e-Insight - March 2020 by Big I Illinois

MARCH 2020

INSIGHT

TAX LAWS & TAX DEDUCTIONS DEDUCTIO NS for Independent Insurance Agents

Plus

2020 EDGE Conference Legislative Conferences Sales by the Obvious, and Not-So-Obvious, Numbers

Delivering

Best-In-Class Service

...since 1889

We understand the importance of delivering outstanding customer service. That’s why we have real people waiting to help you when it’s needed most. It’s just another way we are “There when it matters most.” for our agents and policyholders.

DonegalGroup.com

Editor & Graphic Design - Rachel Romines

Advertising - Tami Hubbell

CONTENTS

March 2020

10 12 14 18

Make Your Voice Heard - State and National Legislative Conferences

The Ultimate 2020 Tax Deductions Checklist for Independent Insurance Agents

Sales by the Obvious, and Not-So-Obvious, Numbers

Three Tips to Inspire and Motivate Employees During Performance Reviews

The Importance of Personal Umbrella and Home Business Declination Forms

Contrarian Thinknig Can Put Us on the Right Track

By John Graham

2020 EDGE Conference Tax Time: Tax Law Changes for Your 2019 Return and What’s New in 2020

By Mark Kuchar, CPA

By New Horizons Insurance Marketing

By John Chapin

By Caliper

By Carol Wilson, CPIA

In This Issue

The Independent Insurance Agents of Illinois (IIA of IL) has been providing members with a sustainable competitive advantage since 1899.

7 9 17 29

Trusted Choice Industry

e-Insight Farm Agents Council News

30 31 32 34 34

Associate News IIA of IL News Board of Directors Profiles Classifieds MasterMind Focus Groups

info@iiaofil.org | www.iiaofil.org | (800) 628-6436 or (217) 793-6660 | Fax: (217) 793-6744

2009 • 2010 • 2011 • 2012 • 2013 2014 • 2015 • 2016 • 2017 • 2019

Insight is the official publication of the Independent Insurance Agents of Illinois (IIA of IL). The magazine is published monthly for the members of the IIA of IL, with the office located at 4360 Wabash Avenue, Springfield, Illinois 62711-7009; Consumer Website: www.ChooseIndependent.com. The IIA of IL welcomes letters discussing concerns of the insurance industry, articles, editorials, other matters of interest to the membership. The editor reserves the right to edit and select submissions for publication. Address submissions for review to Rachel Romines at rromines@iiaofil.org. For advertising information, contact Tami Hubbell at thubbell@iiaofil.org.

ADVERTISERS

Board of Directors Executive Committee

Chairman of the Board | Patrick Muldowney (312) 595-7192 | patrick.muldowney@alliant.com

APPLIED UNDERWRITERS

President | Bill Wirth (618) 939-6368 | billw@wirthagency.com

BERKSHIRE HATHAWAY GUARD INS. GROUP

President-Elect | George Daly (708) 845-3311 | george.daly@thehortongroup.com

BIG “I” PROFESSIONAL LIABILITY PROGRAM

DONEGAL INSURANCE GROUP

GRINNELL MUTUAL REINSURANCE COMPANY

IMT INSURANCE

6 27 Cover Tip

INSURANCE PROGRAM MANAGERS GROUP JM WILSON OMAHA NATIONAL

SECURA INSURANCE

SOCIETY INSURANCE

WEST BEND MUTUAL INSURANCE CO.

