Peabody Insurance Blog


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 be... 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...

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...

Congratulations Peabody Team

Feb 11, 2021

Our team has grown to 25 people and we are thrilled about a few of our new hires and promotions! As we move into 2021, Peabody Insurance Agency would like to share a few updates and some exciting news! Last year our agency was voted one of the Coolest Places to Work by Crain’s Magazine. This is a huge honor and we feel very fortunate that we have such an accomplished and cool group of people working at Peabody Insurance Agency! Our team has grown to 25 people and we are thrilled about a few of our new hires and promotions. Kelly Hawley has been promoted to Commercial Lines Acco... Read more...

What to Expect from Your Insurance Agent

Feb 01, 2021

Your business requires a strong, trusted relationship with an insurance agency partner who is responsive to your needs, committed to understanding your operation and addressing the various exposures you face, has a network of top-tier insurers, helps you establish a safety culture to mitigate losses and improve your risk profile, and serves as your claims advocate. Work with Local, Responsive Insurance Professionals In working with a local insurance agency, you gain the benefit of working with professionals who understand your market and can respond to your needs. These professionals hav... Read more...

What OSHA Could Look Like Under A Biden Administration

Nov 23, 2020

In light of the U.S. presidential election results, workplace health and safety experts have begun speculating on the possible changes that President-elect Joe Biden could make to existing practices within the Occupational Safety and Health Administration (OSHA) once he takes office—especially in the midst of the ongoing COVID-19 pandemic. While current President Donald Trump’s administration focused on decreased OSHA enforcement, Biden’s future administration is likely to push for increased enforcement, whistleblower protections and the issuance of an emergency temporary... Read more...

Preventing Cyber Attacks on Remote Employees

Nov 23, 2020

The COVID-19 pandemic has solidified remote work as a new operational standard. Employers should expect this trend to only grow in the future. In fact, many major companies, such as Twitter and Microsoft, have indicated that remote work will be an indefinite option for their employees. While this is exciting in many ways, remote work also comes with unique challenges—namely, cybersecurity. This article discusses some cybersecurity risks that remote employees face and offers potential solutions. Cyber Threats to Monitor Hackers have been assaulting businesses since the first c... Read more...