Loss Control – Water, Hot Spots, Insects and Pests

I'm catching up on my reading... November issue of Best Review (AM Best Company) - article by Scott Spencer on the hidden problems that can lurk in buildings - problems that become evident over time, but by then it is way too late.(Unfortunately the article is available to subscribers only. Bad on you AM Best!)Spencer discusses electrical … [Read more...]

Scott’s Rules of Insurance – Rule 3 – Preventing A Loss Is Better Than Being Insured

Rule 3 - Preventing a loss is better than being insured. Limiting a loss is the next best thing to preventing it.I consider any loss as a failure in some system. Build operations and procedures to prevent and limit loss. Place backups. Create stop-gaps and fail-safes. Inspect your electrical systems annually. Install water-usage alarms to … [Read more...]

Redundancy and Fail-Safes

How many systems failed in the BP Gulf of Mexico oil spill?How many different things went wrong, all at the same time.Can the same thing happen in your business?  Sure it can.Can the same thing happen to you in your personal life?  Sure it can.Shouldn't we be thinking about the fail-safe on the fail-safe?I've been backing my computer up for fifteen … [Read more...]

Video Security Equipement

In the past two days I have received two catalogs of video security equipement. The technology is at a point (as is the price) that I cannot understand why any business would not have a video system monitoring the parking lot, sensitive areas such as cash registers, and exits. For $600, you can have a full system of DVR, 8 cameras, software, … [Read more...]

Drug Testing

Consider a drug testing policy for your employees. There are testing labs in almost every community that can help with the process. There are also DIY kits you can buy at many drug stores. Drug and alcohol abuse can be the cause of huge expenses for businesses - impaired driving, workplace accidents, theft losses...Check with your employment … [Read more...]

Water Detection Devises

Water damage from plumbing systems is a major cause of property losses. Pipes break, toilets overflow and keep going. Cold weather causes freeze-ups and spurting water when it thaws.Several companies manufacture water detection devices that monitor water flow and shut the water off at the source when a leak is detected.For home and commercial … [Read more...]

When Do You Report Claims?

I just read an interesting article written for insurance agents on when to report claims to insurance companies.In 750 words the "insurance expert" said to report all claims. (So much for succinctity!)My advice to insurance buyers:-Anytime you may have injured someone or damaged their property, report the incident.-Anytime someone threatens to sue … [Read more...]

Incident Reports Help With Risk Mangement

My Dad had eye surgery last week. After the operation, as he was resting, a nurse gave him a cup of coffee - well, she tried to.  She spilled it on him.After she was sure he was OK and she cleaned up the mess, she went to her work station to complete an incident report.How do you log unusual events in your company?While spilled coffee is not a big … [Read more...]