IIA of Illinois Staff Director of Information and Technology Shannon Churchill - (217) 321-3004 - schurchill@iiaofil.org

Director of Government Relations Evan Manning - (217) 321-3002 - emanning@iiaofil.org

Director of Education and Agency Resources Brett Gerger - (217) 321-3006 - bgerger@iiaofil.org

Office Administrator Kristi Osmond - (217) 321-3007 - kosmond@iiaofil.org

Accounting & Admin Services Tami Hubbell - (217) 321-3016 - thubbell@iiaofil.org

Director of Communications Rachel Romines - (217) 321-3024 - rromines@iiaofil.org

Director of Human Resources, Board Admin Jennifer Jacobs - (217) 321-3013 - jjacobs@iiaofil.org

Director of Membership Services Tom Ross, CRIS, CPIA - (217) 321-3003 - tross@iiaofil.org

Sr. Vice President/Chief Financial Officer Mark Kuchar - (217) 321-3015 - mkuchar@iiaofil.org

Products & Services Administrator Janet White, CISR - (217) 321-3010 - jwhite.indep12@insuremail.net

Chief Executive Officer Phil Lackman - (217) 321-3005 - plackman@iiaofil.org

Director of Prof. Liability & Ins. Products Carol Wilson, CPIA - (217) 321-3011 - cwilson.indep12@insuremail.net

Central/Southern Marketing Representative Lori Mahorney - (217) 415-7550 - lmahorney@iiaofil.org

Planning & Coordination | Cindy K. Jackman, CIC, CISR (800) 878-9891 x8745 | cjackman@arlingtonroe.com Young Agents | Allyson Padilla (618) 393-2195 | allyson@blanksinsurance.com

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EACH DAY IN THE UNITED STATES, APPROXIMATELY 9 PEOPLE ARE KILLED AND MORE THAN 1,000 ARE INJURED IN CRASHES THAT ARE REPORTED TO INVOLVE A DISTRACTED DRIVER…*

LET’S WORK TOGETHER TO FIGHT THIS STATISTIC.

Go to the Made-for-You section on the Trusted Choice® Agent Resource Website to have your advertisement from the Distracted Driving Campaign customized today: https://cobrand.iiaba.net/made-for-you/distracted-driving *Centers for Disease Control and Prevention (2017, June 9). Motor Vehicle Safety, Distracted Driving. Retrieved from https://www.cdc.gov/motorvehiclesafety/distracted_driving/index.html

Celebrating 50 Years 1970 â&#x20AC;&#x201D; 2020

1970 â&#x20AC;&#x201D; 2019

2020 and Beyond

Invest educates, prepares, and attracts diverse young people to new, exciting opportunities and career paths in insurance.

www.investprogram.org 8

insight

march 2020

industry | INSIGHT

Invest National Insurance Apprenticeship Approved by Dept. of Labor

New strategic direction on talent development for next generation of insurance leaders. InvestSM announced a new strategic focus on accelerating workforce development for the independent insurance agency system, including a new apprenticeship program recently approved by the U.S. Department of Labor (DOL) to train more workers for skilled jobs within the industry. Invest is a national nonprofit organization that attracts, educates and prepares diverse people to exciting new opportunities and career paths in the insurance industry and is refocusing its education mission to concentrate more directly on talent development. Invest’s new strategy is designed to attract more people - including military veterans - to an expanding industry. Large-scale retirements and advances in technology are also creating new career and entrepreneurial opportunities for the next generation of insurance leaders. With the approval of Invest’s national insurance apprenticeship standards by the DOL, Invest will now begin partnering with local Big “I” state associations, insurance companies and agencies to develop local apprenticeship programs for independent insurance agencies through a General Insurance Certificate. “Our insurance apprenticeship standards will allow us to quickly develop exciting ‘earn while you learn’ opportunities at the state level and it is truly a ‘win/ win/win’ for the insurance industry, employers and apprentices,” said Deborah Pickford, executive director of Invest. “To close the talent gap that currently exists within our industry, we must be creative and innovative in the way we compete for new talent.” Invest joins several other insurance apprenticeship programs in an “earn while you learn” model and this announcement signals an ongoing shift in the rapidly growing apprenticeship marketplace. Traditionally, U.S. apprenticeships have been focused on trades such as electricity, plumbing and heating and air conditioning, but a new type of “white collar” apprenticeship has begun to emerge, including those within the insurance industry and financial sectors.

