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| Reduce Premiums? Reduce Risk - Loss Control Strategies
Business owners know an injury to an employee or severe property damage destroys productivity, so all losses should be avoided or reduced. So why do insurance loss control representatives' visits and the ensuing safety recommendations bother business owners so frequently? Is it a nuisance? Is it the money to implement loss control strategies? Insurance companies understand that the frequency of claims, that is the number of claims, predicts risk levels much more accurately than does the severity of claims.
Insurance company recommendations tend to reduce the frequency of claims. In the long run, reduced frequency leads to better experience and greater discounts. Selfishly, you should implement loss control recommendations that lead to lower costs.
For small business, as defined as those that cannot afford an in-house full time safety officer, the insurance company loss control representative acts in that capacity to review the overall loss control picture. Use this service to your advantage. The insurance company wants to...
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Greetings!
 As I write this, there is a somber tone in our office. It's only a couple of days after Superbowl XLVI and with a few - very few - exceptions, our staff are still recovering from the loss to the Giants. The disappointment in the air is palpable and the Monday morning quarterbacking knows no limits. Everyone has an opinion about what went wrong, where things fell apart for the Pats, and who bears the majority of responsibility for the loss.
Everyone has an opinion and the questions are endless. What good is a forced fumble if you get called for a penalty that nullifies it? Was it that safety in the first quarter that set the tone? Had Gronk been healthy, this would have been a completely different ballgame... was his marginalization the biggest factor leading to the loss? What about Welker and that missed catch?
Honestly, we can discuss it all day long and not have the answers (if there even are any). We're not players, or coaches, or even sports analysts. We're insurance professionals. So we'll leave examining the game stats to Belichek and Coughlin. The coverages we're successful at analyzing are found in your policies... and when it comes to THAT kind of protection, we're happy to break it down for you and offer our expert advice. Feel free to give us a call anytime.
In case you're still moping about the Pats' loss last night, think of it this way... we're undefeated again! :)
Gretchen Houghton
Mason & Mason Insurance
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Understanding Small Business Insurance
There are four types of insurance that most small businesses purchase. The first is Property insurance. This type of coverage provides compensation if business property is damaged, stolen or lost. In addition to covering the physical business structure, property insurance covers personal property. This includes inventory, office furnishings, raw materials, computers, machinery and other items that are part of business operations. Property insurance coverage doesn't end with protecting physical assets. It also affords operating funds when business owners are forced to take steps to get their business back on track following a major loss. Property insurance might provide coverage for broken equipment in some cases. It can also provide coverage for water damage, debris removal following a fire and several other specific items.
Business Vehicle insurance is the second type of coverage many small businesses purchase. Anyone who uses their own personal vehicle for business purposes should discuss this type of coverage with their agent. Most personal vehicle insurance policies don't provide coverage if...
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Four common Mistakes Employers Make Regarding Workers Comp
Most employers look at Workers Compensation as just another necessary evil and unavoidable cost of doing business. It's usually one of those out of sight, out of mind things when rates are low. It's not until an employer is hit with a rate hike that they really start to give some thought to their Workers Compensation rates.
Employers need to constantly look at Workers Compensation as a tool to improve their business's bottom line, and they certainly need to make an effort to keep their low rates over the long term so that they can take advantage of some significant savings.
Here are four common mistakes made by employers that frequently deter their Workers Compensation savings...
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Thank you for taking the time to read this month's newsletter! Remember, your feedback helps shape future issues. We value your input, so please...let us know what you think! Have a great month!
Sincerely,
Gretchen Houghton
Mason and Mason Insurance
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Mason & Mason Insurance
458 South Avenue
Whitman, MA 02382
T (800) 759-1452
F (781) 447-2832 |
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