safm 550 #5. loss control safm 550 accident costs iceberg l for every $1 in accident costs paid by...
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SAFM 550
Accident Costs IcebergAccident Costs Iceberg
For every $1 in For every $1 in accident costs accident costs paid by insurancepaid by insurance
There are $6-$9 There are $6-$9 paid by the paid by the companycompany
For every $1 in For every $1 in accident costs accident costs paid by insurancepaid by insurance
There are $6-$9 There are $6-$9 paid by the paid by the companycompany
Direct Costs
Indirect Costs
SAFM 550
Examples Of Indirect CostsExamples Of Indirect Costs
Lost productionLost production Replacement Replacement
equipment/facilities equipment/facilities Replacement laborReplacement labor Clean up costsClean up costs
SAFM 550
Examples Of Indirect CostsExamples Of Indirect Costs
Management timeManagement time Regulatory finesRegulatory fines Insurance deductiblesInsurance deductibles Insurance premium Insurance premium
increasesincreases
SAFM 550
Loss And ProfitabilityLoss And Profitability Company has $10
million in annual sales Their profit margin is
5% Indirect costsIndirect costs of office
fire are $100,000 How much sales to
maintain profit margin?
Types of Standard Types of Standard Insurance CoverageInsurance Coverage
Property General Liability Fleet Worker’s Compensation Marine Umbrella
SAFM 550
Property CoverageProperty Coverage
Coverage for structure and appurtenances
Business personal property Inventory, goods in
process, finished Personal property of
others on premises
SAFM 550
Property CoverageProperty Coverage
Loss of income/extra expense
Boiler and Machinery Earthquake, flood,
wind, subsidence Crime Special hazard situations
SAFM 550
Comprehensive Comprehensive General LiabilityGeneral Liability
Premises Liability Liquor Liability Products Liability Employment Practices
Liability Completed Operations
SAFM 550
Specialized General Specialized General Liability PoliciesLiability Policies
Professional Liability Directors and Officers Liability Aircraft or Watercraft Liability Personal Injury and
Advertising Liability Environmental Liability Garage Liability Bailment Liability
SAFM 550
Fleet CoverageFleet Coverage
Automobile Liability, Physical Damage, Collision, Comprehensive
Type of Operation, products hauled Radius of operation Driver election, training,
supervision Maintenance program DOT Compliance Past Losses and preventability
judgment
SAFM 550
Workers CompensationWorkers Compensation
SIC Experience Modification Programs in Place OSHA Compliance PREMIUM based on Experience
Mod. Factor and State Rates State Operated [Monopolistic]
Operations OCIP Construction Jobs