Risk & Business Magazine Spectrum Insurance Fall 2019

WELCOME 16 feature JOE POLISH 3 KEYS TO ATTRACTING YOUR MOST IDEAL CUSTOMERS + CLIENTS CONTENTS 3 LETTER FROM THE OWNER 4 WORKERS' COMPENSATION & THE AGING WORKFORCE Eivind Oland 6 OSHA CORNERSTONES: Enforcement Actions Are Up 9 THE NEW ECONOMIC MODEL: Amy Jo Martin 12 READ MORE BOOKS Neil Pasricha 14 HOW WE DO PERFORMANCE REVIEWS Ari Meisel 20 HOW DO YOU BALANCE YOUR PERSONAL AND PROFESSIONAL SOCIAL MEDIA PRESENCE? Ann Handley 22 BRAND ENDEARMENT: Return the High-Five 24 INTERVIEW BETTER Dr. Brad Smart 25 SOCIAL ENGINEERING Darrel Zaleski Welcome to the fall 2019 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 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 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 2019 The current pricing environment for property/casualty insurance continues to see modest increases, with commercial and personal auto rates rising by mid-to-high single digits, homeowners and commercial property rates rising by low-to-mid single digits, and commercial casualty rates showing smaller changes, according to a Moody’s Investors Service rate change and trend survey of insurers it rates. Workers' compensation dividends also remain at very high levels in Wisconsin. WCRB recently announced an eight percent average rate decrease effective October 1, 2019. We expect that continued downward rate pressure will ultimately lower dividends as insurers’ results continue to erode in workers’ comp. Employers can more than likely expect another average rate decrease to offset reductions in dividend. Professional/Management Liability (D&O, Employment Practice Liability, E&O) is experiencing a hardening market for private and public companies, especially in Directors & Officers cover. While Employment Practice Liability remains very competitive, there are some issues trending that may affect rates down the road. Cyber Liability also remains competitive with plenty of capacity. There are over 150 cyber markets and new entrants still entering the space. Pricing continues to fall, and coverage continues to broaden. The only pullback in Cyber is some reduction in sublimits for Social Engineering cover. Overall, businesses should expect rate increases on their auto premiums but flat pricing on property and general liability, and lower workers’ compensation rates. It’s difficult to predict how much longer we will remain in the current soft market for premiums as many forces influence insurance. Catastrophic losses and major cybersecurity events are some of the most tangible, easy-to-measure indicators of where the market is headed. 28 ACA PAY OR PLAY Karen Hebert Sincerely, 30 WORKPLACE INJURIES Larry Wicks Darrel Zaleski, Owner SPECTRUMINSGROUP.COM 3

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