It is hard to believe that we are already at the end of January. We have already survived several large snow events, but so far seem to be weathering the winter well. I hope that you are 1/12 of the way to your annual goals. If not, there is still time to catch up!
We have passed a few milestones this month. First, Jeffrey McCracken just completed the Business Insurance Advantage course, and is busy with his first target marketing campaigns soliciting new small commercial business. BIA has been revamped and streamlined! If you would like to participate or would like further information about BIA, please contact me.
Second, Dove Insurance Agency in Christiansburg, VA celebrated their 50th Year representing Travelers. MSAA sends out kudos to Mike, Elaine, and Josh. Congratulations! Keep up the good work!
Speaking of Travelers, did you know that Travelers is offering MSAA a bonus on new business placed in 2018? This local new business bonus can be up to 3.5%. We also have an extra local bonus the first quarter on Select business. This is in addition to our SIAA national PMSF and other national bonuses.
Liberty also has a growth bonuses in place for us. In addition to our local new business bonus of 2%, SIAA has negotiated a new business incentive program that runs from January 1st through June 30th and will pay between 1% and 5%!
Now is a good time to review all your commercial lines accounts to be sure that they either have or have been offered EPLI coverage. This is a coverage that I am sure will be, as one underwriter told me today, the carpal tunnel coverage of the year. It is a hot topic now and will continue to be for several years to come. It is the perfect opportunity to reach out to your commercial lines clients that carry this coverage to review limits; and to those that don’t have it, to explain the importance of it in today’s litigious society.
This is a relatively inexpensive coverage which can be easily added for a reasonable charge. The rates are based on the number of employees (full and part time) at all locations insured. For example, limits on the Liberty BOP start as low as $10,000 which is $18 annually and can go to $1M for an annual charge of only $498 annually. This coverage is also available as an option on stand-alone GL and package policies at limits that range from $100,000/$100,000 which is $71 annually to $1M/$1M which is $178 annually.
Most carriers have similar availability and pricing so make sure you offer this vital coverage to all your commercial lines risks.
Spring is right around the corner…welcome to February!
Be sure your calendars are marked for our 2018 meeting dates!
Thursday, April 12th, – $how me the Money Meeting
Wednesday, August 22nd – MSAA Annual Conference
First, MSAA congratulates everyone for a stellar 2017. We achieved growth with most of our carriers, as well as great profitability. This translates into a LOT of of excess compensation including PMSF, profit sharing, and growth bonuses. This may be our best year ever! Make plans now to attend the Show Me the Money Meeting, to be held Thursday, April 12th, at the Charleston Marriott. MARK YOUR CALENDARS!
Kristin and the team have just completed the MSAA Business Plan for 2018. While any time can be good for goal planning, the beginning of the year is always best, since it allows you to plan monthly goals toward your annual goal, and gives you benchmarks to measure your progress. How much money do you want to earn during 2018? What amount of renewal business will you retain? How much new business will you need to write in order to achieve your goals? We have worksheets available to help you do the math.
You also want to consider putting educational goals in your plan; for sales training, insurance designations, continuing education, or general learning about insurance and lines of business you would like to start writing.
Have you noticed that the topic of misconduct in the workplace is becoming a hot topic in the news? This is the reason that most large companies carry EPLI in their package of policies. Unless you have made it your agency’s policy to always offer EPLI and to document when it is refused, now is the time to review the coverage you have on all the commercial lines policies you write. Moving forward, always quote it on commercial risks and make them sign off that you have offered this valuable coverage and they refuse it. Otherwise, you may find that they do have coverage, from your E and O policy!
The topic of cyber breach also continues to be in the news. Just this week. FBI Director Christopher Wray addressed the Cyber Conference outlying what the FBI is doing to combat the problem. You can help your clients by having a Cyber Policy for your agency. It helps you to put your clients whole in the event of a breach of your computers. Also, like EPLI, this is a policy that needs to offered to any commercial risk that takes credit cards or stores sensitive information. They are depending on you, their trusted agent, to help and protect them.
Again, welcome to 2018! We hope you have a wonderful year and look forward to seeing everyone Thursday, April 12th, for the Show Me The Money Meeting!