Your comments, questions and suggestions are always welcome. Email: scott@icofmaine.com


Changes To Your Operation And Insurance Plan
As your business changes and evolves remember to include your insurance advisor in your discussions. Obviously, adding buildings or vehicles requires a call to your agent to amend the coverage you have.

Changes to your operation may also require such a call. A new product line may change product liability exposures. Joint ventures require separate coverage. A change in your marketing territory may require an amendment to your workers' compensation program. Overseas travel may require changes to your workers' compensation, auto and liability insurance program. As your business evolves your insurance should too.


What Should You Do? - Customer Reports He or She Was Injured
You're in your office minding your own business when one of your employees reports that a customer is on the phone claiming to have been injured in your parking lot. What do you do?

Obviously take the call! Get as much information as possible from the person - name, contact info, date, time and exact location of the accident, names of witnesses, employees involved or in the area, medical treatment sought.

Learn everything you can learn.

Admit no responsibility and assess no blame. Avoid confrontation. Promise to review the situation and to get back to him or her. If asked about insurance, state that you will review the situation and consult with your insurance agent. If asked who your insurance agent is avoid the answer by stating that you will be handling this situation personally.

Speed is essential in these situations. One of three things are possible:

-The person had an accident and was injured.
-The person had an accident, was not injured but is taking advantage of the situation through fraud.
-The person did not have an accident and is trying to defraud you.

Nothing good happens in any case if action by you is delayed.

If you suspect fraud let your insurance carrier handle the situation. A customer lying to you may not constitute a crime. The same lie told to an insurance adjuster or agent may be insurance fraud.

Three things should happen within 24 hours of you being notified of an accident:

First, you must investigate the matter. Interview witnesses and employees who were in the area of the accident. Determine if anyone remembers the person claiming to have been injured. Gather facts from all sources ASAP. Have witnesses write out their statements. Advise employees that they are not to discuss the situation with "outsiders" without talking with you first. Take pictures of the scene.

Second, report the incident to your insurance company if any injury is claimed. I recommend reporting the incident after your preliminary investigation. Submit what you know in writing to your insurer. Do not delay reporting the incident.

Third, call the customer back. Let them know what is happening. Tell them that they should call you back in three days if they've not heard from your insurance company. Do not admit responsibility. Give them as little information about your thoughts or findings as possible. Tell them the insurance company will be in touch.

Some business owners pay minor injuries "out-of-pocket". While there is now a real concern with insurers over claim frequency I don't normally recommend this approach. Each incident is unique. Discuss the situation with your insurance advisor.


Low Interest Safety Loans Available
The Maine Department of Labor, in cooperation with the Finance Authority of Maine (FAME), provides low-interest loans to help Maine-based businesses make workplace safety improvements. Businesses may use loan funds to purchase, improve, or install equipment which reduces workplace hazards and promotes the health and safety of employees. See http://www.state.me.us/labor/bls/occloan.htm


Portland Seadogs Game To Benefit Rotary Project

For the past several years Rotary Clubs in Southern Maine and Seacoast New Hampshire have worked with the Portland Seadogs baseball team to raise money to eliminate homelessness in our area. "Take A Swing At Homelessness" this year is August 10th at 1:00 P.M. Tickets are general admission @ $6 each. All the proceeds go to the benefit of homeless shelters. Call me if you want tickets! 207.284.0085


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Users Are Raving!!!
Users of my new web-tool give the site high marks! http://www.modmanager.com will help you understand your work comp experience modification. Use my new web tool to understand why you have the experience mod you do. Insurance buyers who try it like it. Pull out your experience modification worksheet and log on. The site and the report are free. "A great tool - easy to use, great information and free!" says one user.

My Other Newsletters
Subscribe to my other newsletters. For bankers I offer a special monthly Bank Insurance Newsletter filled with insurance info unique to bankers. I also publish the Weekly Workers' Compensation Tip designed to save business owners premium. Use the link at the bottom of this newsletter to update your subscriptions.

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Life Insurance
How secure is your life insurance? Do you have the right kind? Is the policy set up correctly? I can help. Call 207.284.0085 or email me at scott@icofmaine.com. Remember, I don't sell insurance so I'm unbiased.

Need A Speaker?
I'm happy to make presentations to civic or service clubs, chambers of commerce or trade associations.
Click here for details: www.icofmaine.com/ispeaker.html

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Scott Simmonds, CPCU
Insurance Consultants of Maine, Inc.
Saco, ME 04072-2431
Phone 207 284-0085
Fax 801 991-4027
scott@icofmaine.com
www.icofmaine.com
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Insurance Consultants of Maine, Inc. is a fee-compensated insurance and risk management advisory firm. We improve our Clients’ operations by controlling their cost of risk including their cost of insurance. Insurance Consultants of Maine helps businesses manage, develop and implement insurance and risk management plans tailored to their unique needs.

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Comments regarding insurance policies or products in this newsletter are for information purposes only and do not constitute an endorsement. We accept no fees or payments of any kind from any insurance organization or any company mentioned in this newsletter.

© 2003 Insurance Consultants of Maine, Inc. All Rights Reserved.

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