Top 5 Home Renovation Tips B&B Detroit: “A People-Enhancing
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B&B Detroit: Transparency & 1 “A People-Enhancing 3 Telemedicine Top 5 Home Business” FOR Renovation Tips LEASE 2 4 Q4 December 2016 by Megan Siburt Personal Insurance Account Manager Breathing new life into a dated kitchen with new appliances, cabinets, and updated lighting is akin to having visions of sugar plums dancing in your 3.) If you hire an architect have them provide a certificate head… at least for some. For me, the devil is in of liability insurance including professional liability. other details. 4.) For larger construction projects consider having Most of the effort in a remodeling endeavor revolves around the contractor provide a performance bond. Why? drawings, budgets for material, appliances, subcontractors, A performance and payment bond assures the job and scheduling timelines. An often forgotten topic is the will be completed according to the specifications management of the risk associated with the work being of the contract and subcontractors will be paid to done. A good construction contract is the first place to alleviate any liens being placed on the property. start. Lack of specificity will create headaches, delays, and It also protects the owner from insolvency of maybe liability you weren’t anticipating. Here are a few the contractor. tips to help in the process: 5.) Make sure you contact your homeowner’s insurer to 1.) Secure certificates of insurance from all contractors find out what you need to do to assure coverage is doing work for you, including sub-contractors of a adequate through the project. Don’t assume the builder general contractor. is insuring your interest up to completion. 2.) Have your insurance agent review the certificates to make sure the proper endorsements and wording are being provided to protect your interests. 1 Brown & Brown of Detroit was recently named Teammates can also take advantage of other perks such as “Sunshine Days,” fitness reimbursement, and the Employee one of metro Detroit’s “Best and Brightest Stock Purchase Program. On Sunshine Days, our office Companies to Work For,” for the sixth year running! spontaneously closes early, so that the team can take advantage While, we’re happy to have another shiny trophy to add to our of good weather or get a head start on enjoying a holiday. Each display cases, for us it’s about much more than bragging rights. fall, teammates can submit receipts from their fitness purchases Our Sterling Heights office truly takes employee engagement throughout the year to receive a 50% reimbursement. We and community involvement seriously. also encourage teammates to participate in the Employee Stock Purchase Plan to earn profits. Employees receive a 15% Our parent company, Brown & Brown Insurance, has a strong discount on Brown & Brown Insurance stocks (NYSE: BRO). culture that trickles down to the local offices. However, each We also conduct employee engagement surveys annually, and office is “decentralized,” which allows our Sterling Heights office truly value and utilize the feedback we receive. to utilize any methods we see fit to accomplish our goals, in terms of employee/community engagement and beyond. Brown & Brown Insurance also encourages a culture of caring. CEO Powell Brown stated, “We have grown up feeling that There are four tenets of Brown & Brown that influence all we have an obligation to give back into the communities in decisions that are made, one of which is that we are in the which we make our living.” This can be accomplished through “People Recruiting & Enhancing Business.” Once we hire volunteering time or financial support, or both. The Sterling quality talent, we strive to retain our teammates long-term Heights team is encouraged to support non-profit organizations through engagement, wealth creation, continued education, and that they feel a connection to, individually and as a whole. opportunities for growth. Through our volunteer policy, each teammate is permitted to volunteer outside of the office, with pay, for four hours per It is not surprising that most employees would rate salary and quarter. The matching gift program states that the office will benefits as the number one factor that influences their choice of match, up to $50 per calendar year, any donation a teammate workplace- after all, most work in order to support themselves. makes to a non-profit. Each week, we raise money for the charity However, there are many other factors that strongly influence of the quarter through our Jean Day fundraiser. Employees are job satisfaction. We strive to offer a well-rounded package of permitted to wear jeans for casual Fridays in exchange for a “perks” that we hope makes our team happy to spend 40+ hours $5 donation each week. Our most recent Jean Day fundraiser a week with us. raised $1,570 for the Alzheimer’s Association during the third Our Employee Engagement Committee meets monthly to select quarter of 2016. In fact, our office and teammates have donated and plan events to engage our 60+ teammates. In recent months $34,581 to deserving non-profit organizations this year, and we have offered events such as “Relay for Life,” “Healthy Cooking that’s just through the third quarter! Demo with Chef Paul,” “2016 Office Olympics,” “Summer We are extremely proud of all we’ve accomplished in 2016 in the Outing Scavenger Hunt,” and our annual “Chili & Soup Cook- areas of employee engagement and community involvement Off.” Employees from our three divisions often get to know each and are looking forward to an equally great 2017! other better as a result of mingling and working together during these events. 