Peabody Insurance Blog


4 Reasons Small Businesses Decline EPLI Coverage

Sep 17, 2018

Many owners of smaller businesses make assumptions about Employment Practices Liability Insurance – and some of those assumptions are not true. EPLI coverage provides vital protection for a small business. EPLI provides a limit of insurance, separate from the standard commercial policy, to protect your business operations against many actual or alleged wrongful acts. Those could include personnel and staffing matters, hiring and firing or allegations of discrimination in the workplace. Because circumstances can vary widely, it’s important to assess your situation, consult wit... Read more...

Does Business Insurance Cover The Costs Of a Product Recall?

Sep 17, 2018

A well-known food company recalled two brand-name food products after four customers reported finding metal parts in their food. One of the world’s best-selling auto brands faced an airbag recall. And lettuce grown in Arizona caused dozens of illnesses in 35 states. Product recalls like these are often in the news. They’re especially prominent when the federal government mandates that a company pull a supply of its product off the market based on safety concerns that affect consumers. A business can also trigger its own product recall when it suspects a defect or tampering coul... Read more...

Guns in the Workplace

Aug 29, 2018

Under the federal Occupational Safety and Health Act, businesses are required to maintain safe workplaces. “Employers take very seriously the importance of making rules for the workplace and establishing a particular tone or culture within its employee teams,” notes John Harrison, an attorney with Ogletree Deakins in Dallas and Nashville, Tenn. Those efforts generally include prohibiting dangerous items like guns and knives as well as disruptive behaviors such as drug use, gambling and fighting. So how can HR professionals reconcile their workplace safety obligations with emplo... Read more...

Adding a teen driver to an auto policy? Prepare clients with these industry statistics

Aug 29, 2018

Below is a look at how teens drive these days. This information will give you and your client a better understanding of the risks teen drivers pose so that you can help guide them through this important life event, provide ways for them to save money and most importantly, prepare them for a conversation with their teen about driving safety. Next steps To help ease the pain point of the associated teen driver rate increase talk to your agent about any discounts available.  ... Read more...

The $10,000 Work Comp Claim May Be Costing Your Company An Additional $17,000 - $35,000 In Insurance

Aug 29, 2018

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 co... Read more...

3 Questions to Ask When Addressing Sexual Harassment at Your Business

Apr 25, 2018

It’s always been important to protect your business and employees from sexual harassment, but recent high-profile cases show the importance of re-examining this topic at your business. Social movements such as the “Me Too” campaign have drawn attention to sexual harassment in the workplace, resulting in a growing number of misconduct allegations. These allegations can result in a wide variety of claims and lead to serious financial and reputational damage. Insurance carriers, courts and regulatory agencies will begin to examine businesses closely to ensure that they take ... Read more...

Know Your Personal Insurance

Apr 25, 2018

Personal Insurance Solutions Our clients rely on us to creatively assist them with their insurance and financial needs to protect what matters most. We offer a full range of automobile, home and life insurance solutions, along with loss prevention, health and safety tips to help minimize claims, reduce your personal risks and promote your well-being. The insurance professionals at Peabody Insurance Agency can assist you in selecting the most comprehensive coverage, provided by highly-rated insurance companies. Automobile Insurance From vehicles to motor homes to motorcycles... Read more...

Ransomware Insurance

Apr 25, 2018

Ransomware Insurance With ransomware attacks on the rise, the role of insurance is becoming more robust. And, although ransomware coverage has been traditionally sublimited within cyber policies, stand-alone cyber policies that cover ransomware are becoming more necessary. In an attempt to find additional coverage for ransomware, many businesses and carriers have been turning to kidnap and ransom (K&R) policies. K&R policies have traditionally been used by organizations to protect their executives, not to protect against ransomware. Because K&R policies were not designed... Read more...

Helpful tips to locate a life insurance policy

Apr 25, 2018

After the loss of a loved one, it can be a challenge to locate a life insurance policy … or even know if one exists. After all, it may have been issued 40 to 50 years ago. Here are tips to help find out if your loved one had an active life insurance policy or annuity contract. Search personal files and records Look through safe deposit boxes and filing cabinets. Check bank statements for names of companies where bills were paid. Review tax returns to see if a policy withdrawal or loan was indicated on a return. Watch the mail for premium notices that the company may send because i... Read more...

Ladder Safety

Mar 29, 2018

Ladder Safety Falls from elevated surfaces are frequently listed as one of the top 10 causes of accidents in the workplace. Most of these accidents occur due to failure to follow basic ladder safety. To help prevent ladder injuries, practice the following safety tips. Setting up Safely Make sure you select the correct ladder for the job—check the length and duty rating. Proper length is a minimum of three feet extending over the roofline or working surface. Inspect your ladder before each any of the following loose or damaged parts: Steps Rungs Spreaders ... Read more...

