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| March 2023 | ||||||||||||||||||||||
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Welcome
IIAV Member Resources
Did you know that as an IIAV member agent, you have access to RLI’s stand-alone personal umbrella market, which enables you to write most any risk you will run across?
Last year sales of RLI’s personal umbrella product rose once again. In addition to being priced competitively, the RLI umbrella can be written as a stand-alone product with limits of up to $5 million.
In our increasingly litigious society, no one is safe from the threat of being sued. Your customers need to know that they face the risk of devastating financial loss, and it’s your job to educate them about their potential liability.
Providing personal umbrella coverage to your client’s help protect their assets and yours through E&O risk management — all while you are adding revenue to your bottom line.
Contact VFSC for more information at (800) 288-4428 or email bjoyce@iiav.com
State & National News
An employee who was injured while scraping ice off his company-owned truck parked at his home is entitled to workers’ compensation benefits, the Virginia Workers Compensation Commission has ruled, reversing a deputy commissioner’s denial of benefits.
Earlier this month, the Independent Insurance Agents & Brokers of America (the Big “I”) testified at a hearing before the U.S. House Financial Services Subcommittee on Housing and Insurance entitled “How Do We Encourage Greater Flood Insurance in America?”. Chris Heidrick, CPCU, ANFI, CFP®, owner and principal of Heidrick & Company Insurance and Risk Management Services in Sanibel, Florida, and former chair of the Big “I” Flood Insurance Subcommittee, testified on behalf of the association.
The hearing examined the overall level and availability of flood insurance in the United States, as well as the steps that could be taken to increase flood insurance participation rates within the National Flood Insurance Program (NFIP) and in the slowly growing private market.
Food For Thought
Q: An employee has put in a request for a 4-week vacation even though our policy only allows 2 weeks to be taken off at a time. Do I need to approve it?
A: When deciding to approve or deny a time off request, you should look at your policy, past precedent and the circumstances of the particular situation. For example, you may not approve an extended vacation for a new employee but may choose to do so for an employee who has been with you for several years.
If the request for time off is actually for a health-related reason which may be protected under laws such as ADA or state disability, you may need to approve the time off. However, if the employee does not provide any protected reason, you do not have to offer more than your policy or what you have done in the past in a similar situation. If your policy is to approve 2 weeks, you can explain that you are not able to guarantee they will have a job to return to if they take more time.
You also should consider the impacts if you let the employee effectively resign. Will you be able to fill that position and get a new employee up to speed in that period of time? Or would it be easier to just manage for a couple of extra weeks?
Of course, whatever you do, you will be setting a precedent for future employees who may want to stretch their time off for personal reasons.
For employers trying to attract talent in one of the toughest labor markets in recent history, the shift in what employees want has not gone unnoticed. The Bureau of Labor Statistics reported 280,000 job openings in the finance and insurance sector in September 2022. Agencies and brokers alike have witnessed the struggle to attract and retain top talent firsthand. Unfortunately, that struggle is expected to continue through 2022.
Therefore, it’s up to your organization to find ways to become more attractive to job seekers. But how should you go about it? Simple — by paying attention to what employees want. Ironically, the answer isn’t more pay. It’s more work-life balance.
Most employers have felt the impacts of the tight labor market. Employees have been resigning at a rate of over 4 million per month for over a year. Low unemployment rates continue across the country. The labor market participation rates are reduced by 8 million employees due to factors like COVID, immigration issues and employees who have left the workforce.
Adding to this, the impacts of replacing an existing employee can run up to two times that position’s salary and result in lost productivity as well as lower morale from other employees while that position remains open.
All of these factors make retaining current employees a proactive measure employers should prioritize in 2023 and beyond
Press Releases
Acuity is named one of the best insurers in the country for claims service in the 2023 CRASH Network Insurer Report Card. In addition to being in the top five insurers nationwide, Acuity is ranked #1 in the six-state Great Lakes Region, #1 in the seven-state Rocky Mountains Region, and #2 in the seven-state Plains Region.
Acuity Insurance announced that, as part of the company’s long-range leadership perpetuation plan, Melissa Winter has been named the company’s President. Ben Salzmann, who had served as both President and CEO, will remain as CEO. He anticipates staying with the company for three years to help ensure a successful transition and will also continue to serve as a member of Acuity’s Board of Directors. The change is effective immediately.
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