march 2020

With record employment rates in the U.S., many industries have been affected by labor shortages. However, the situation is acute in the insurance industry. A tight labor market, aging workforce and the acceleration of baby boomer retirees has created an ongoing shortage of workers in the insurance industry. The unemployment rate for the insurance industry is 2.6%, compared to the national unemployment rate of 3.5%, according to the U.S. Bureau of Labor Statistics. “Through this new apprenticeship model, we want people to gain first-hand knowledge of how rewarding a career in our industry can be and the unlimited opportunities for professional, personal and financial growth,” explained Pickford. “We work with committed insurance leaders who genuinely care about the success of others and many of those leaders become lifelong mentors.” Along with the new apprenticeship program to be rolled out into states throughout the year, Invest will also launch a new, refreshed logo. Invest works with more than 31,000 high school students who study insurance in 46 states through its online insurance education curriculum. Invest continues to broaden its outreach with new partnerships, new schools and new content. As the industry evolves, Invest is sharpening its focus on insurance technology, as well as the vast career opportunities that can be found within the insurance community, insurance carriers and the independent insurance agency system. Learn more at the Invest website. Invest is affiliated with the Independent Insurance Agents & Brokers of America (the Big “I”).

insight

MAKE YOUR V WEDNESDAY, MARCH 18

WYNDHAM CITY CENTRE, SPRINGFIELD

3 hours CE

General Session - 2:00 pm

2020 Census Presentation - Outlook on How it Affects Illinois - Mike Fortner, Former Representative/Current Member of Census Advisory Panel Flat Tax vs. Graduated Consequences of a Graduated Income Tax - Greg Baise, Current Chairman of Ideas Illinois Benefits of a Graduated Income Tax - Governorâ&#x20AC;&#x2122;s Office Invited Legislative Issues Under Consideration in the Insurance Committees - Napoleon Harris, III, Senate Insurance Committee Chair - Thaddeus Jones, House Insurance Chair

Industry Issues Panel - 3:45 pm

There will be a panel discussion with leaders from the participating insurance associations covering current legislation affecting all lines of insurance. - Kevin Martin, Executive Director, Illinois Insurance Association - Laura Minzer, President, Illinois Life & Health Insurance Council - Phil Lackman, CEO, IIA of IL - Evan Manning, Director of Government Relations, IIA of IL, NAIFA IL, IAMIC, ISAHU

Legislative Reception - 5:30 pm

All legislators have been invited to attend this Legislative Reception held at the Illinois State Library in Springfield. This is your chance to talk to your legislator and let your voice be heard.

www.insurancelegislativeday.org

VOICE HEARD WE NEED YOUR VOICE Mark your calendar for the 2020 Big “I” Legislative Conference, Wednesday, May 13 through Friday, May 15 in Washington, DC. This annual gathering presents numerous opportunities for Big “I” Agents to meet and mingle with the country’s decision-makers. Afternoon on the Hill: Agents will have two opportunities to hit Capitol Hill to lobby members of the U.S. Senate, U.S. House of Representatives and their staff. Capitol visits will be held both Wednesday afternoon and Thursday. Congressional Speakers: Elected officials from both sides of the aisle will address the association’s membership during breakfast on Thursday morning. General Session: Jon Jensen, Big “I” Chairman, will share his perspective on the trends, opportunities and challenges facing the association and the independent agency system. Big “I” CEO, Bob Rusbuldt, will interview Fox News Anchor Bill Hemmer on Medicare for All, the 2020 Election, and major policy issues impacting the industry.

