

Peabody Insurance Blog
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 tha... 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...Insurance Considerations for Riots, Vandalism and Civil Unrest
Oct 01, 2020
Riots, vandalism and civil unrest can create unique challenges for business owners—resulting in stolen, damaged or defaced goods and extensive property damage. That’s why it’s crucial to secure proper commercial insurance coverage to adequately protect your business in the event that such a situation occurs within your community. Review the following guidance for an outline of various insurance solutions that can offer compensation for losses related to riots, vandalism and civil unrest, as well as best practices to consider when making claims in these situations. Cov... Read more...Peabody Insurance Retains its Best Practices Status
Sep 03, 2020
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 Reagan Consulting, an Atlanta-based management c... Read more...Common Auto Insurance Terms
Aug 26, 2020
Auto insurance can be confusing at times. Policies often contain a variety of terms that can be difficult to understand, especially for someone without a background in insurance. The following is a list of common auto insurance terms to keep in mind the next time you meet with your insurance broker: Accident report form: Sometimes referred to as a police report, this form contains important information about an auto accident, such as circumstances that led to an accident, the parties involved and details regarding the citations given. At fault: This term refers to the degree to... Read more...Peabody Insurance Agency is one of Michigan’s Coolest Places to Work!
Aug 14, 2020
On Friday, August 14th Crain’s Detroit announced the 100 Coolest Places to Work in Michigan. Peabody Insurance Agency was the only company in Genesee County to be included in the top 100 rankings. Peabody Insurance is listed as the 23rd Coolest Company in the state and the 11th Coolest in the small employer category. These rankings are determined 75% by an 80-question employee survey. The survey seeks to determine, among other things, whether employees understand the strategy of the company, and if they feel they are being groomed for new positions. The additional 25% is determined b... Read more...Vote for the new handshake!
Jul 22, 2020
Not giving the customary handshake hello to our clients, colleagues, and carriers is tough! Our office wants to follow CDC best practices, so the team has come up with a number of ideas for handshake alternatives. We want your help picking out what one should become customary! There are the crowd favorites such as "The Peace Sign" and "Thumbs Up", as well as pop culture options like the "Live Long and Prosper" or the "Katniss Everdeen". Check out the handshake alternatives below, then vote for your favorite! Cast Your Vote Here!&nbs... Read more...The Basics of Life Insurance
Jul 09, 2020
If you are married, it’s important for both spouses to have a life insurance policy. If both people bring in an income, a death can be a difficult financial loss. Also, if a stay-at-home parent should pass away, expenses such as childcare and other domestic items can create financial hardship, too. There are two basic types of life insurance: term life insurance and permanent life insurance. The type of life insurance policy that best suits you will depend on your unique needs. Option #1: Term Life Insurance Just as its name implies, term life insurance cove... Read more...The Key to Managing Workers’ Compensation Premiums.. the Six Point Plan.
Jun 15, 2020
In an effort to control insurance premiums more and more business are shopping for the "best rate". Money does talk but finding the solution to increasing premiums will speak louder long term. The solution to controlling insurance costs is simply to control the amount of claims. At Peabody Insurance Agency, we focus on helping you understand your exposure to loss and how to effectively plan and manage loss control efforts. We are dedicated to assist you in developing long-term solutions to control the exposures affecting you and your employees. Management Commitment & Em... Read more...Take Precautions to Prevent Heat Illness on the Jobsite
May 28, 2020
Working outside, you know that the weather can have an impact on your day. Hot weather, especially when combined with strenuous physical labor, can cause your body temperature to rise to unsafe levels. Normally, your body cools itself through sweating, but in hot and humid weather, sweating is not enough and the result can be a dangerous heat illness. Staying Cool Follow the suggestions below to stay cool when working in hot weather: Wear loose, light-colored clothing when possible, along with a hard hat. Take short breaks to rest in the shade. If wearing outer protective ge... Read more...Guide to Creating a Return to Work Action Plan
May 26, 2020
The coronavirus (COVID-19) pandemic has interrupted many businesses across the country. While it’s unclear how long COVID-19 will continue to affect organizations, many employers are looking to the future of employees returning to work. Echoing the sentiments of public health officials, a return to normalcy won’t be like flipping a switch, but rather a gradual effort. In preparation for reopening your business and asking employees to come back to work, it’s imperative that your company thoughtfully constructs a return to work action plan for its employees to keep everyone ... Read more...