Monthly Highlights: July 2023

Business income can come in many forms. As if it isn’t hard enough to lose the facility as well as the inventory inside, woodworking business owners who experience a fire or other covered loss would also likely experience an interruption in their business operations and disruption to income for months afterward. Meanwhile bills and expenses continue uninterrupted.

It’s essential now more than ever to make sure your woodworking business is protected during a time of crisis with quality, comprehensive business income coverage that has been updated to fit not only your business’ needs, but the realities of today’s supply chain and labor difficulties. Without adequate coverage, a woodworking business could be forced to close its doors permanently.

Woodworking businesses are at an increased risk with chief risk exposures being electrical issues, wood dust and red glue. Learn more here on how to reduce your risk and how to keep your business safe.

Business owners can protect their facilities and team members by taking these risk mitigation steps and investing in the right insurance, preferably provided by a specialty insurer who knows the intricacies of the wood niche.
PLM’s core mission is providing specialized coverages to fit the unique needs of the wood industry and helping our policyholders better manage their everyday risk to ensure their businesses continue to flourish. Request a new quote for your client here.

Risk Management is critical to mitigate fire and other serious safety threats. Some of the most common hazards for the industry include unsafe forklift operation, pallet storage, dust, poor housekeeping, and supply chain issues. Some ways to improve overall workplace safety include regular forklift maintenance, proper pallet stacking, routine dust management, regular equipment maintenance.

In this Pallet Enterprise article, Senior Loss Control Rep, Micheal Seiwert, lays out some details about how your client’s that manufacture pallets can identify common risks and have a recovery plan in place if disaster strikes.

Here are some common risks to look out for:

• Forklifts –Threats posed by forklifts come in two categories: maintenance and training. To ensure proper operation and reduce the risk of mechanical failure, forklifts must undergo routine maintenance. In addition, understanding the proper loading and use of a forklift is just part of the training. Forklift operators must be trained to understand the safety practices and procedures of their organization.
• Pallets – All clients insured by PLM must ensure that pallets stored outdoors are at least 50 feet from a building while pallets stored inside should not be stacked more than twice the height of what would fit inside a truck for transport.
• Dust – Since sawdust is one of the most common and substantial safety hazards many operators have taken note and begin addressing dust at the facility design stage. Operators have started to incorporate conveyors below the floor in these facilities to easily remove the dust directly from the source.
• Housekeeping – In addition to dust protocols a facilities housekeeping program should also include a routine equipment and machinery maintenance schedule.
• Supply Chain- Repair and replacement costs for both facilities as well as parts and equipment continue to rise, in large part due to continued supply chain issues. Therefore, regular maintenance of all equipment is critical to avoid emergency situations.
• Disaster – Not ever disaster can be avoided and that is why it is so important to have a disaster recovery plan in place. These plans should include agreements with other facilities that will allow operators who suffer a loss of their physical plant to continue producing materials to meet customer needs and orders

Commercial Auto insurance rates and claim rates are rising for many carriers in the insurance market, with many businesses always looking at ways to try to keep their loss ratio low and their employees and communities as safe as possible. Moving beyond traditional risk management methods for operations with fleets, one of the best tools a business can incorporate is telematics monitoring.

In additional to real-time driver behavior monitoring, there are many advantages to a service like this for your clients, including:

• Identifying at-risk and unsafe drivers
• Assessing individual driver performance
• Reducing the frequency and, possibly, the severity and costs of accidents
• Reducing legal vulnerability
• Enforcing driver policies
• Creating a culture of safety and excellence
• Keeping communities safe
• Protecting and even enhancing your company’s brand and reputation

PLM is pleased to offer our customers telematics monitoring through Azuga and GPS Insight, industry leaders in driver risk management. From gathering video evidence that can help to quickly close out a claim and lowering litigation costs to detection of accidents and risky driver actions, integrating these services can be a tremendous benefit to your client and their company’s future.

• 07/22 – PIA LA – Annual Convention – Point Clear, AL
• 07/26 – PIA VA/DC – Trade Fair – Virginia Beach, VA
• 07/27 – AIIA – Young Agents Conf. – Pensacola Beach, FL
• 08/06 – IIABI – Big “I” State Convention – Coeur d’Alene, ID
• 08/09 – IIABAZ – Convention & Trade Show – Glendale, AZ
• 08/10 – IIABSC – Young Agents Conference – Hilton Head, SC
• 08/16 – PIANC – Annual Conference – Winston Salem, NC
• 08/20 – IIABO – INSURCON Annual Convention – Sunriver, OR
• 08/24 – IIABL – Young Agents Conference – Biloxi, MS