Risk & Business Magazine Spectrum Insurance Magazine Fall 2018 | Page 5

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WELCOME
feature
THE FIVE SECOND RULE
FIVE SECONDS TO CHANGE YOUR LIFE
CONTENTS
5 LETTER FROM THE OWNER
6 EQUIPMENT BREAKDOWN INSURANCE
9 MEANINGFUL WORK
The Four Ss Of Meaningful Work
10 RECIPROCITY
Business Risk Weekly Wisdoms
12 AUDIENCE-FIRST STRATEGY
Build An Audience, Not A Product
14 BEING LUCKY AND GOOD
7 Steps To Being Lucky And Good
20 WHO ARE YOUR ALLIES?
Building A Relationship With A CEO?
22 GENERATING BUSINESS
Crawl, Walk, Run Your Way To Generating More Business
For Your Firm
24 HOW TO HIRE THE PERFECT CXE
25 THE ABCs OF CAPTIVE INSURANCE
26 CONTRACTORS POLLUTION LIABILITY INSURANCE
28 RENTAL CAR INSURANCE CONSIDERATIONS
30 WORKERS’ COMP CLAIMS RESOLUTION
Understanding Common Aspects
Welcome to the fall 2018 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 all businesses located
throughout the state of Wisconsin. What’s good for all businesses in
Wisconsin is good for Spectrum Insurance Group!
Where Is the Market Headed?
In the previous issue of Risk & Business Magazine, we discussed what
the impact of the 2017 catastrophes would have on the insurance
market. While it’s true 2017 was one of the worst years ever from a
total loss standpoint—caused by hurricanes Harvey, Irma, Jose, and
Maria as well as the California wildfires—the insurance market has
been quite resilient. Experts believed that the market would stabilize
quickly, and it has, with very little to no impact on property rates as
insurance companies continue to have excess capacity.
Workers compensation dividends remain at very high levels, even
with the eight percent average rate decrease effective October 1, 2017.
WCRB recently announced a six percent average rate decrease for
October 1, 2018. It will be interesting to see how much longer the
high-dividend environment continues with rates dropping 14 percent
in two years.
Auto insurance (personal and commercial) continues to be the loser
for the entire insurance industry. All insurance companies continue
to lose significant money on this line of coverage. The trend does not
seem to be looking any better. Rates have been increasing the past
couple of years; expect auto rates to continue to rise going forward.
Risks with no auto claims are seeing rates increasing around five
percent. Risks that are incurring larger auto claims are seeing 15% to
25% increases. Long-haul trucking in particular continues to see some
of the largest rate increases on the auto exposure.
Overall, businesses should expect rate increases on their auto
premiums, 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.
Sincerely,
Darrel Zaleski, Owner
SPECTRUMINSGROUP.COM
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