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!