MAKE THE MOST OF YOUR MEMBERSHIP IIA of IL provides travel incentives, scheduling assistance, and opportunities for members to network with their peers and association leadership. By taking part in the conference, agents will experience the benefits of state and national association membership first-hand. First-Time Attendees are eligible for reimbursement of their two-night stay at the Hyatt Regency, conference registration, and will enjoy evening events hosted by the IIA of IL. The agent is responsible for their flight to Washington, D.C. First-time Westfield agents may qualify for additional scholarship funds through Westfield Agents Association (scholarship form available upon request). Returning Attendees are eligible to receive a travel stipend of $250, plus paid conference registration, in addition to IIA of IL hosted events. Returning attendees are responsible for their own hotel costs and travel costs that exceed the stipend provided. Hotel Information: The IIA of IL has secured a block of rooms for members at the Hyatt Regency that can only be accessed by contacting the state association. Travel incentives are available on a first-come basis until March 30, 2020. For information on travel incentives, scholarships, hotel reservations and any other questions about the trip, contact Jennifer Jacobs at (217) 321-3013, jjacobs@iiaofil.org or Evan Manning at (217) 321-3002, emanning@iiaofil.org. View additional details, including the full schedule, at www.independentagent.com/Events/LegislativeConference. march march 2020 2020

insight insight

11 11

Contrarian Thinking Can Put Us On The

Right

Track

It makes business more interesting when there are a few contrarians around. A Jeff Bezos, a Steve Jobs, or an Elon Musk, those who challenge commonly accepted assumptions. They stir our placid mental waters to get the creative juices flowing.

Today, the term manager is fading and being replaced by a leader, someone who is charged with the responsibility of assuring an enterprise meets challenges by helping people succeed.

As it turns out, the start of a new decade is a good time for a little contrarian thought - for looking at things differently. In fact, it may be helpful since we’re entering a period that will present us with far-reaching changes and daunting challenges. In other words, a time when we can benefit from getting tougher with ourselves.

In spite of an abundance of bad news and unspeakable horrors, nothing seems to stop us from hitching our wagons to a star, as the saying goes. Even though we’re faced with mountainous problems, nothing seems to curtail optimism, that tomorrow will be a better day.

Here are four contrarian thoughts about taken-for-granted ideas that may be tried but, as it turns out, not necessarily true:

1. Keep your head down and go with the flow Never raise your hand. Don’t do anything to call attention to yourself. Keep a low profile. Go along to get along. Whatever else may be said about the need for new ideas, these remain the mantras for success. Those who dare to wander off the path do so at their own peril. All of it may have worked when the goal was having managers lead organizations. Their mission was to make sure things ran like well-oiled machines. It’s no surprise that surveys indicate that a high percentage of employees (one puts it as high as 83%) are bored, want new challenges, and are actively looking for new jobs.

insight

2. Everything’s going down the drain

To be sure, there are good reasons why the idea of progress holds sway over us. Indicators over the last two centuries paint a bright picture of the future—improved health, longer lives, technological advancements, a better educated citizenry, income growth, and dozens more. All this is wonderful, except it’s not always the way it plays out in our individual lives: loved ones die, promises are broken, jobs are lost, and dreams don’t come true even when we work hard. As someone has said, “Bad things happen to good people.” They do, so It’s easy to be bitter, angry, and just plain negative. Not long ago, I spoke with a man receiving palliative care after surgery for stage 4 pancreatic cancer, which was discovered weeks after his long-anticipated retirement. To keep busy following surgery, he took a part-time job. After a few minutes on the phone, he told me he needed to get ready for work, and added, “I love it!” That’s when I came to understand the awesomeness of resilience and optimism.

march 2020

This is more than a personal issue, since it has implications in business for hiring, selecting people for promotions, and evaluating written communications and presentations, as well as working with consultants, vendors, and co-workers. Yet, I struggled with why it’s so hard to know when someone is lying. I found the answer when reading Malcolm Gladwell’s book, Talking to Strangers. He discussed the “Theory of Truth Default,” a concept developed by communications researcher Timothy R. Levine, Ph.D. We’ve all criticized others for failing to spot a liar, even though there were plenty of reasons or “red flags” to alert us to a problem. But, as Gladwell says, we should be asking something else “The right question is: were there enough red flags to push you over the threshold of belief? If there weren’t, then by defaulting to truth, you were only being human.” Here’s an example. A Board of Realtors hired a marketing consultant to help with announcing the hiring of a new president, who was to arrive shortly from another state. Even though at the last minute, several executive board members expressed concerns about the individual’s qualifications at a meeting. Sensing the situation, the consultant asked if he could be of help. They agreed. Within 36 hours, he turned up sufficient negative information to push the executive committee over the edge of belief. The employment offer was withdrawn, avoiding a potentially disruptive situation.