Seasons of Life

Mar 29, 2018

Is your life insurance coverage keeping up? Change happens quickly. Reviewing your life insurance policy periodically helps ensure your coverage continues to meet your needs and that your beneficiary designations are up to date.  What life changes have you experienced since your last life insurance discussion? Marital status Children New Job New Home Health Change Empty Nest Retirement To help you keep up with the changes in your life, Peabody Insurance offers free policy reviews.  Revaluate your existing life insurance policies and f... Read more...

Remodeling, renovation can affect home’s value

Mar 28, 2018

Remodeling and renovation projects can add significantly to the value of your home. Whether you do it yourself or hire a contractor, remember to update your homeowner insurance as you increase your home’s value. The Coverage A limit on your homeowner policy is the amount of insurance you have to reconstruct your home in the event of a total loss. All costs associated with replacing or rebuilding your home are considered when developing this Coverage A limit. When you make changes that increase the value of your home, you may also need to increase the coverage limit. Reconstruction... Read more...

D&O Insurance for Private Companies

Mar 28, 2018

With today's emphasis on corporate transparency and accountability, an organization' directors and officers face a countless number of exposures. Regardless of your company's size or mission, the legal costs associated with a lawsuit can be crippling for both the organization and your directors and officers. Many wrongly assume that directors and officers (D&O) insurance is only necessary for publicly traded companies. However, privately held organizations can just as easily fall victim to lawsuits that can impact the company, its officer and board, making D&O insurance a must. Spec... Read more...

Builder’s Risk Coverage: Understanding the Policy Period

Feb 07, 2018

I live on a local lake and right now there are several new homes being constructed around the lake. Since summer, I think everyone has enjoyed watching the new builds progress as we go on our 5 o'clock boat cruises. A little over a week ago a nearly finished home burned to the ground, the smoke could be seen from miles away. Read the full Story here. Thank goodness no one was hurt, and I hope the family had builder's risk coverage. Proper coverage could make the difference between an easy rebuild and a disaster. Construction projects, regardless of their size, can present complex insuranc... Read more...

OSHA's Top 10 Most Cited Violations in 2017

Dec 19, 2017

Learn more about the 10 most cited violations in 2017 and the Top 10 fines issued in 2017. The list of OSHA’s proposed monetary penalties in fiscal year 2017 comprises those stemming from a single incident or related incidents in which one or more companies are alleged to have failed to adhere to safe work practices. 2017 Top 10 OSHA Violations: Download PDF Here 2017 Top 10 OSHA Fines: Download PDF Here ... Read more...

Keep Business Flowing: Prevent Frozen Pipes

Dec 19, 2017

Arctic temperatures can have a dramatic effect on your building, freezing pipes and causing costly damage. Especially vulnerable systems include fire protection equipment and piping; heating, ventilation and air conditioning equipment; compressors and piping; water and sprinkler mains; valves; and sanitary systems. Depending on the extent of damage, failure or disruption of these important systems can be expensive to repair or force temporary closure of your business. Certain types of buildings and occupancies are more susceptible to freeze claims, especially during extreme cold. Schools, s... Read more...

Scams to Watch Out For This Holiday Season

Dec 19, 2017

Hackers put a lot of thought and effort into coming up with new ways to fool the unsuspecting consumer, especially during the holiday season. Here are some scams you should watch for in the coming months. Bogus Charity Websites Increasingly, hackers are setting up fake charity websites to scam people with good intentions. To guarantee that you’re donating to a reputable charity, make sure the charity you're considering is registered with the Secretary of State and find out how much of your contribution will go to the charitable fundraiser and how much will go to the needy. Fake... Read more...

Don't Drink and Drive

Dec 19, 2017

Did You Know? Someone gets injured in an alcohol-related car accident every 90 seconds in the United States. Driving while under the influence is not only dangerous for the impaired driver; other motorists and pedestrians are put at serious risk, too. Use these tips to prevent drinking and driving: Designate a driver. This person is responsible for driving all those who consumed alcohol home safely. If your designated driver chooses to drink, call a cab or a family member to pick you up. If you plan to drink responsibly, be sure to stick to your choice. It may be temp... Read more...

Safe Driving this Holiday Season

Nov 29, 2017

Did You Know? Someone gets injured in an alcohol-related car accident every 90 seconds in the United States. Driving while under the influence is not dangerous only for the impaired driver; other motorists and pedestrians are put at serious risk, too. DON’T DRINK AND DRIVE! Use these tips to prevent drinking and driving: Designate a driver. This person is responsible for driving all those who consumed alcohol home safely. If your designated driver chooses to drink, call a cab or a family member to pick you up. If you plan to drink responsibly, be sure to stick to... Read more...

