Gov. Ricketts now has $1.084 billion in the coronavirus relief fund for the state. Here is a breakdown of how he plans on spending it:
- $85 million for Community CARES. This program gives aid in the form of housing, food security, and behavioral health care.
- $180 million for state and local government in order to help reimburse various costs related to coronavirus and the pandemic as a whole.
- $392 million going toward aid for small businesses and agriculutral workers.
- $427 million for the Unemployment Trust Fund and for fund flexibility.
To read more about this fund and the plans, click here
For a more detailed breakdown, click here
If you plan on re-opening your business, there are plenty of things to keep in mind. It is not as simple as just unlocking the doors with COVID-19 still lurking. Click here for a checklist/guide on what should be done as you get back to work.
E&O lawsuits have been filed left and right toward agents throughout the duration of the COVID-19 pandemic. With all of the confusion going on, the lines get blurred on what constitutes E&O and what does not, putting agents in danger when they may have done the right thing. There's plenty of things you should do, and plenty of things to avoid.
- Contact the E&O carrier about a possible claim or an actual claim.
- Listen closely to the client, and choose your words carefully.
- Gather all records relating to the situation.
- Record everything you can, including all information known or gathered by others.
- Work together with the E&O carrier.
- Give someone the duty to manage all COVID-19 E&O claims that go against your agency.
- Follow the requirements of the E&O policy.
- Don't change, rewrite, or do anything to the client's file.
- Don't enage in discussion relating to the claim with anyone besides the claims representative, defense attorney, or anyone else directly involved.
- Don't admit to being wrong or give indication that you were in the wrong.
- Don't give any personal statements to the plaintiff without the E&O carrier's claim representative around.
- Don't try to handle it alone. Get help with handling the situation and managing everything.
to read the full article for more information.
Thanks to new software, the blind can finally access the internet on their own. However, it has not been easy so far. While some websites make it very accessible for them, others have not accommodated to changes that would make the site compatible. Beacuse of this, several lawsuits have been filed. There are no standards set for website accessibility as of now, but change is coming as more and more people turn toward legal action.
Why is this important? Many businesses, especially small ones, may find that their website has some accessibility issues. It is also not an easy fix, and can even be expensive at times. While there are struggles with adjusting, the possible punishments for pushing it off are hefty. As we move toward the future, it recommended heavily that you consider changing your website up for better accommodation.
Click here for more resources on this topic.
Click here for an article about the situation.
Face to face has been the best way to gain new clients for years. You are able to develop a personal connection, which helps pitch your side well. With social distancing, however, those who leaned on face to face communication may be having troubles. For now, we can't take a potential buyer out to dinner, meet someone for golf, or give a pitch at an event.
How can we adjust? Sales using video messaging can help get the job done. It helps develop the same feel that face to face communication has with much less risk during this time. Has your agency been using video?
There's 5 reasons why it is a good idea to use sales video now:
- Video Adoption is Accelerating due to COVID-19
- Because You Can
- Seperate Your Sellers from Competitors
- Show Customers That You Care
- Measure Contribution to Sales Results
Now, video sales are more important than ever. Don't be late to the party!
Click here to read the full article.
May typically marks the month where Big “I" leaders, members, and lobbyist converge on Washington D.C. to discuss with state congressmen and senators ongoing and upcoming legislative issues that impact the insurance industry. Like many other events this year the Big “I" Legislative Conference was not immune to the impact of the coronavirus, but luckily for the hard working group who helps organize this event we were able to persevere. Click here to watch the ON DEMAND sessions from the 2020 Big “I" Legislative Conference and see what you may have missed over this past week.
Your Nebraska team was able to setup virtual meetings with our state representatives to discuss issues that will soon find themselves on the floor of both the House of Representatives and Senate. We were able to speak with U.S. Senator Deb Fischer, U.S. Representative Jeff Fortenberry, U.S. Representative Adrian Smith, and U.S. Representative Don Bacon. During these discussions we were able to have thoughtful and proactive discussions regarding
- Insurance industry's responsibility when it comes to covering business income interruption
Including 501(c)(6) organizations under the Paycheck Protection Program
- We are against the Business Interruption Coverage Act. This would force insurers to pay business interruption claims during a pandemic to ALL businesses with a property-casualty policy that includes BI. Any exclusions would be ignored if the bill is passed and put into action. This would cause the industry to lose about $255 and $431 billion per month, and that's only counting businesses with less than 100 employees. As a small business ourselves, Big “I" supports small businesses, but thinks this is the least effective way to help them.
Future funds or programs to safeguard businesses from an event like this again.
- The Payback Protection Program (PPP) has helped small businesses all over the country who are struggling. The Big “I" supports this completely, and knows how it much it has helped. The Big “I" also wants them to expand this funding to trade and professional associations. Our 50 state associations are important in the workforce, and feel that we could use the support as well.
- We've learned a lot from this pandemic, and Big “I" hopes that a lot is considered for the future in case another one happens someday. Also, we reiterated that we are against including business interruption coverage in commercial property-casualty policies for all future events considered a “national emergency."
The Big “I" legislative efforts and advocacy is a year round task, but is highlighted by this event each year. We were founded with legislative advocacy being one of its cornerstones and we will continue to do our part in helping our members to be well positioned to succeed, even if that means some disagreement with our own government. It is important to stay involved in order to keep legislative issues with the industry to a minimum.
InsurBanc is committed to helping agencies with various Payback Protection Program (PPP) needs. They plan on lending a hand with loan forgiveness applications as best as they can, and they will also provide more information on this topic through a taped webinar that should come once the Small Business Administration (SBA) begins to finalize decisions and changes. PPP loans may be forgiven for some, depending on how the borrower used the funds. If any other questions arise for you or your agency, InsurBanc is willing to try and answer them for you.
Click here to apply for a PPP loan on InsurBanc's website. They will handle applications until there is no more funding left.
Click here for more information about the program and recent guidances from the SBA.
|Newly received or noteworthy information, especially about recent or important events.