Big I Virginia E-News

 

Big I provides numerous resources for Independent Insurance Agents, including Virtual University, Agents Council for Technology, Diversity Council, Young Agents programs, and more.

Hurricane season is just around the corner, and the State Corporation Commission’s (SCC) Bureau of Insurance (Bureau) reminds Virginians that the time to plan is now. This includes reviewing your insurance policies to make sure you have the coverage you need if a hurricane or other disaster strikes.

While legal challenges have been requesting an injunction until the question whether the DOL has the right to increase the salary threshold is determined, no such injunction has been issued as of this writing. Therefore, all employers must prepare their response to the new rule which goes into effect July 1, 2024. 

Insurance Journal
By Scott T. Freiday

Is an ESOP right for your agency’s succession plan? In a recent Insurance Journal article, InsurBanc senior vice president Scott Freiday discusses how an ESOP can be an effective succession strategy for the right insurance agency and outlines the advantage for agency owners with Julius Anderson, president of Anderson Insurance Associates.
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Question: We allow employees to have their personal cell phones at their desks while they work but we have some who take advantage of this. One employee spends most of the day taking calls from her family and friends while another watches his favorite shows and Tik Tok videos while he is working. What can we do without penalizing those who use their cell phones only when needed?
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We are pleased to announce that Kim Brown has joined our Virginia Financial Services Corporation (VFSC) team effective June 3, 2024 as an Account Executive. 
 

Virginia Financial Services Corporation (VFSC) is the for-profit subsidiary of Independent Insurance Agents of Virginia (IIAV). Its mission is to serve the members of IIAV through the development, implementation and marketing of products and services that benefit its member agents.
 
Kim comes to us with a wealth of experience and knowledge, and we are looking forward to having her on board. She has worked as a Senior Branch Manager with Liberty Mutual and a Managing Director of P&C for Anchor Insurance Group. Kim graduated from Capella University with a degree in Business Management and Organizational Leadership. She holds CPCU, AAI and AINS certifications. 
 

She has experience in sales and coaching and we hope to have her teaching classes before too long. Please welcome Kim to VFSC. She can be reached at kbrown@iiav.com.

 

As the 2024 Atlantic Hurricane Season approaches, CoreLogic^®, a leader in global property information, analytics and data-enabled solutions, released its 2024 Hurricane Risk Report, to help insurers and risk managers prepare for the approaching season. The report found that from Texas to Maine, more than 32.7 million residential properties are at risk of moderate or severe damage sustained from hurricane-force winds. This equates to a combined reconstruction cost of $10.8 trillion. It’s important to note that in the case of a hurricane, not all homes will experience a total loss.
_{^{Photo by NASA on Unsplash}}