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WELCOME
feature
DR. MARSHALL GOLDSMITH:
BAD HABITS OF SMART LEADERS
CONTENTS
4 THE FIRST 24 HOURS AFTER AN INJURY
6 DIRECTORS & OFFICERS INSURANCE FOR PRIVATE
COMPANIES
9 TO BUY OR TO BUILD,THAT IS THE QUESTION
Expert Tim Miller Weighs In
10 BODY LANGUAGE TIPS FOR ENTREPRENEURS
12 FIVE WAYS A BUSINESS LOSES SALES
14 FIND MORE TIME IN YOUR DAY
Welcome to the summer 2018 edition of Risk & Business Magazine.
Spectrum Insurance Group is pleased to provide this magazine as a
valuable resource for your company. Our purpose is to bring relevant
content to help your business succeed. Inside, 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 trust you will find these articles informative
and useful to the success of your business.
Each year, policyholders approach their insurance brokers with one
common question: Are my premiums going to go up? This may seem like
a simple inquiry, but many factors play into the rise and fall of insurance
rates — factors that can differ dramatically year over year.
As predicted, 2017 was mostly a buyer’s market for P&C insurance. In
fact, most policyholders enjoyed rate decreases. Both market capacity and
competition for new business remained strong, thus keeping prices down
overall. Furthermore, insurance industry surpluses reached an all-time
high of over $700 billion in mid-2017.
However, while pricing predictions remained accurate throughout last
year, a string of natural disasters and high-profile cybersecurity events had
a sweeping impact on the market. These unpredictable, large-scale losses
will continue to have a broad influence on insurance pricing for 2018.
Between Hurricanes Harvey, Irma, and Maria, the estimated total losses
for commercial lines ranged from $85 billion to $100 billion. Those
figures create a situation where losses and expenses are outpacing overall
premium growth for many insurers.
To further complicate things, a dangerous cyber landscape remains in the
forefront of underwriters’ minds. The Equifax breach alone is expected
22 TEN PUBLIC SPEAKING TIPS
to cost international insurance markets as much as $150 million. This
and other expensive breaches will likely lead to pricier cyber insurance
24 INTERVIEW BETTER:
terms in 2018. Organizations must protect against high-profile data
Myth’s Exploded
breaches and impostor fraud if they are to reduce their risks, especially as
a broad-level focus on cyber, crime, and reputational risk loss mitigation is
26 EMPLOYMENT PRACTICE LIABILITY INSURANCE:
imminent.
More Than Wrongful Termination and Sexual Harassment
WHERE IS THE MARKET HEADED IN 2018?
28 PREPARING YOUR BUSINESS FOR DISASTER
20 STEPS TO BUILDING AN ONLINE INFLUENCE
30 COMPLIANCE BULLETIN
It’s difficult to predict how much of an effect the major losses of 20 17
will have on the market in 2018. While many forces influence insurance,
catastrophic losses and major cybersecurity events are some of the more
tangible, easy-to-measure indicators of where the market is headed.
Overall, organizations should brace for rate increases and a hardening
renewal market spurred on by devastating events.
Sincerely,
Darrel Zaleski, Owner
SPECTRUMINSGROUP.COM
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