By John Graham 3. Don‘t sweat the small stuff

This is good advice since our lives seem to be plagued with endless amounts of irritating, time-consuming, and inexcusable stuff that drives us crazy. This is why it’s helpful to take a “water off a duck’s back” approach as a way to keep our sanity. But (and here it comes), not about everything. In a client memo, an attorney used “onerous” (it means burdensome) instead of “onus” (it means responsibility or duty), Small stuff? Just a mistake. Perhaps, but when you’re preparing a legal document that impacts someone’s life, it can be a big deal. This is why a “Don’t worry about it” attitude simply won’t cut it in a business environment, one that requires (and rewards) accuracy, clarity, and focus. Vocabulary may not save the world, but it may save your next sale, deal, or even your job.

4. I’m a good judge of people

Most of us take pride in being good at figuring out others. If asked, we would probably say, “I sure like to think I’m a good judge of character.” But, if you’re like me, it’s easy to forget about the times you were wrong about someone when it came to telling the truth. Then, we wonder why we missed it. But it still doesn’t stop us from thinking we’re a pretty good judge of people.

march 2020

Dr. Levine holds that defaulting to truth is human, which can be the easy way out. So, when we have doubts, it’s not time to remain silent but to dig deeper. While some contrarian thinking can be damaging, it can also be helpful in clarifying thinking and making better decisions. John Graham of GrahamComm is a marketing and sales strategy consultant and business writer. He is the creator of “Magnet Marketing,” and publishes a free monthly eBulletin, “No Nonsense Marketing & Sales Ideas.” Contact him at jgraham@grahamcomm.com or johnrgraham.com.

The start of a new decade is a good time for a little contrarian thought - for looking at things differently... a time when we can benefit from getting tougher with ourselves.

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2020 Powered by:

conference

April 22-23 DoubleTree Hotel

â&#x2013;

Oak Brook, IL

8 hours continuing education (pending approval) Designed to meet the needs of everyone in our industry

young agents, veteran agents, CSRâ&#x20AC;&#x2122;s

Registration Fee: $130

(Includes all education sessions, breaks, meal functions, time with exhibitors, and social function with drink tickets.)

Discounts for multiple registrations from same agency. See website for details.

Registration fee increases to $140 on April 1. A block of rooms has been secured at the DoubleTree Hotel for $114/night. Room block expires March 31.

Exhibitor, Sponsorship & Advertising Opportunities Available Thank You to Our Current Sponsors:

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march 2020

Programming & Speakers John F. Nichols

John F. Nichols, MSM, CLU is a nationally recognized disability benefits consultant, the creator of disability products and administration systems and an expert witness in disability proceedings. He is a frequent speaker at an array of local, state and national meetings, including NAIFA’s National meeting and MDRT’s Main Platform. In 1993, John had a near-death experience from a water skiing accident that left him paralyzed from the neck down to his toes. Through six years of rehabilitation, he reached a level of recovery that less than 1 percent of all spinal cord injury patients attain.

