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The Hartford introduces unique new coverage for small businesses

By Cory Fischbach

Most businesses have essential employees who are vital to the operation and financial well-being of the business. Losing an essential employee can be devastating to a small business, and preparing for this is a vital part of any business insurance program. Until now, this has typically been done with key person insurance (often referred to as key man insurance), which is a life insurance policy that a business takes out on an essential employee. With a new endorsement released by The Hartford on March 11th, coverage is now available for temporary absences as well.

Business Income Extension for Essential Personnel
Most business insurance policies cover loss of business income and extra expenses incurred due to a covered loss. This endorsement extends that coverage to include loss of business income and extra expenses incurred due to the unplanned absence of an essential employee. Unlike key person insurance, this coverage is triggered by anything other than termination, resignation, or retirement

The Hartford is currently the only insurance carrier that offers this type of coverage, and the optional endorsement covers up to a 90-day absence. For coverage to apply, the essential person must be absent for more than 30 days, and the employer must not have been aware of the absence for more than 30 days in advance.

Analysis
If this product is successful, I expect other companies to begin offering something similar in the near future. This is a great first step, but I think that the 90-day limit is conservative. As The Hartford and other companies become more comfortable with this type of coverage, I would hope to see options for 6-12 month limits. If you are a business owner with essential employees, I encourage you to ask […]

Assured SRA is proud to support Women in Construction Week

By Karra McGreevy
Account Executive, Assured SRA

The National Association of Women in Construction (NAWIC) will celebrate Women in Construction (WIC) Week March 5-11, 2017. NAWIC’s mission is to enhance the success of women in the construction industry. WIC Week provides an occasion for NAWIC’s thousands of members across the country to raise awareness of the opportunities available for women in the construction industry and to emphasize the growing role of women in the industry.

The focus of WIC Week is to highlight women as a visible component of the construction industry and the Kansas City Chapter #100 is purchasing multiple billboards around the downtown area to showcase local companies that support Women In Construction Week. Assured SRA is proudly purchasing space on one of those billboards to recognize the important role that women play in the construction industry. The billboard will be displayed at I-670 eastbound over I-70.

“The National Association of Women in Construction is committed to enhancing the success of all women in construction – not just those who are NAWIC members,” said Sandy Field, the immediate past-president of NAWIC. “We accomplish this through educational opportunities, networking, and community/industry service projects”

“While there are more than one million women employed in the construction industry, women only comprise approximately ten percent of the construction workforce.  These women, whether they are administrative specialists, general contractors, subcontractors, trades people, or professionals, are vital elements to the construction process,” said Field. “’Women in Construction Week’ is simply a time set aside to thank those women for all their efforts toward successful construction projects.  WIC Week will also bring attention to the industry and encourage others to realize that construction is a viable, profitable career field.”

Thank you Assured SRA for your support of […]

Assured SRA hosts nearly 100 execs to learn about workplace violence risk

Assured SRA held its final executive briefing of the year on Friday, Oct. 28 as nearly 100 attendees came to KC’s Grand Street Café to enjoy breakfast, networking and a presentation on potential risk and liabilities involved with workplace violence.

President Randy Larsen welcomed the crowd and Vice President Stephanie Spencer introduced the speakers and explained that issues including workplace violence and guns in the workplace have been the source of concern and questions from Assured SRA clients.

The featured speakers were Jim Lawrence, partner at Bryan Cave Law Firm and Mark Holt of Travelers. Jim gave a comprehensive presentation on the quickly-changing legal landscape with regard to concealed and open-carry of firearms and included issues like allowing vehicles with guns in a company parking lot and what constitutes appropriate signage indicating that guns aren’t allowed on a premises. Mark Holt talked about the limited options for insurance coverage and that most coverage would be in effect only after an incident occurred.

Welcome Bob Siebert to the Assured SRA Team!

By Randy Larsen, Regional President
Assured SRA has a long history of working within and for the banking and financial services industry. Many of us, myself included, are proud to have worked previously in that industry and we enjoy the many contacts and solid relationships we have. That is why I am excited to announce that Bob Siebert will be joining Assured SRA to lead our banking division.

If you’ve worked in or around banking in Kansas or Missouri, it is likely that you know Bob already. He has worked with numerous community banks since 1989 and comes to us from Kansas Bankers Surety/Berkshire Hathaway where he was executive vice president and managed sales and marketing nationwide while also overseeing new product development with community banks.
Bob brings a unique skillset because he understands the challenges and opportunities of community banks broadly and, more specifically, the risk management and protection needs that are unique to the financial services sector. Bob will work to increase our contacts and reach within the region and will work closely with Sue Courtney to expand our already robust banking sector practice.           
We are excited to bring Bob to the team as we know he will provide an even higher level of service and knowledge to our clients.  You will see his contributions quickly and we wish him a warm welcome.

What the hail?!

By Michael Rodriguez, ARM, CLCS
Commercial Lines Manager

What the Hail!?!

Unfortunately it is that time of year throughout many areas of the United States — time to put our blinders on, put our heads in the sand and pretend as homeowners, owners /managers of commercial buildings, and investors of real estate that we don’t understand our increased risk for wind & hail based on our geography / climate.

If you live in a cave, or have your entire business operations / holdings underground this blog doesn’t apply to you. Kudos for figuring out the avoidance technique for dealing with hail storms! The rest of us need to look for ways to mitigate hail losses and also a new product that determines if you had roof damage caused by hail once the storm passes.

Recently a colleague of mine Jeff Goldenberg introduced me to Bob Lynch of Hail Signature Technologies. Bob & Hail Signature Technologies have a unique product that I only wish I had on my roof about six years ago, when I was arguing with my own insurance company about hail damage. I’ll let Bob explain the specifics, but in my view it is very simple: it provides measurable proof of how hard hail hit your roof (by using the installed Hail Signature Technologies product). This data can then be used to answer the BIG question: Do I have roof damage from hail?

Hail Signature Technologies has developed a product for both residential and commercial type roofs. Your local roofer can easily install

the product for residential & commercial applications. I would venture to say most of our commercial customers with an existing facility / maintenance staff could also install the product.

Next, some older but very effective techniques / […]