There is a process involved in determining insurance cost. There is also a process after a policy period expires to ensure that the policy premium was accurate – this is a premium audit, which is designed to guarantee that business owners only pay the premium they truly owe rather than a premium based on the estimated figures provided when their insurance policy was issued. The following information will help to explain the importance of the premium audit process. (more…)
Your vehicles drive your business, and Society has the safety tools to keep them going no matter the obstacle. Whether your fleet is for retail delivery, local service, repair or something else, we customize your business auto coverage around how your operation runs for a smooth ride.
Plus, Society’s auto extension endorsement provides several enhanced coverage protections. (more…)
Protective Safeguards sounds like an endorsement you would want included in an insurance policy, right? Beware! This is actually an endorsement that can exclude coverage in certain scenarios. It’s important to know if this is attached to a businessowners’ insurance policy. (more…)
Recently we made a visit to Vern’s Cheese, a 3-generation family-owned business in Chilton, Wis. and had an opportunity to spend some time with Vern Knoepsel, President/Co-owner 1st generation; Edith Knoepsel, Co-owner 1st generation; and Kelly Knoepsel-Kress, Co-owner 2nd generation. We enjoyed learning more about their company history and why they have trusted Society Insurance to protect their business since the very beginning in 1964. Watch to learn more about the small details that have made a big difference for their business over the past 52 years. (more…)
A common mistake an employer can make is to buy workers compensation insurance in one state while having employees working and/or living in another state. This creates a liability exposure in which the policy you purchased may not have coverage for claims generated by these employees.
One reason for this potential gap in coverage is that an employee is entitled to select the jurisdiction they wish to file their claims based on these three basic principles: (more…)
Artisan contractors are experts at what they do and expect to complete their projects without mistakes. But customers can be quick to allege negligence in a contractor’s work, and narrow margins expose contractors to costly errors. Contractors’ Errors & Omissions (E&O) is a specialized liability coverage to protect for potential exposures resulting from faulty workmanship claims. Consider these real-life scenarios: (more…)
Mistakes happen. But when it involves vehicles, mistakes can be costly! Consider these real-life scenarios: (more…)
The sky is dark as a storm system moves through your community. Overhead power lines have been damaged by strong winds, causing a blackout at your business. You are suddenly without power and unable to conduct business. How will this affect your business income?
Society Insurance recently had a significant fire loss in Wisconsin. We insured a general contractor who was building a condominium structure that caught on fire. Unfortunately, the fire resulted in the total loss of the condominium building, the loss of construction equipment, and significant damage to the siding of adjacent homes in the area.
Due to the size and scope of the fire, a considerable amount of time and money was spent trying to determine the cause of the fire. Investigators were able to rule out several possibilities, including electrical, as the cause but they were unable to determine the actual cause of the fire. (more…)
What are punitive damages? Simply stated, punitive damages are a monetary award given to a plaintiff for the sole purpose of punishing a defendant for wrongful acts. They are not awarded in every case; acting maliciously or having an intentional disregard for the rights of the plaintiff are reasons for such an award. Gross negligence is a factor.
Punitive damage awards are above and separate from normal compensatory damages a plaintiff receives such as medical bills, lost wages, pain and suffering, etc. (more…)