Risk & Business Magazine Spectrum Insurance Spring 2020

WELCOME 10 feature CHRIS VOSS HOW TO NEGOTIATE TO FIX YOUR DEALS DURING THE CORONAVIRUS FALL-OUT CONTENTS 3 LETTER FROM THE OWNER 4 HOW CORONAVIRUS COULD IMPACT YOUR BUSINESS’S INSURANCE 7 IRS ALLOWS HDHPS TO COVER CORONAVIRUS COSTS 9 PRACTICE SALES DISTANCING Deb Gabor 12 WHY TECHNOLOGY IS TERRIFYING Susan Packard 14 ACHIEVING THE GOOD LIFE Erik Qualman 16 IN TEN YEARS, YOU WILL NOT OWN A CAR… Peter Diamandis 19 WHY OFF-SITES SHOULD GO VIRTUAL Keith Ferrazzi 22 LOSE MORE TO WIN MORE Neil Pasricha 24 SEVEN SOFT SKILLS YOUR EMPLOYEES NEED John DiJulius 25 STARTING A DELIVERY SERVICE 26 CORONAVIRUS AND MANAGING REMOTE WORKER CYBER RISKS 28 CARES ACT AND SBA PAYCHECK PROTECTION PROGRAM Welcome to the spring 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 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 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 The disruption to business and everyday life caused by the coronavirus (COVID-19) pandemic is resulting in a significant economic impact for employers throughout the country and Wisconsin. With daily announcements from health agencies calling for social distancing, school closings, business restrictions, and event cancellations, current news reports indicate the crisis will get worse before it gets better and will likely linger for months to come. Unfortunately, much of this disruption is likely not covered by insurance. Here are the most commonly asked questions we’ve received concerning this pandemic: 1. Does my property policy cover business interruption claims caused by the virus? 2. Are workers who are infected by the virus at work eligible for workers’ compensation benefits? We have some very good articles within this edition that address these questions, but please note that in general, insurance companies have taken the position that there is no coverage under the property policy for business interruption claims because of COVID-19. We have consulted with several workers’ compensation insurance companies, and the consensus is that employees are not eligible for workers’ comp benefits because of the virus unless employees are in the healthcare field or potentially police, fire department, and EMS employees. Spectrum Insurance is recommending that our customers file claims despite the current stance taken by insurance companies. Outside political influences and potential legislative bills may force some coverage level, or there could potentially be federal dollars available for clams that are denied. Any legislative bill will certainly be challenged in the court system and could drag out for years to come. Stay tuned… On a positive note, all insurance companies in Wisconsin have temporarily suspended cancellation notices for employers that are unable to pay their policy premiums. For employers in the food and beverage industry, insurance companies are not enforcing the delivery exclusion that exists in the personal auto policy to help alleviate the economic hardship of no in-restaurant dining. Sincerely, Darrel Zaleski, Owner SPECTRUMINSGROUP.COM 3

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