elite group of independent insurance agencies around the United States. This status comes by participating in the Independent Insurance Agents & Brokers of America (IIABA or the Big “I”) Best Practices Study group. The annual survey and Study of leading independent insurance agencies documents the business practices of the “best” agencies and urges others to adopt similar practices. Since 1993, the Big “I” and Rea... Read more...

Be Aware of Hazardous Household Products

Aug 28, 2021

Many households unknowingly have dangerous products in almost every room. These products contain chemicals that could be hazardous to you, your family and even your pets. If not properly stored or used, these products can cause a variety of health problems, some of which could be very serious. Product labels can tell you how dangerous a product is. Some of the warning terminology that may appear on product labels includes: ·        “Flammable/combustible”—This means the product can easily be set on fire or ignited. &mid... Read more...

Ransomware Attacks 2021

Aug 27, 2021

Our agency is being notified of potential cyber attacks weekly. Watch this short video to learn more about ransomware. ... Read more...

Know Your Limits

Aug 20, 2021

  Your Monthly Wrap-up of Mid-market Business Losses  Judge Awards Initial $150 Million for Victims of Florida Condo Collapse  Following the June collapse of a 12-story oceanfront condominium, a Florida judge has granted victims and families who suffered losses a minimum of $150 million in shared compensation. This ruling includes $50 million from insurance on the Champlain Towers South building and the expected $100 million proceeds from the sale of the site. The $150 million does not account for the many other lawsuits already filed, which are being consolidated int... Read more...

Structural Issues and Aging Buildings

Aug 18, 2021

While modern building codes and structural engineering have made buildings extremely safe, facilities managers must maintain a high level of upkeep for them to remain that way. As buildings age, they can lose their structural integrity. As such, if simple repairs are left untended, they can balloon into bigger issues, potentially causing significant damage that can interrupt operations and/or even endanger others. Continual maintenance and inspections are imperative for keeping buildings safe and operable. According to the University of Michigan School for Environment and Sustainability, 72% o... Read more...

2021 Workers’ Compensation Insurance Market Outlook

Jun 07, 2021

The workers’ compensation insurance market has remained mostly stable, performing as an outlier relative to other lines of insurance by producing profitable underwriting results. According to the National Council on Compensation Insurance (NCCI), the private carrier combined ratio for workers’ compensation in 2020 is estimated to be 86%, compared to an 85% ratio for 2019. Yet, some emerging trends have the potential to cause an uptick in workplace accidents and claims. For 2021, we predict that workers’ compensation rates will remain stable, with moderate rate increases bec... Read more...

Safety Quizzes for Your Team

Jun 03, 2021

Visit our safety app for a collection of free quizzes you can use at your next safety meeting. View them all here: https://app.peabodyinc.com/quizzes ... Read more...

Firework Safety

Jun 03, 2021

Sparklers burn at an average of 2,000 degrees. Read this article to make sure you are celebrating safely: https://www.cpsc.gov/Safety-Education/Safety-Education-Centers/Fireworks ... Read more...

How Peabody Kept Insurance Affordable for Small Businesses

Jun 01, 2021

During Covid Tonya Davis, Peabody Insurance’s Small Business Specialist, recognized an issue in her book of business. “These clients were being severely affected by COVID, and many of them lacked the resources that were available to larger accounts.” Tonya and Peabody Insurance jumped into action to assist customers in a number of ways.   First, Peabody Insurance identified the carriers that would be willing to delay billing. This suspended bills for a 3 month period and distributed the premium into the remaining policy period.   Peabody Insurance next worked wi... Read more...

Tribute To Jim Smith

May 25, 2021

It is with great sadness we are sharing the news that Jim Smith has passed away peacefully this morning. For those who knew Jim, know the integrity and selflessness he carried with him each day. He brought light into every room he walked into and shared joy with everyone he met. Jim loved people and was willing to do the hard work it takes to build all kinds of relationships. He made friends everywhere he went and he intentionally built the kind of relationships in the communities he worked to bring people together. Because Jim Smith was so good at relationship building, things got don... Read more...

