Tag Archives: loss

Beware of Protective Safeguards in Your Business Insurance Policy

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…)

Case Study: Protect Your Bottom Line with Prompt Claims Reporting

This entry is part 5 of 6 in the series Claims Reporting

The timing of when you choose to report an incident to your insurance carrier has a direct effect on the bottom line. This case study demonstrates how prompt claims reporting was key to recouping this property loss quickly and efficiently. (more…)

VIDEO: Proactive Approach Reduces Workers Compensation Losses

A high level of knowledge and understanding regarding industry-specific safety issues and loss trends makes a big difference in reducing workers compensation losses.

In this video, Rhonda McCreedy of DeRosa Corporation, Wauwatosa, Wis., and Chris Halverson of M3 Insurance Solutions, Waukesha, Wis., discuss Society Insurance’s proactive approach to risk control and loss prevention in the restaurant and bar business. (more…)

Video: Power Outages and Business Income Protection

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?

Watch this video and learn about Society Insurance coverage in this scenario: (more…)

Why is Insurance Important?

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…)

Aftermath of an Auto Accident: Repair vs. Total Loss

Have you ever been faced with the question of whether your vehicle will be repairable after an auto accident? Understanding how this process works, both from the consumer side as well as the insurance carrier’s side will help you resolve the situation, hopefully creating less stress for you in the process.

In the immediate aftermath of an auto accident, what are the necessary steps to get you back on the road? The first step is obvious. Report the accident to your insurance carrier. After the initial fact-gathering stage is complete, your insurance company will usually send a company adjuster (appraiser) or an independent adjuster out to inspect the vehicle. Depending on the severity of the damage, you may be asked to simply submit an estimate or two for the necessary vehicle repairs. This decision will be made based on a number of factors: (more…)

Taking Control of Slip and Fall Risks

Have you ever slipped, tripped or fallen? Perhaps you have watched a television show where a slip, trip and fall was the punch line for a joke. Slips, trips and falls are no joke, however, and rank among the most frequent types of accidents, second only to motor-vehicle accidents as a cause of death. According to recent information from the Bureau of Labor Statistics, they are second in the number of disabling injuries in occupations, accounting for nearly 25 percent of all disabling injuries.
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Slip and Fall Claims from a Liability Perspective

Did you know the largest single claim type, in terms of frequency and overall claim cost to Society Insurance insureds, is the slip/trip and fall claim? In 2014 alone this type of loss was close to 50% for both liability claims received and liability payments. How do you tackle such a giant loss leader you ask?  I think of it this way; the best way to eat an elephant is one bite at a time. Let’s break this down, one bite at a time. (more…)

Prevent Common Winter Losses with Early-Season Maintenance

Winter 2013-2014 was one of the coldest on record in parts of the Midwest, according to the government’s official monthly climate report recently released. Due to the severe cold temperatures and the amount of snowfall we had, there was not a lot of meltdown either. It is likely that you or someone you know experienced some type of freezing, collapse damage, or slip and fall injuries.

Early preparation is one way to combat potential untimely losses.

To prevent freeze damage: (more…)

Learning From Loss: Electrical Fires

Last week, we learned about the most common causes of fire loss based on Society Insurance claims data from 2011-2013. View the chart. We went into detail about cooking equipment hazards and the best ways to minimize those risks. This week, we will explore electrical fire risks and prevention tips.

Electrical Equipment

Between 2011 and 2013, there were 83 electrical fires that cost Society over $14.5 million in claim settlement costs. Just like with cooking equipment, I asked Subrogation Specialist Kristina Huber, CPCU, AIC, CSRP, for her insight into the causes of these fires. (more…)