Big I Virginia E-News

From the Desk of the President & CEO

It’s a Brave New World – How Can We Help You?

Certainly seems that when I last wrote this article it was a very different world….and I guess it was. I wasn’t sure how it would work when the IIAV staff decided that we would change our operations to a work from home business model but hopefully, we have been able to respond to your questions and concerns without missing a beat.

Visit https://www.naylornetwork.com/via-nwl/articles/index-v3.asp?aid=611193&issueID=70931 to view the full article online.

IIAV Member Resources

A Question of Value with David Dillon

Visit https://www.naylornetwork.com/via-nwl/articles/index-v3.asp?aid=610812&issueID=70931 to view the full article online.

Tech Tip by Steve Anderson

Coronavirus Scams Continue – Be Aware

I was hoping to not be writing about COVID-19 this week – trying to get back to normal. Unfortunately, we may be in the midst of redefining normal.

The number of important coronavirus scam warnings and other alerts continue. Again, thanks to my friends at Scambusters for allowing me to reprint their latest information.

Scammers have added misery to an already bad situation by devising all manner of schemes to trick people either into handing over their money or downloading malware onto their PCs.

Visit https://steveanderson.com/2020/03/26/coronavirus-scams-continue-be-aware/ to view the full article online.

The Security You Need. The Name You Trust.

Berkshire Hathaway GUARD Insurance Companies are rated A+ “Superior” by A.M. Best (as of July 26, 2023) and backed by the financial strength of our ultimate parent, Berkshire Hathaway, Inc. In Virginia, we offer a full product suite for your commercial clients that includes a Businessowner’s Policy (with typical limits up to $20 million; $50 million for select classes), Commercial Auto, Commercial Umbrella, Professional Liability, and Workers’ Compensation. “Pay-as-you-go” billing options are also featured.

Learn More

State & National News

COVID-19, Leasing and Force Majeure Clauses

To date, COVID-19 has led to the forced closures of many businesses and commercial spaces worldwide, both temporarily and permanently. While some can adapt and continue to work in safe numbers or controlled environments, others have been left with no alternatives, resulting in unemployed and unproductive workers and workspaces.

Visit https://vanblacklaw.com/articles/covid-19-leasing-and-force-majeure-clauses/ to view the full article online.

Coronavirus Tax Relief and Economic Impact Payments

The employee retention credit encourages employers to keep employees on their payroll, despite experiencing economic hardship related to COVID-19. IRS has posted FAQs to help you understand this new credit. See www.irs.gov/coronavirus #COVIDreliefIRS

Visit https://www.irs.gov/coronavirus-tax-relief-and-economic-impact-payments to view the full article online.

InsurBanc's Latest YouTube Video!

InsurBanc’s Keith Mangini and Scott Freiday speak on what documents insurance agencies should expect to submit when applying for agency financing. Financial forms include the agency’s tax returns and financial statements, along with the agency principals’ personal tax returns and financial statements.

Click below to learn more about what you should expect.

Visit https://www.youtube.com/watch?v=t4HiOqGw2Ng to view the full article online.

IIAV News

IIAV's COVID-19 Resource Page

Don’t forget to utilize the COVID-19 Resource Center on the IIAV website. We’ve tried to respond to your questions with the information directly related to you and your agency. This page is being updated multiple times a day with information specific to the insurance industry and for agency operations.

Visit https://www.iiav.com/Resources/Pages/CatastropheCommandCenter/default.aspx to view the full article online.

Introducing IIAV Connects

IIAV Connects is a conversation series featuring people, ideas and solutions. These conversations will take place virtually, via Zoom. We will connect you, your peers and experts to discuss ideas and help you find solutions.

Our next conversation, "Managing a Remote Team" will take place on Wednesday, April 15, from 1:00pm-1:45 p.m. We know many of you never intended for your teams to be working remotely and you may need ideas and solutions on managing a remote team. In this discussion, Ace Callwood will give you ideas on how to manage your newly remote team and how to leverage them to best serve your clients and not-yet clients.

We want you to remember that you are not alone. During this session, we hope that you will take the opportunity to talk with other agents experiencing the same challenges, questions, uncertainties and changes this health crisis presents.

Watch the SBA Loans: What You Need to Know discussion from last week, with Dave Tralka!

Visit https://independentinsagentsofva.growthzoneapp.com/ap/Events/Register/mP7E118r to view the full article online.

Affinity HR Group Q&A

Q: In light of the COVID-19 virus, what should we do if someone shows up to work sick? We had a warehouse employee show up unwell. Can we send him home? Do we have to pay him?

Visit https://www.naylornetwork.com/via-nwl/articles/index-v3.asp?aid=611194&issueID=70931 to view the full article online.

Treasury, IRS and Labor Announce Plan to Implement Coronavirus-related Paid Leave for workers and Tax Credits for Small and Midsize Businesses

The U.S. Treasury Department, Internal Revenue Service and the U.S. Department of Labor recently announced in a March 20 news release that soon, small and midsize employers can begin taking advantage of two new refundable payroll tax credits, designed to immediately and fully reimburse them, dollar-for-dollar, for the cost of providing coronavirus-related leave to their employees.

This relief to employees and small and midsize businesses is provided under the Families First Coronavirus Response Act, signed by President Trump on March 18, 2020.

Visit https://www.irs.gov/newsroom/treasury-irs-and-labor-announce-plan-to-implement-coronavirus-related-paid-leave-for-workers-and-tax-credits-for-small-and-midsize-businesses-to-swiftly-recover-the-cost-of-providing-coronavirus to view the full article online.

Federal and State Officials Launch Virginia Coronavirus Fraud Task Force

ROANKOE, Va. – In response to the increased threat of fraud presented by the Coronavirus, federal and Virginia state law enforcement leaders announced today the formation of the Virginia Coronavirus Fraud Task Force.

The Virginia Coronavirus Fraud Task Force is a joint federal and state partnership that will be led by Assistant United States Attorneys from both the Eastern and Western Districts of Virginia, in partnership with experienced fraud investigators from the FBI and the Virginia State Police. The mission of the task force is to identify, investigate, and prosecute fraud related to the ongoing coronavirus pandemic in Virginia.

Visit https://www.justice.gov/usao-edva/pr/federal-and-state-officials-launch-virginia-coronavirus-fraud-task-force to view the full article online.

Upcoming Events

IIAV Convention – NEW DATES!

We know you’re wondering about the IIAV Convention, especially in light of the recent Executive Order extending the stay-at-home guidelines through June 10. When we selected our Convention theme, we had no idea how appropriate it was. We are all certainly Navigating the Future in unprecedented ways.

Given this information, we feel that postponing the convention is the right thing to do. While nothing may sound more appealing than a few glorious days at the beach, we feel that asking you to leave your team and your clients for even a short time is not the right answer, nor is it helpful to you None the least of which is the question of when and how to make the decision to attend in the first place.

Visit https://www.naylornetwork.com/via-nwl/articles/index-v3.asp?aid=611425&issueID=70931 to view the full article online.

Education

Your CE Can Continue with IIAV!

IIAV is committed to providing you with continuing education as we continue to work through this rapidly changing situation and will be communicating with you directly on an ongoing basis if plans change regarding courses. We recommend checking your email frequently and referencing our website for current updates. Click Learn More to see upcoming webinars we have available.

Visit https://members.iiav.com/calendar/Search?term=&DateFilter=0&from=04%2F13%2F2020&to=&CategoryValues=105287 to view the full article online.

Big I Virginia E-News

Independent Insurance Agents of Virginia