CONTENTS
4 INSURANCE PREMIUMS DECLINE 5 2023 MARKET OUTLOOK
6 RC MOWERS PARTNERSHIP Michael Brandt
9 THE 4 " MUSTS " FOR USP Robin Robins
12 WAKE UP CALL FOR BUSINESSES Mike Michalowicz
14 THINK OF CONVERSATION AS TRAVEL Shawn Hunter
16 A HIP APPROACH TO FEEDBACK Kim Scott
18 10 REFERRAL COMMANDMENTS Tony Rubleski
20 WHAT I LEARNED FROM A BAD PARACHUTE Jim McCormick
22 5 WAYS TO BUILD UP YOUR BUSINESS Verne Harnish
24 IT FEELS SO GOOD Dan Solin
26 FLSA OVERTIME RULE
28 KEY STEPS FOR A BUSINESS CONTINUITY PLAN
30 DISTRACTED DRIVING PREVENTION
WELCOME
Welcome to the fall 2023 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 is good for all businesses in Wisconsin is good for Spectrum Insurance Group !
The year 2023 continues to be very difficult for most insurance companies . Most of the large losses continue to be in the property line . While we hoped 2023 would be better than a very difficult 2022 , the opposite has occurred with weather losses topping those from 2022 . Property markets will remain hard with no softening in the foreseeable future . Property rates are expected to increase between 10 %– 25 % from a pure rate standpoint . We are also starting to see most insurance companies implement a percentage wind / hail deductible between 1 %– 3 % in Wisconsin . Please keep in mind that if your property policy has a W / H deductible , the percentage applies to each building value at the time of the loss . It ’ s not a single deductible per occurrence . Workers ’ compensation rates continue to be the bright spot for buyers as rates are going down an average of 8 % starting October 1 , 2023 .
Now more than ever , you need an insurance professional who understands your business , helps you plan for unique risks , has access to many insurance companies , and advocates on your behalf . All of this can be achieved by working with an independent insurance agent who can tell your story to insurance carriers in a way that will best position your business come renewal time . No matter what happens in 2023 and 2024 , businesses in Wisconsin have an innate ability to adapt to challenges that they are confronted with . This makes Wisconsin an excellent state to do business in ! +
Darrel Zaleski , Owner SPECTRUMINSGROUP . COM
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