5 Virtual Recruitment Strategies

May 10, 2021

"During the COVID-19 pandemic, hiring managers are struggling to get candidates in the door. Recruiting budgets have been slashed and departments are wondering how to coordinate interviews, let alone find talent. How can teams adapt? The answer is virtual recruitment." Virtual recruitment is the process of pursuing, vetting and onboarding candidates electronically. It’s been around for years, but, during the COVID-19 pandemic, it’s proven to be one of the best methods for acquiring new talent. This article offers five tips for recruiters. Host Virtual Career... Read more...

Peabody Insurance Wins Accident Fund’s Agency of the Territory

May 10, 2021

Peabody Insurance is proud to announce that it has been recognized by Accident Fund Insurance Company as the Agency of the Territory for 2020. Peabody Insurance competed against all other southeast Michigan agencies for this award, and it was delivered in March of 2021.  Accident Fund identified Peabody Insurance Agency as a “trustworthy and hardworking agency. Peabody’s production and loss ratios are consistently above average, but the friendliness of the team sets them apart.” Accident Fund Insurance Company is the largest non-governmental writer of workers’ c... Read more...

2021 D&O Insurance Market Outlook

May 06, 2021

  Market Outlook In the midst of a new decade, insurance experts anticipate that the directors and officers (D&O) liability market will be the hardest it’s ever been. With this in mind, we predict that many businesses will experience significant rate increases, fewer markets, lower available limits, more robust underwriting and higher retentions in 2021. Insureds may also encounter various coverage reductions—including extended reporting period terms, the elimination of shareholder derivative demand investigative costs coverage and additional policy restrictions relate... Read more...

Benefits of Bundling Insurance Policies

May 04, 2021

Almost everyone has home or renters, auto and life insurance, and combining these policies together 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. Here are some of the benefits of bundling your insurance policies: Discounts—Many insurance carriers offer discounts for bundled policies. The exact discount will vary between different insurers, but generally range between 5% and 25%. Convenience—Bundling policies together cuts down on paper... Read more...

The Basics of Life Insurance Terms

Mar 30, 2021

A Helpful Glossary of Common Policy Types and Terms BENEFICIARY – The person or party named by the owner of a life insurance policy to receive the policy benefit. CASH VALUE – The savings element of a permanent life insurance policy that represents the policy owner’s interest in the policy. CONTINGENT BENEFICIARY – The party designated to receive proceeds of a life insurance policy following the insured’s death if the primary beneficiary predeceased the insured.  CONVERTIBLE TERM INSURANCE POLICY – A term life insurance policy that... Read more...

2021 Commercial Auto Insurance Market Outlook

Mar 30, 2021

2021 Commercial Auto Insurance Market Outlook For the past decade, the commercial auto insurance space has been largely unprofitable for carriers. In this environment, many carriers have elevated premium costs. Unfortunately, this hard market is expected to continue into 2021. As such, we predict that most businesses with commercial auto exposures will have a more difficult renewal process by way of greater premium rates (potentially even double-digit rate increases), lowered capacity and further policy restrictions. Insureds with large fleets or a poor loss history may experience more signif... Read more...

Manufacturing Safety

Mar 29, 2021

Practicing Slip and Fall Prevention A janitorial employee was scrubbing the steps and floors with water and a cleaning agent. An observant worker realized that soon, dozens of employees would be going down these steps for their lunch break. This person then took the proper action to avert this potentially dangerous situation and set up a wet floor sign. Do Your Safety Part An unguarded wet floor is only one of the many causes that account for millions of work-related injuries every year. Which is why it is important to spot unsafe conditions that could lead to slips and falls, and do what y... Read more...

Returning Workforces & Covid-19 Vaccine

Mar 28, 2021

The COVID-19 pandemic has been raging for months. In that time, many businesses have ceased operations out of safety concerns and have waited for the right opportunity to resume. Now, with COVID-19 vaccines becoming available, employers can finally start planning for their immediate futures. There are still many unknowns related to the COVID-19 vaccines, but there is at least one agreed-upon factor: Vaccinating employees is the best way to reopen a business safely. However, while it may be the best tool in the arsenal, it is not the only one. Employers will still need to continue using saf... Read more...