Author Archives: The Society Insurance Team

About The Society Insurance Team

Your business is your livelihood, and it’s our job to do all we can to help you protect it. By choosing Society, you’re not only getting one of the most comprehensive plans for your business, but a partner dedicated to your company’s continued success.

Insurance Premium Audit FAQs

This entry is part of 6 in the series Premium Audit

The premium audit process is designed as a service that guarantees you only pay the premium that you owe. Premium audits help to calculate the premium that a business owner truly owes rather than a premium based on the estimated figures provided when the insurance policy was issued.

While this could mean that your premium will increase if information was missing or your actual payroll or sales figures were more than the estimated figures, it could also mean more money in your pocket if those figures were less than the estimated amounts.

Premium audits are typically conducted after the policy expires or is canceled. In addition, the premium audit can provide valuable information about your business operations.

Here are answers to the five most common questions concerning premium audits. (more…)

Why Is Business Continuity Planning Worth Your Time & Effort?

This entry is part 5 of 5 in the series Disaster Recovery

How would your business respond after an emergency? We commonly plan for how to respond DURING an emergency, but put little thought into how we should respond AFTER a crisis has occurred. Business continuity planning can help to minimize business loss, improve continuity of operations, and protect the reputation you have worked hard to establish in your community. If your business becomes disrupted by a power outage, tornado, flooding or other disaster, it can cost you significant revenue and lost customers. (more…)

Insurance Premium Audit Checklist

This entry is part 5 of 6 in the series Premium Audit

Business owners are commonly contacted about completing a remium audit after an insurance policy expires or is canceled. The audit process is designed as a service to you that guarantees you only pay the premium that you owe.

What is a Premium Audit?

The primary purpose of a premium audit is to calculate your final insurance premium. When your policy was issued, the premium was an estimate of an exposure basis (usually payroll or sales) multiplied by a rate. The rate used is determined by how the exposure base is classified. The audit will examine your records to establish the actual exposure basis and make sure that the correct classification codes and rates are used in determining your final premium. Because the original premium was an estimate, the audit will mostly likely result in a change of premium and/or classifications for your business. (more…)

The Risk is Real: Active Shooter Preparedness

Do you think an active shooter incident can’t happen at your business? Think again. Active shooter incidents in the workplace have continued to increase and are now five times more likely to happen than they were in 2000. These days, mitigating the loss of life through active shooter preparedness is essential for every business.

Would you know what to do during an active shooter situation? Ultimately, the goal of active shooter preparedness is to help build awareness of the issue and to provide helpful strategies that could potentially save your life and the lives of those around you. (more…)

Data Breach and Your Damaged Reputation

This entry is part 3 of 25 in the series Data Security

It is no secret that criminals are getting smarter at using technology to their advantage.  Unfortunately, that means your business could be the victim of a data breach left to face tremendous financial costs, lost customers and a damaged reputation. When word gets out that data was compromised at your business, it may take time to convince customers that it is safe to come back. (more…)

How to Use a Fire Extinguisher: An Easy 4-Step Process

This entry is part 13 of 14 in the series Fire Prevention

Thankfully, most people haven’t had to contain a fire. But take a moment to think about how you would react during a fire emergency. Would you know what to do? Knowing how to operate a fire extinguisher could mean the difference between minor damage and a full-scale disaster at your business. (more…)

Employment Practices Liability Insurance – What Does it Cover?

As a business owner, you strive to be fair and nondiscriminatory in your employment practices. But even a simple misunderstanding could expose you to an employee-related claim or allegation such as sexual harassment, discrimination, abuse or wrongful termination. In today’s litigious business climate, these are damaging claims that can put you out of business. Is your business prepared for these situations with Employment Practices Liability Insurance (EPLI) coverage? (more…)

Cyber Liability Insurance – Security and Privacy Liability Coverage

This entry is part 4 of 25 in the series Data Security

If your business suffers a data breach, you may see yourself as the victim. But there could be a different perspective for customers or employees whose data has been compromised. They may view you, the business owner, as responsible for not properly safeguarding their confidential information. Would your business be prepared for the related lawsuits? (more…)