2 Brown & Brown of Detroit How Vacancies in Your Building(s) Affect the Property Coverage in Your Commercial Insurance Policy. Many commercial building owners are seeking tenants. With changing buyer behaviors (online) and the robust economy, shifts in building usage are causing commercial buildings to have full or partial vacancies. Building owners and tenants need to be aware of how these conditions affect their property coverage in their commercial insurance policies. If a building is vacant for 60 or more center is now 20% occupied based on by Brian Pilarski, consecutive days before the loss: the building’s total square footage. Over Commercial Agent the weekend, some people vandalized • If loss is caused by theft, attempted & Sales Leader the building, kicking in walls, spray theft, vandalism, water damage, painting the floors, ripping materials sprinkler leakage or building glass down, etc. In this instance, there is no breakage, the policy pays nothing, coverage because the building is vacant Vacancy Defined no coverage. Insurance Services Offices (ISO) is by definition. Alternately, using the the leading source of property • If the loss is caused by any other same details and assumption from the and liability risk information. ISO covered cause of loss, the company previous example, let’s suppose there also provides statistical, actuarial will subtract 15% from the amount is a fire from a lighting strike to the and underwriting information to they otherwise would have paid. building. With a fire, there is coverage insurance companies, government but the final payout would be reduced regulators and other interested parties. The ISO language is not adopted by 15%. Most insurance companies use ISO’s by every insurance company. Some language in their policies. independent property policies deviate Vacancy Endorsement from ISO’s definition or require Some insurance companies will allow ISO has defined vacancy for tenants and additional measures to avoid a negation you to continue to maintain full buildings owners: of coverage. AAIS Building and coverage if they are notified within the Property Form uses other wording that 60 day window required in the ISO 1. Tenant – If a tenant’s suite or unit reduces and negates coverage more policy. The insurance companies will does not contain enough business strictly than ISO. add the “Vacancy Permit Endorsement,” personal property to conduct for an additional premium, to allow customary operations, the suite or Other important scenarios/definitions you to maintain full coverage. Other unit is considered vacant. to discuss with your advisors are when insurance companies do not want the an “insured” may not qualify as a tenant exposure of a “vacant building” (as 2. Building – Less than 31% of the or a building owner. Such examples defined in the policy) at all. building’s total square footage is include a tenant carrying the building rented out to others who use it to insurance in accordance with its conduct customary operations or Work With Your lease, receivers in possession, trustees, used by the owner to conduct guardians and other similar entities. Brown & Brown Advisor customary operations. A discussion with your insurance agent is imperative to make sure you are not 3. Buildings under construction or Vacancy Example losing coverage without knowing it. renovation are NOT considered For example, suppose ABC Co owns a A discussion will help determine the vacant. commercial strip center. The anchor insurance company’s interpretation and tenant moved out three months ago, due definitions of the vacancy provisions to the economic conditions. With the and how these will affect your business loss of the large anchor tenant, the strip and building(s). The Advisor – December 2016 3 Transparency & Telemedicine by Tricia Godin, Employee Benefit Producer High Deductible Health Plans (HDHP) insurance carriers now include transparency Telemedicine is also increasing in continue to gain traction in 2016, and will tools and telemedicine services with their popularity. It is cost effective for the likely grow in popularity in the coming plan designs, and getting the word out to the employer and appeals to employees who years. Many organizations will continue employee population is key. It is crucial to are paying more in out of pocket costs.