Keep up with the latest news in the insurance industry
The day took a very heavy toll on the insurance industry. Among the lives claimed were 295 employees of Marsh & McLennan and 176 employees at Aon Corporation. Dave Lenckus of Business Insurance offers recollections from insurance executives who were connected with or escaped from the WTC in his article Terror of September 11 lives in memory. The attack had other effects on insurance: The Terrorism Risk Insurance Act of 2002 (TRIA) was a direct offshoot of the events.
Norma Lopez Cedillo is the president of Nuvo Contractor, based in West Palm Beach, Florida. Like many in the construction industry, she is not happy with the high cost of workers compensation insurance. Despite an actual payroll of about $4 million, she reported payroll of only $22,311, resulting in a comp premium of less than $5,000. That’s a premium discount in excess of 99 percent. Biggest discount ever?
We’ve updated our handy guide to the workers comp policy year and key dates that you and your clients should keep an eye on to prevent unexpected losses and unhappy conversations at renewal. Workers comp is among the most loss-sensitive policies issued to your insureds. The more they use it, the higher their premiums. With the goal of keeping losses low – and holding onto valued clients – agents need to be aware of the key milestones in the policy year. Today we outline the flow of the policy year: what happens, when, and what insureds need to know in order to manage their costs.
August is the tail end of summer activities from barbecues to ball games. As we lead up to Labor Day for a final celebration, it's all about back-to-school and back-to-business. We offer an array of ideas for seasonal events and themes for communicating with your clients and prospects in social media and email. And don't forget that August is Black Business Month, a good time to promote, support and reach out to your black business insureds!
An injured worker suffered from pain, insomnia and twitching. Standard treatment through opioids was ineffective and carried the specter of addiction. So his doctor wrote him a prescription for medical marijuana. The results were impressive: the pain abated, his sleep improved and the twitching ceased. His anxiety and anger subsided. As a prescribed medication, the marijuana would be covered by the workers comp policy, right?
Agency principals often ask us, “How can I build a ‘sales’ culture within my agency?” We suggest that they start by reframing their question. The truth is that you build a sales culture not by focusing on sales but rather on service. The key is to take small steps that shift the perceptions of your team and elevate even the most minor transactions to a personal level. We offer some tips to get you started.
July is filled with celebrations, events and themes that offer opportunities for reaching out to your insureds in social media … from safety tips about fireworks, grilling, boating and pools to maintenance for homes, yards, cars and bikes. One big highlight this year: the 50th anniversary of the Apollo 11 Moon Landing, so watch for commemorations.
There is no instant gratification in staffing – it takes time and effort to recruit and hire someone with the skills, work ethic, and personality that will jibe with your agency. When you’re in the throes of the interviewing process it can feel overwhelming – and all too often, agents walk right into two big traps in their hiring practices, which make the whole exercise harder than it needs to be.
When I speak with agents about why they join an agency group, the two most common reasons I hear are increased profit sharing and market access. Those are two valid reasons. But if that’s all you’re getting from a group, you’re selling yourself short. Why? If you are like most owners, your agency is the single largest asset you have. You owe it to yourself to maximize the returns you see from it.
Every once in a while we come across a company that has never had a workers comp claim. Through a combination of good training and good luck, they have never had to respond to a workplace injury. They never sent an injured worker to the ER. They never designed an appropriate modified duty job for a recovering worker. And they never had to determine the root cause of a serious accident. But this admirable clean slate can sometimes be a problem …
If you’re an insurance agent I have bad news: you are afflicted by FOMO. No, this is not a computer virus, nor do you need medical attention – it is the Fear Of Missing Out. FOMO is real for the insurance agent, and it is paralyzing. Most agents’ FOMO could more accurately be rebranded as FOMOP, or Fear Of Missing Out on Premium. As agents, we go to great lengths to write every cent of premium we can, regardless of whether or not we should.
Recently, we talked about the top 10 causes of disabling injuries at work … slips, trips and falls were three of the 10 most common events leading to a work injury. That brought to mind one of our all-time most popular posts by our work comp expert Jon Coppelman on a real-life work injury claim based on shoelace safety, or the lack of it. We're reprinting it below.