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Who is responsible for the function of managing risk in your business?  If the answer is your risk manager or your insurance agent (or maybe nobody), then this episode is for you.  Risk managers and insurance agents play an important role in  defining processes and procedures for managing risk and providing options including insurance for business decisions that come with risk.  However, when it c...

The insurance company sets a date to visit your project site or location.  They arrive, conduct their interviews and evaluate your business operations.  You may receive some recommendations following the visit and then you provide your response.  Did you ever wonder what happens after that with the information from that visit?  In years past, that report got filed away in an underwriting file, per...

Environmental, Social, and Government (ESG) requirements are popping up everywhere.  Do you know the expectations of all the various stakeholders that impact your business?  These include project owners, general contractors, investors, lenders, insurance companies, employees, and governmental agencies.  Each comes with risk and opportunities.  Have you starting capitalizing on steps that you may h...

For years, homeowners and personal automobile insurance has been an afterthought for most owners of homes and vehicles.  The policies reviewed annually without much fanfare or thought.  It seems that all of a sudden we have had a seismic shift in awareness and challenges.  2023 saw the largest number of billion dollar claim events and these were concentrated not only on the coasts but also in the...

Construction projects are like a big family tree with lots of lines between owners, developers, architects, engineers, general contractors, and subcontractors.  There may be nothing more tedious and more important than reviewing and understanding your contracts and agreements and how they interact will all of those other lines on the family tree.  It is rare to find experts who are able to demysti...

Companies that learn how to anticipate a crisis can turn that event into a positive business experience and those that are unprepared may never recover.  Evaluating and imagining low frequency/high severity risks that could materialize in a five to ten year horizon allows for planning and the ability to practice various scenarios.  Crisis management through risk governance processes will add uncal...

A chance encounter with a table of free donuts started Scott Anderson down an actuarial career path unknown to him at the time.  Since then, Scott has become one of the best at explaining why your claim history may not really be your final claim history and how insurance companies use claim history to predict the financial future.  Do you wonder why your insurance rates increase while your histori...

Minnesota is heading toward legalization of recreational marijuana by the end of May.  The changing landscape has already impacted, and will continue to impact employer drug testing programs.  Legalization does not change the fact that employers still very much have the ability to require a drug free workplace, however, the tools and techniques to ensure compliance are changing and getting more co...

One of the greatest risks that businesses face without much of a safety net involves hiring and retaining the right people for the job.  In a tight labor market, the winners will understand the market and evolve to meet the moment.  GenZ has already entered the workforce and will be the future for many years.   This group has had unique experiences that has shaped their outlook and expectations. ...

There must be a better way.  At times, the traditional insurance procurement process feels inefficient and inconsistent.  The group captive model looks to turn that process on its head by returning control to you.  A captive is an insurance company that is owned by the members that it insures.  For businesses with a strong risk management and safety commitment, captives not only provide an opportu...

Increasing property valuations, inflation, supply chain disruption, and frequency of natural catastrophes are just a few of the challenges facing the property insurance marketplace.  The forecast is for many of these challenges to persist, however, all is not lost.  More technologies and engineering solutions than ever before are available to mitigate the impact of these events.  Advanced planning...

71% of the earth is covered in it.  All of us need to drink it and most businesses rely on it.  We can live in hot environments and cold environments, but we can't live without water and we can't live under the water.  Water has also been one of the leading causes of loss for the insurance industry and one of the leading risk impacts on business profitability and sustainability.  It is a vital res...

The insurance industry has been on the forefront of climate impacts as the frequency of storms and fires continues to increase.  Those impacts are felt throughout the entire business ecosystem.  The transition to a more resilient economy has already begun in many areas, but the legislation that has recently passed, is intended to accelerate the goal of a 40% reduction in emissions by 2030.  Throug...

Two million employees in the United States are impacted by workplace violence (including gun violence) each year accounting for about 15% of all workplace fatalities; putting the United States at the highest end of the risk spectrum across the globe.  Without any success in implementing policies at the societal level to combat these tragedies, employers are left to demand change and try to address...

Work life impacts home life and home life impacts work life.  The responsibility of the employer towards mental health is rapidly evolving. In construction, the suicide rate is 4 times the general population and mental health impacts countless other significant injuries.  Bob Swanson spent over 45 years in the construction industry, and after becoming a suicide loss survivor, he became a passionat...

Yes, even the insurance industry innovates and transforms.  In order to stay a step ahead of the competition, our innovation leadership joins us this month to discuss the new frontier of operations within the insurance industry, and what you should be doing in your business to maximize your relationships in the industry.  Highlights include carrier and agency technology, changing roles and respons...

For decades, businesses have required certificates of insurance (COI) from subcontractors, tenants, vendors, suppliers, and other third parties to confirm evidence of insurance.  This is important to confirm that risk transfer can occur as expected in a written contract.  Problems and gaps are often only uncovered after a claim occurs and coverage that was expected to be in place does not exist. ...

Did you know that in addition to a significant investment in our roads, the new infrastructure bill also includes a major commitment to making certain that those roads are safer?  Join us this month to learn more about what to expect regarding the coming innovation in highway safety and financial commitments for both workers and users of our roads from Stacy Tetschner, President and CEO of the Ame...

In many neighborhoods and in many cities, single-family and multi-family homes seem to be getting built at a record pace.  Is that really true?  What is different about today's construction practices?  What are the new risks and insurance industry challenges?  Katie Beck, Head of Home Builders for Berkshire Hathaway Specialty Insurance joins us to take us through these and other questions, while s...

No risk management conversation in 2021 is complete without a discussion of the risks, impacts, and mitigation factors related to supply chain management. No businesses are immune from the impact, yet only some understand the complexities and fewer are actively taking steps to manage the risk.  We are thrilled to have Mark Meier from C.H Robinson join us for this episode of ilume. Mark is the Glob...

What's your new office or facility normal?  Businesses are not going back to anything.  Businesses are going forward to a new way of working which includes a new use of space.  The role of the architect in physical space planning had started to evolve prior to 2020, but is now seeing a  rapid transformation.  Architects are certainly responsible for designs and specifications, but often, the archi...

For over 25 years, the ACE Mentor Program has been living the mission to engage, excite, and enlighten high school students to pursue careers in architecture, engineering, and construction through mentoring and continued support for their advancement into the industry.  Join us this month on ilume to listen to a few stories of success from students, mentors, and business leaders.  Our guests are M...

The construction industry is the latest example of an industry that is amid a digital transformation.  Out of the need for improved collaboration, improved data evaluation, and process consistency to reduce project risk, many in the industry have already experienced the benefits of this transformation.  Change is always hard, but also imperative to continue to thrive in a rapidly evolving and comp...

After decades of skyrocketing insurance premiums and protracted litigation over injured worker benefits, construction trade unions and their employers persuaded Minnesota's legislature to pass legislation in 1995 allowing for an alternative workers compensation system.  The goals of the program were simple: focus attention on a safe and immediate return to light-duty work, ensure the best medical...

Virtual healthcare has significantly evolved over the past several years, and has emerged from the pandemic as a core component of our healthcare system.  Employers can capitalize on these changes to improve the health of their employees and improve the efficiency and cost of delivering healthcare.  These opportunities exist as part of employee benefit programs, wellness programs, and workers comp...