CONTENTS
4 COMMERCIAL MARKET OUTLOOK 6 WIND & HAIL DEDUCTIBLE 7 REINSURANCE RENEWAL MARKET
9 INTIMACY WITHOUT PROXIMITY Ben Lytle
12 BUSINESS MASTERY Bill Prater
14 INFLUENCE YOUR AUDIENCE Stephanie Paul
16 AI & THE EMPLOYEE EXPERIENCE John DiJulius
20 ADDING TOO MUCH VALUE Dr . Marshall Goldsmith
22 TRY A SALES SPRINT ! Phil Gerbyshak
24 OUT-PERFORM ALL OTHERS Dr . Jack Wiley
26 MARKET VALUE & REPLACEMENT COST
28 CYBER RISKS & LIABILITIES
30 5 EMPLOYMENT POLICIES TO REVIEW IN 2023
WELCOME
Welcome to the spring 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 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 !
For 2023 , property markets will remain hard with no softening in the foreseeable future , while in primary casualty lines , renewals remain largely flat except for challenged classes such as heavy auto-exposed and trucking . Workers ’ compensation rates continue to be the bright spot for buyers as rates went down on average 8 % for 2023 .
Property markets continue to be vexed by natural catastrophes , the combined effects of a major hurricane making US landfall in five out of the last six years , wildfires engulfing thousands of acres , unprecedented winter storms , and Midwest flooding . All have played a major role in hardening the insurance marketplace . Insurers are expected to offer less capacity and higher deductibles in an effort to manage their portfolio aggregates as well as to concentrate on profitability .
Reinsurance markets also saw challenging conditions , with capacity tightening across the board together with increases in rate , retention , and net retentions throughout program structures as well as more restrictive terms and conditions . Most program structures now look completely different than they have in previous years . See our reinsurance article ( Page 7 ) to further understand why reinsurance affects commercial insurance buyers .
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 , businesses in Wisconsin have an innate ability to adapt to the challenges that they are confronted with . This makes Wisconsin an excellent state to do business in ! + Sincerely ,
Darrel Zaleski , Owner SPECTRUMINSGROUP . COM
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