Tag Archives: loss

Prevent Common Winter Losses with Early-Season Maintenance

This entry is part 16 of 17 in the series Winter Defense

During winter, severe cold temperatures, snowfall and ice present a whole new set of challenges, including freeze damage, collapse damage, and slip and fall injuries.

Early preparation is one way to combat potential untimely losses.

To prevent freeze damage: (more…)

Learning From Loss: Electrical Fires

This entry is part 7 of 14 in the series Fire Prevention

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…)

Learning from Loss: Cooking Equipment Fires

This entry is part 6 of 14 in the series Fire Prevention

FIRE! This is a word you never want to hear in your business and it is the call in the night you never want to get. Best scenario is no one is hurt and it is only property damage, but even then it will still be devastating to your business. The investigation to determine the cause of the fire can go on for months and the clean-up from even a small fire may take several days and require a business shut down. In addition to the fire damage there will also be smoke and water damage that can extend out some distance from the original location of the fire.

The best response is to prevent the fire before it starts, so where do we begin?

To find out where to begin, I asked for help from one of Society’s experts, (more…)

8 Tips to Prevent Data Breach (2/4)

This entry is part 12 of 33 in the series Data Security

Data breach is the exposure of sensitive customer information due to hacking, theft or the accidental release of data. Business owners are expected to be custodians of customer information and have a reasonable expectation to protect their customers’ data. A data breach is impactful for all businesses, but it can be devastating for a small business without the resources of a larger corporation. In this four-part blog series, we share what business owners need to know to diminish the possibility of a data breach and its destructive impact if one is experienced.

Data breach is the exposure of customer information, and should not be confused with identity theft – which is when thieves target individuals to obtain credit card and financial information – or cyber liability, which refers to the individual targeting of businesses to steal their financial information via hacking.

Preventing data breach is equal parts common sense and technical knowledge. It’s important to take a balanced approach because neither avenue alone can address all issues. Consider these tips: (more…)

Top 3 Data Breach Myths (1/4)

This entry is part 11 of 33 in the series Data Security

Data breach is the exposure of sensitive customer information due to hacking, theft or the accidental release of data. Business owners are expected to be custodians of customer information and have a reasonable expectation to protect their customers’ data. A data breach is impactful for all businesses, but it can be devastating for a small business without the resources of a larger corporation. In this four-part blog series, we share what business owners need to know to diminish the possibility of a data breach and its destructive impact if one is experienced.

MYTH #1: It won’t happen to me.
Facts: No matter the industry, data breach is a real concern to any business. From restaurants and bars running hundreds of credit cards every night to medical offices with piles (both electronic and physical) of sensitive patient information, it can happen to anyone. (more…)

Top 3 Reasons Your Business Needs an Umbrella Policy

As a business owner, you never expect the worst. But you can plan for it. Umbrella liability coverage can protect your business against catastrophic losses. An umbrella policy provides an additional coverage over your primary businessowners, business auto, or employers’ liability coverage limits.

Why should you consider an umbrella policy? (more…)

Employee Dishonesty: Prevent Fraud (Part 2 of 2)

This entry is part 2 of 2 in the series Employee Dishonesty

Employee fraud and dishonesty take a toll on business of all sizes. Last week, I provided a list of concerns that should be investigated to protect your business from occupational fraud. This week, I share ways to take action to prevent these business-damaging events.

One aspect of fraud prevention includes thorough fraud detection training. Teach employees and managers the impact fraud can have on the organization, what constitutes fraud, the warning signs of fraudulent activity and how to report suspicious behavior. (more…)

Employee Dishonesty: Identify Threats (Part 1 of 2)

This entry is part 1 of 2 in the series Employee Dishonesty

Employee fraud and dishonesty take a toll on business of all sizes. This week, I provide a list of concerns that should be investigated to protect your business from occupational fraud.

Employee dishonesty can be damaging to both your business’ bottom line and reputation. Occupational fraud can result from theft of money, securities or other property of the employer. A recent report from the Association of Certified Fraud Examiners (ACFE) found that the typical organization loses an estimated 5 percent of its annual revenues to occupational fraud. In that same study, the ACFE found the median loss caused by occupational fraud was $140,000. This is a loss no business or organization can afford. (more…)

Protect Your Business from Winter Slips & Falls

This entry is part 5 of 17 in the series Winter Defense

In part three of this four-week Winter Defense Series, I provide suggestions to protect your business from the leading cause of loss — slips and falls. If you missed the other ways you can keep yourself and your business safe this winter, check out Dress to Protect with clothing and layering suggestions, as well as Recognizing Dangerous Symptoms, which identifies warning signs and first aid for frostbite and hypothermia.

Slips and falls can happen anytime and anywhere, but the likelihood increases in winter due to snow and ice build-up outdoors and slush and water being tracked into buildings. A Society Insurance study of restaurant and tavern losses found slips and falls were the leading source of customer injury. A national study found slips and falls were the second-leading cause of employee injury, increasing 41 percent since 1998! (more…)