Category Archive for : ‘Risk Management’

Insurance premiums in Massachusetts are rising, which is causing people to decrease coverages or shop for a better price. While getting a good deal is always a good thing, buyers should beware that the old adage “you get what you pay for” holds true in insurance as well. Your insurance cost not only includes your coverages, but service as well. If you have an agent who is extremely helpful but your insurance premium is a little high, is it worth moving your insurance to another agent or direct insurance writer

One of the most astonishing statistics I discovered while researching this topic is that Homicide is currently the second leading cause of fatal occupational injuries (behind traffic fatalities) and the LEADING cause of death for women in the workplace.  (as reported by NCCI  www.workplaceviolence991.com )

Although the incidents that predominately make the news are the “going postal” – vengeful actions of disgruntled employees towards supervisors or fellow employees;  just as dangerous and common are attacks by peers, disgruntled customers, domestic incidents, stalkers, as well as  threats posed by armed robbers.

No industry

Planning any additions to your home? Planting a tree? Installing a fence or deck?

All of these home improvements will require some level of digging, and some of these improvements are so small you may not think you have to notify the appropriate authorities of your intentions.  The truth is that no matter how small the projects, if any digging is required then you must notify all utility companies to be sure that you are not digging near a utility line.

Massachusetts state law requires all contractors and property owners to notify

Have you ever played the game of “If I was starting a football team today, who would I draft to be my starting quarterback?”  Tom Brady, of course.  That’s a no brainer, but a topic for another blog.

What if we were starting a company today?  Where would you invest your time and money?  Let’s drill it down even further.  If you had a finite number of dollars to spend on workers’ compensation cost containment would you invest in safety training or development of your corporate culture?

How many people say safety

Have you ever played the game of “If I was starting a football team today, who would I draft to be my starting quarterback?”  Tom Brady, of course.  That’s a no brainer, but a topic for another blog. 

 What if we were starting a company today?  Where would you invest your time and money?  Let’s drill it down even further.  If you had a finite number of dollars to spend on workers’ compensation cost containment would you invest in safety training or development of your corporate culture? 

 How many people say safety

In this tough economic time and with foreclosures on personal residences and businesses at a record high more and more properties are now vacant. Vacant buildings are more prone to arson, theft of copper plumbing, vandals and water damage. On the liability side, vacant property is often an attractive nuisance.

All policies contain a vacancy provision. In a homeowners policy the vacancy exclusion typically applies after a home has been empty for 30 to 60 days. At this point, the policy starts taking away coverage. After 30 days vandalism is removed.

Information Security and Privacy Insurance AKA

Cyber Security Liability

Privacy, Data Breach and Cyber Liability-OH MY!

 What is the cost of a data breach?  The Ponemon Institute research reveals the cost of a data breach is $214 per customer record. www.ponemon.org.

 What is a breach?: A breach is defined as an event in which an individual’s name,  social security number, drivers license number, medial record or a financial record/credit/debit card is potentially put at risk-either in electronic or paper format.

 Recent developments in laws such as HIPPA, Gram Leach Bliley Act of

According to the Bureau of Labor Statistics, transportation incidents are the leading cause of work-related fatalities.  The cost to a business may include vehicle damage to owned vehicles, injury to third parties and third party property as employers are liable for their employee’s actions.

According to the US Dept of Labor, Bureau of Labor Statistics (http://stats.bls.gov/iif )

1,308 workers died each year from crashes on public highways
316 workers died each year in crashes that occurred off the highway or on industrial premises.
347 pedestrian workers died each year as a result of being

How much does insurance cost?  Most employers can put their fingers on that number immediately.  It is the very measure of their annual dance with insurance agents and companies alike.  If it goes down, employers win.  If it goes up, the big bad insurance industry wins.

How much does risk cost?  Ask even the most astute of CFOs this question and you will get qualitative responses far more often than quantitative answers.  Why is that?  I’ll tell you.  Risk is a bear to define and even harder to quantify.  How can