CONTENTS
4 FORM 1-9 MISTAKES TO AVOID 7 COMMERCIAL MARKET OUTLOOK
9 INTUITION Vanessa Van Edwards
12 WHAT I LEARNED FROM COVID Tony Rubleski
14 BUSINESS INSIGHTS Jim McCormick
16 WORK FROM HOME LIKE A BOSS Kim Scott
18 HANDLING BURNOUT Shawn Hunter
20 CO-ELEVATE Keith Ferrazzi
22 MORNING PRACTICE Neil Pasricha
24 STORYTELLING David Meerman Scott
26 CYBER RISK SCORECARD 27 THE IMPORTANCE OF 2FA 28 GENERAL LIABILITY EXPOSURES 30 INFLATION & WORKERS ' COMP
WELCOME
Welcome to the fall 2022 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 !
Going into 2022 , we expected a challenging insurance environment to remain , but one that would look slightly better than 2021 for many insurance buyers . However , through September 2022 , this has proven not to be the case . Some of the factors contributing to higher premiums include the following :
• Midwestern storms
• Economic inflation
• Litigation and social inflation
• Increasing reinsurance rates charged to insurance companies and shrinking reinsurance capacity
Based on the above factors , we are anticipating a significant hardening market for commercial and personal insurance for the remainder of 2022 and through 2023 . We expect the largest increases in the property ( see Commercial Property Market Outlook article on page 7 ) and auto coverages . In addition , we will continue to see premium increases in umbrella liability and cyber liability . Both lines of coverage are seeing higher-than-expected claim costs and a shrinking of capacity to offer coverage at all . The only bright spot remains in the workers ’ compensation area where we will see an overall drop in rates .
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 2022 and 2023 , 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 ! +
Sincerely ,
Darrel Zaleski , Owner SPECTRUMINSGROUP . COM
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