Safety Insurance Group Inc Review 2019: Safety Insurance Group, Inc. provides private passenger and commercial automobile insurance to a varied clientele. The company was formed in 1979 and was formerly known as Safety Holdings Inc.
The company changed its name in April 2002. The major area of expertise the company operates in is Property and Casualty Insurance. It has mainly ventured into vehicular insurance and property insurance. It has not tapped into the lifestyle segment as much.
Safety Insurance Group Inc Review 2019
Private Passenger Automobile – The Company’s passenger automobile insurance is its prime product. This segment provides coverage for bodily injury and Third-party property damage, personal injury coverage for the insured as well as insured’s car occupants, and physical damage coverage for an insured vehicle against collision and other perils.
Commercial Automobile – This policy provides insurance cover against collisions or other perils subsequent to the ownership or use of commercial vehicles in the business. It offers insurance for commercial vehicles used for business purposes, the requirement for qualifying as a vehicle used for business is that it should be on the books of business or should be registered against a business. In addition to the above, it provides all cover provided by the private passenger automobile policy.
Homeowners – The Company offers a collection of policies for qualified policyholders. Homeowners policies provide coverage for losses to a residence and its contents from several perils and covers for liability to others arising from possession or habitation. It writes policies on homes, condos, and flats.
Business Owners Policies – The Company assists small and mid-sized commercial organizations with a program that covers flats and residential condos, commercial establishments, including restaurants. Offices including office condos; processing and service businesses; special trade contractors, and whole selling businesses.
Nature of business policies – Business owner policies provide liability and property coverage for perils, including business disruption from a protected loss. Equipment failure coverage is routinely included, and a range of additional coverage is available to qualified clienteles. It writes policies for business owners at normal rates with some risks receiving lower rates.
Inland Marine – Safety Insurance Group is one of the few companies that offers inland marine coverage. This policy is offered as an add-on for all home-owners and commercial business policies, and as part of its commercial package policy. Inland marine policies provide extra coverage for jewelry, fine arts, and other valuable items that home-owners policies or commercial policy would limit or not cover.
New ventures – After December 2016, the company has started covering watercraft which are small in size. These are limited to 32 feet in length and the top speed of 39 knots. This new addition to the already varied policy choice has put Safety Insurance Group Inc at a very safe spot in the insurance industry.
Growth – Safety Insurance Group, Inc. has been among top rankers in the industry for a long time now. The company has always strived for excellent investor return and complete client satisfaction. In the last decade, the company has grown over 26% in asset size. In the last decade, the stock price of Safety Insurance Group Inc. has gone up 300% and is stable.
Safety Insurance Group, Inc. is a very good company to invest in. The company has always looked for innovation and development in its sector of the industry.
Their dedicated management and sales teams have proven the worth of the company through the rise in stock prices and regular dividend payouts. The company is slowly planning to expand its business to a nationwide scale.