WELCOME
CONTENTS
3 LETTER FROM THE OWNER
4 5 STRATEGIES FOR REDUCING WORKERS ' COMPENSATION COSTS
6 DOL ISSUES GUIDANCE ON TRACKING HOURS OF WORK FOR REMOTE EMPLOYEES
7 DIGITIZING SPECTRUM INSURANCE IN A POST-COVID WORLD
9 5 TIPS FOR ACCELERATING A LEADER ’ S JOURNEY Guy C . Parsons
10 3 TECHNOLOGIES TO MAKE YOUR HOME AND KIDS SMARTER Erik Qualman
12 JUST TAKE MORE PICTURES Neil Pasricha
14 HARVARD BUSINESS SCHOOL SAYS Dr . Brad Smart
19 SEVEN TIPS TO MAKE EMAIL BETTER Vanessa Van Edwards
22 GROWTH AFTER CRISIS IS POSSIBLE Shawn Hunter
16 feature
MIKE MICHALOWICZ HOW YOUR PROFIT WORKS IN A CRISIS
24 10 QUESTIONS TO HELP YOU VISUALIZE YOUR FUTURE Mel Robbins
25 8 TRENDS AFFECTING EMPLOYMENT PRACTICES LIABILITY Jordan Kurkowski
28 DOL ISSUES NEW FAQS ON FFCRA LEAVE AND RETURN TO SCHOOL
30 INSURANCE CONSIDERATIONS FOR RIOTS , VANDALISM AND CIVIL UNREST
Welcome to the fall 2020 edition of Risk & Business Magazine . Spectrum Insurance Group is pleased to provide this magazine as a valuable resource for your company . The purpose of the magazine is to bring you relevant content to help your business succeed . Inside this edition , you ’ ll find many great articles related to business insurance , employee benefits , safety / risk management , employment law , banking , financial management , and general business topics . We think you will find these articles informative and useful to the success of your business .
When Spectrum Insurance Group was started in 2007 , one of the core values we established was to provide value-added services to our customers . Risk & Business Magazine provides another outlet to help inform and educate not only our customers but also all businesses located throughout the state of Wisconsin . What ’ s good for all businesses in Wisconsin is good for Spectrum Insurance Group !
STATE OF THE INSURANCE MARKET IN 2020 We are now seven to eight months into the pandemic that has changed the way we live and conduct business . While many businesses are struggling to survive , many businesses are able to adapt and flourish . As expected , the pandemic has gotten much worse than when we published the spring 2020 edition of R & B Magazine . There seems to be no end in sight until a viable vaccine is widely available sometime in 2021 . It is our sincere hope that all businesses can withstand the economic hardship this has created .
As we discussed in the spring edition , business interruption claims were most likely not going to be covered by property insurance policies because of the requirement of “ direct physical loss or damage to covered property .” Many policies also contain a virus exclusion . Courts have been upholding the exclusions and dismissing almost all the individual claims and class action lawsuits .
While it is a fact that insurance companies are not paying business interruption claims , other factors are adversely impacting the financial results of most insurance companies . Management liability policies such as Directors & Officers insurance , Employment Practice Liability insurance , Fiduciary Liability insurance , and Cyber insurance are seeing large increases in the number of claims being filed . If you have these policies in place , you can expect to see a higher than normal increase in the premium at renewal . If you do not have these coverages in place , it may be difficult to get these coverages as many insurance companies have placed moratoriums on writing new policies .
Property insurance policies are also expected to see increases over the next 12 to 18 months as regional storm-related claims including the derecho in the Midwest and an active hurricane season in the South impact reinsurance rates that are charged back to insurance companies . The property damage caused by the rioting in many of our large metropolitan areas will also have a negative impact on rates .
Sincerely ,
Darrel Zaleski , Owner SPECTRUMINSGROUP . COM
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