Posts made in November, 2015

Fleet Vehicle Accidents Cost Twice as much as Workplace Injury

Posted by on Nov 20, 2015 in News | 0 comments

The most costly injury claims for businesses are fleet vehicle accidents with the average cost of loss is approximately $70,000 – almost twice the cost of an average workplace injury which is approximately $36,000. You may be putting the welfare of your employees and company at risk without a formal fleet safety program. Yes, a generic safety program is better than none – however – it is far more effective to have a specifically designed program in place for your company and your fleet. There are policies and procedures established to ensure a safe work environment for employees within a fleet safety program. It also helps protect against liability from fleet vehicle accidents. Employers understand that here are no guarantees that an accident will not happen. The fact is, the road is one of the most dangerous places for your employees so establishing a formal and ongoing program of screening, testing, inspection and training is essential. Here are 8 Essential Elements of a Fleet Safety Program via Travelers: Identifying all of your drivers. Businesses may not be aware of the full extent of their non-owned vehicle exposure. You should identify everyone who drives on behalf of the business, even those employees that use personal and/or rented vehicles. Management commitment. Leadership support of the program can help assure that the program is used. Screening and selecting drivers carefully. This can help create a reliable, safe team. Without safe drivers, no organization is likely to have a good long-term safety record. Establish clear hiring standards and a thorough screening process for anyone who drives on company business. Training drivers. This can help to ensure that all drivers understand vehicle safety policies and procedures. All drivers should have access to information on safe driving strategies and techniques, including instruction in defensive driving. Managing drivers on an ongoing basis. This is essential in helping to ensure that drivers are following fleet safety rules and driving safely. Managing accidents, when they occur. This can help mitigate accident costs. It also helps you to understand your exposures and can reduce the potential for future losses. Establishing written policies and procedures. This sets clear consistent expectations. Formalizing a plan for vehicle inspection, repair and maintenance. This can help reduce costly, unexpected breakdowns, and can assist in avoiding accidents due to faulty...

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Reduce Cost of Construction Risk and Improve Your Bottom Line

Posted by on Nov 12, 2015 in News | 0 comments

Harned Insurance believes that providing the right insurance protection starts with an in-depth understanding of every one of its customers’ businesses. We provide highly skilled underwriting, customized IndustryEdge®products, and tailored programs and services to help reduce contractors’ cost of construction risk and improve their bottom lines. Our solutions are tailored per account size, contractor type, risk exposure, geographic area and line of business. We take pride in providing responsive and creative solutions to a wide range of contractors – smaller, as well as mid-sized and large accounts. Here are ten reasons contractors choose to do business with Harned Insurance through our partner Travelers Insurance: 10.) Industry connections and knowledge. Travelers contributes to industry knowledge and stays current on issues and trends important to its customers by actively participating in construction and insurance trade associations. Those include the Associated General Contractors Association (AGC), Construction Financial Management Association (CFMA) and the International Risk Management Institute (IRMI). 9.) Proven claim expertise. Travelers has claim professionals who are dedicated exclusively to handling claims for contractors. Their understanding of state-specific issues, construction job sites and the nature of construction losses enables them to better manage claims and their outcomes. Each is well prepared to enforce effective risk transfer and pursue aggressive subrogation against responsible parties. In addition, we have more than 60 local offices with co-located medical claim professionals focused on return-to-work activities and critical/major claim case management. 8.) Risk control that can reduce costs. Dedicated exclusively to construction risks, our local risk control consultants have the knowledge and experience to help contractors take a proactive approach to safety and accident prevention. They offer customized programs that help prevent losses and can reduce overall costs for our insureds. In addition, agents and customers have access to Travelers’ industry-leading risk control customer portal (travelers.com/risk control). This 24/7 resource has over 1,500 safety and risk management information tools, including educational and training opportunities such as safety classes and webinars. 7.) Product breadth to serve construction accounts of all sizes and categories. Travelers’ construction product portfolio includes all the core coverages necessary, as well as a menu of specialty products: Contractors Professional Liability*, Owners and Contractors Protective Liability (OCP), Railroad Protective Liability (RRP) and more. Each is tailored by account size, contractor type, geographic area and line of business. Our OCP and RRP products are also available to agents online via eQuote to ensure our insureds have ready access to coverage when they need it. 6.) Surety too, and more, from one carrier. When construction insureds need surety and inland marine coverage, they don’t have to look to another carrier. Travelers has surety and inland marine underwriters and claim specialists who are focused on construction accounts, making it easy to craft a total account solution. 5.) Fast, efficient quoting for smaller construction accounts. Travelers provides smaller trade contractors (generally payrolls of $750,000 to $3 million) with ConstructionPlus+SM, our streamlined underwriting process designed specifically for them. It offers faster turnaround as well as all the same standard lines of coverage, dedicated risk control and claims handling available to larger insureds. 4.) Contractual risk transfer (CRT) knowledge to help avoid unnecessary risk. Understanding and analyzing CRT techniques and liability exposures are core underwriting skills required of our Construction account executives. They keep current with state statutes and industry trends in order to help maintain the best possible risk management strategies. 3.) Team approach. Our construction-dedicated account executives, risk control consultants and claim specialists combine their talents and collaborate with our agents and insureds to ensure effective insurance solutions. 2.) Financial strength and stability. When seeking new business, you know you’ll be backed by the...

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Have you set up your annual business insurance review?

Posted by on Nov 6, 2015 in News | 0 comments

An exciting time in business is always the start of a new year. We set revenue goals, establish budgets, target potential customers as well as internal goals and aspirations. With all of this planning, it’s easy to get sidetracked and forget to review and determine if our commercial business insurance needs are changing or will change with the New Year. Most business owners just plug in the same expense of last year without thinking about new risk exposures that will come about with changes and growth to their businesses. The beginning of the first quarter is always a good time to do risk planning and assessment whether you carry a Business Owner’s Policy, or separate policies covering your Liability and Property and Casualty insurance needs.  For a formal business insurance review, we suggest sitting down with your insurance agent early in 2016 or even at the end of 2015. So what should you look at and bring up for discussion? We’ll begin with your business property and casualty insurance. Why? Ask yourself these questions: Has your inventory grown? Have you added new equipment? Gotten rid of equipment? Increased office space? Have you added new phones or computer systems? These are vital questions when it comes to growing your business to make sure your policy covers this growth. Since most businesses work on a shoe string budget with equipment and inventory when they start out, they tend to carry minimum coverage to save on premiums as well. Then as their business grows they don’t take the time to review their present coverage on property and casualty insurance policies to make sure their business is protected in today’s dollars. They forget to review vehicle coverage to include new employees that have begun driving company vehicles. Continuing on the subject of employees, make sure to review your worker’s compensation coverage with your insurance agent as well.  You should take advantage of this time to also review your employee benefits package with your agent to make sure you’re up to date with all the new changes the affordable care act brings in 2016. Last but not least, review your general liability coverage with your insurance agent. Do you have enough coverage?  Has your income and revenue have grown substantially? Then it may be time to consider a larger coverage limit, a commercial umbrella, or perhaps even a professional liability policy to supplement your current policy. When it comes to risk planning for 2016, there are plenty of things to think about including revenue planning for your business. The best way to get a fresh start in the New Year is to give your commercial broker a call and schedule a...

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