Spotlight On: Loss Control Survey Updates

With our mission to provide ever relevant and timely risk management information, we have identified several ongoing and emerging trends impacting our insureds and businesses like yours.

As Mr. Firko noted in his leadership commentary, casualty lines of business pose a significant challenge to business owners and the insurance industry alike. “Issues such as nuclear verdicts, social inflation, and litigation funding are generating an upward pressure on loss reserve development in all casualty lines including auto, general liability and umbrella lines of business. Reasonable loss reserve expectations are increasingly proving to be inadequate, driven by the magnitude of settlements being handed down by the courts, in addition to a host of other issues that confront the U.S. economy and insurance industry.”

Simply put, the environment that you’re operating in is more litigious than ever, and the cost of those litigated claims is significantly higher than it once was. As your insurance carrier, it is our goal to help you navigate this changing landscape as a business owner.

One way that we can do that is through our routine loss control surveys. We have equipped our loss control representatives and business development representatives with additional literature for your benefit – guides, templates, topic overviews, and signage, related to various general liability and commercial auto topics. To make sure that we provide you with the most relevant information for your business, we will be asking you to provide additional information to us related to your safety practices.

We understand that your time is valuable, and we appreciate the time that you spend with us on site. As such, we will be providing you with a pre-survey link to upload applicable documentation. Advance upload will allow us to have the most effective conversation regarding safety and will allow us to focus our time on the most critical areas of your business. In the event that we do not receive advance upload of these documents, we will be requesting copies while on site.

As always, we encourage conversation between you and your PLM representative, should you have any questions about the upload process or the surveys themselves. For general questions, you can contact our customer service department at custserv@plmins.com or 800-752-1895. Please visit our loss control center to start reading more on how you can mitigate risks in an evolving landscape.