The Dangers of Carbon Monoxide

Nov 28, 2017

A few weeks ago my brother and sister in law, Nate and Rachel, had a carbon monoxide scare at their new house. It was a little after midnight and Nate was working in the garage while Rachel was doing laundry in the house, the kids were asleep upstairs. The carbon monoxide detectors started going off, and Rachel changed out the batteries before calling in Nate to discuss. A few minutes later the whole family was awake outside and 911 had been called. The Fenton Fire Department did a sweep of the house and determined that the furnace was the culprit. Sadly, I’ve come across several s... Read more...

Benefits of Employment Practices Liability Insurance

Nov 28, 2017

Claims related to wrongful employment practices can disrupt business, hurt morale, damage your reputation and lead to serious financial damages. Thankfully, employment practices liability (EPL) insurance can provide organizations with protection from the above risks. Specifically, EPL insurance provides the following to policyholders: Cover for alleged acts: EPL insurance not only protects organizations from actual wrongful acts, but alleged acts as well. Specifically, EPL coverage can safeguard an organization from claims related to discrimination, harassment, retaliation and wrongful term... Read more...

3 Tips and Tricks for Teaching the Teen Driver

Oct 24, 2017

“Cop.” “Which side?” “Your side. At the light.” It sounds like a conversation between two wanted assailants that perhaps had tunneled out of Riker’s using plastic spoons and toothpicks. But, no. This was a typical exchange between me and my four-year-old on any given day. Look, I’m not proud. But, sometimes? Sometimes that illegal turn or that little extra burst of speed just makes your life so much easier. We would often make walkie-talkie sounds just to give it that extra sense of adventure. She was a damn good look-out. Best co-pilot I ever had. The limits of her car seat didn... Read more...

Beware of Flood Vehicles

Oct 24, 2017

DES PLAINES, Ill.—Flooded vehicles have finally stopped arriving at the Royal Purple Raceway east of Houston. Some 23,000 now await processing and retitling to be auctioned off for parts or to be scrapped. That is just one of several insurance industry salvage locations where more than 422,000 insured vehicles damaged by Harvey have been taken for processing. According to the National Insurance Crime Bureau (NICB), these totals surpass the number of claims that resulted from Hurricane Katrina (approx. 300,000) and from Superstorm Sandy (250,500). In addition, more than 215,000 claims have ... Read more...

9 Cyber Risks & Liabilities

Oct 24, 2017

When a data breach or other cyber event occurs, the damages can be significant, often resulting in lawsuits, fines and serious financial losses. What’s more, cyber exposures impact businesses of all kinds, regardless of their size, area of focus, or status as a private or public entity. In order for organizations to truly protect themselves from cyber risks, corporate boards must play an active role. Not only does involvement from leadership improve cyber security, it can also reduce liability for board members. To help oversee their organization’s cyber risk management, boards should a... Read more...

Commercial fleets face deadline to replace paper logbook

Oct 24, 2017

Effective in December 2017, the Federal Motor Carrier Safety Administration (FMCSA) is mandating the use of an electronic logging device (ELD) for commercial vehicles. Businesses with regulated commercial vehicles that require hours-of-service logging must replace paper logbooks with a self-certified ELD registered with FMCSA that electronically record a driver’s Record of Duty Status (RODS). Such fleets have until December 2017 to comply. Fleets that already use Automatic On Board Recording Devices (AOBRD) have until December 2019 to convert to a self-certified ELD registered with FMCSA. ... Read more...

Workplace Violence Seminar

Oct 11, 2017

You are invited to our One Hour Seminar to discuss Workplace Violence Thursday October 26th 2017. Lunch at 11:30am, Seminar 12:00 - 1:00pm  Fenton Community and Cultural Center, 150 S. Leroy St, Fenton, MI 48430 Email Denise Lipinski to RSVP Today: dlipinski@peabodyinc.com ... Read more...

Peabody Insurance Featured in onthetown Magazine

Oct 02, 2017

  The Competitive Edge Peabody Insurance: A Family Footprint of Success By Chelsea Mills // Photos by Marc Anderson Photography Article Courtesy of onthetown Magazine Today family businesses have a competitive edge that could hardly be anticipated. As millennials continue to take up over one third of the workforce, many of these individuals are looking for more out of a career than a paycheck. In this new arena, family businesses have an edge in building a sustainable footprint because of the personal connection between the family and the community they serve. A textbook exam... Read more...