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Peabody Insurance Blog
Loss Control Tips - Residential Property Management Companies
Apr 29, 2022
Water Damage Water is one of the most common causes of property damage. Water damage is not only expensive—it can also create potential health risks. What’s more, an incident in one unit can easily affect other areas of your building, including common areas and other residents’ apartments. Make sure sump pumps are in working order. Inspect roofs to verify that draining systems are clear of debris and functioning properly. Identify areas of your building that are susceptible to unusual amounts of snow or rainfall. Evaluate windows often. Reapply ca... Read more...Did You Know That Your Health Insurance Can Affect Your Auto Insurance?
Apr 20, 2022
Under Michigan’s new auto insurance law, drivers can choose from six different Personal Injury Protection (PIP) medical coverage levels when they buy or renew their auto insurance, which covers medical bills and other expenses if you are injured in an auto accident. For people who have Qualified Health Coverage (QHC), two options allow you to remove PIP medical coverage for yourself and/or eligible household members. To count as QHC, your health insurance policy must not exclude or limit coverage for auto accident injuries and must have an individual deductible of $6,000 or less. Med... Read more...The Future of Insurance Sales is Here!
Apr 11, 2022
The PaceSetter sales program is one of the largest and longest running training program for insurance producers. The interview process to be accepted is rigorous, but the results are undeniable. Pacesetter graduates have a 200% success rate over other insurance producers. This program provides insurance producers with the knowledge and guidance to give expert advice which helps clients with making better purchasing decisions. Peabody Insurance has required new producers to be accepted into the program prior to hire since 2018. “We have found that Pacesetter graduates better serve our... Read more...Peabody Insurance Agency Included in the Big I 2021 Best Practices Study
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 Reag... 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...