Stacey Brown-Randall

• Referrals... Without Asking • • Productivity Demystified •

Matt O’Neill

• Dare to be Different • • Six Secrets to Peak Producer Performance •

Current List of Exhibitors: Applied Underwriters Berkshire Hathaway GUARD Insurance Capital Premium Financing Continental Western Group Donald Gaddis Co., Inc. Hemphill Financial Services Markel Specialty Mercury Insurance National Catholic Society of Foresters

Omaha National Prime Insurance Company PURE Insurance PuroClean Disaster Services Roush Insurance Services, Inc. Securibly Universal Property & Casualty US Premium Finance

ing nt n e Ev l Eve cia So

DJ ■ FOOD ■ PRIZES COCKTAILS ■ NETWORKING www.ILYoungAgents.com march 2020

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e INSIGHT -

online journal at www.iiaofil.org/Resources/Insight

M AR CH 20 20

INSIGH T

TAX LA WS & TAX DEDUC TIO for In Insu depende NS rance

n Agentts

Plus

Building Diversity and Inclusion: A Modern Guide

2020 E DGE C onfere Legisla nce tive Co nferen Sales ces and Noby the Obv ious, t-So-O bvious, Numbe rs

By Leanne Bernhardt

Printed on PropertyCasualty360.com

In this monthâ&#x20AC;&#x2122;s e-Insight. march 2020

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Tax Law Changes For Your 2019 Return A year has passed since the chaos of the 2018 tax filing season. While most everyone benefited from the new tax law, it wasnâ&#x20AC;&#x2122;t without pain. I have been preparing taxes since 1985 and it was the most sweeping change I have seen since the Tax Reform Act of 1986. So, after the biggest tax law changes in nearly 35 years were enacted for the 2018 filing season, your 2019 tax return will see relatively few changes. Among them are: 1. No individual mandate penalty. Prior to 2019, people were required to have health insurance under the Affordable Care Act. If they didnâ&#x20AC;&#x2122;t get coverage or did not qualify for an exemption, they were required to pay a penalty when they filed their taxes. Starting in 2019, there is no penalty for not carrying health insurance. 2. No alimony deduction. In prior years, for a divorce agreement that included alimony payments, those payments were deductible on your Federal tax return. For the 2019 tax year, those payments are no longer deductible. In addition, the recipient of alimony will not have to claim these payments as income. This is for divorce decrees entered into in 2019 or later. 3. Higher standard deduction. The standard deduction amounts were increased for inflation. The amounts for 2019 are: Married filing jointly Married filing separately Head of Household Single

$24,400 up $400 from last year $12,200 up $200 $18,350 up $350 $12,200 up $200

4. New tax filing form for seniors. Form 1040SR is available for anyone over ager 65. It is a return like the form 1040. The difference is larger, easier to read fonts, better printability and a built-in standard deduction chart. The goal is to make it easier for seniors to file returns. Anything that can be put on a regular 1040 can be used on a 1040SR.

By Mark Kuchar, CPA

In addition to the above changes, the tax brackets widened by about 2%. For example, in 2018 a single person had to make $9,325 to be in the 10% bracket. For 2019, the amount is $9,525. The above is not intended to be tax advice. Please consult your own tax advisor to see if any of the tax changes are applicable to your individual circumstance.

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march 2020

What’s New in 2020 In December 2019, Congress passed the SECURE act and the President signed it to law. Most provisions became effective January 1, 2020 but some don’t take effect until 2021. The SECURE Act isn’t tax legislation but is focused on Retirement Plan changes. The changes are important to note as they affect both workers and employers. 1. Increased 401k eligibility for part-time employees. If you have part-time workers who worked over 500 hours a year for the past three years, they must be permitted to participate in the company’s 401k plan. Effectively, they must be allowed to make contributions from salary deferrals. You are not required to make an employer match, however. This is in effect for plan years starting after 2020. 2. Penalty free withdrawals for birth of a child or adoption. Participants can take up to a $5,000 withdrawal from a plan without paying the 10% early withdrawal penalty. Regular income tax provisions will still apply. This can be done from a 401K, 403b, 457b plan or an IRA. It doesn’t apply to a defined benefit plan. 3. Required minimum distribution now starts at 72. Currently, an individual must start taking distributions from their retirement plan or IRA at age 70 ½. Now, the required distributions don’t need to start until age 72. 4. No maximum age for a traditional IRA contribution. Under the old law, a person could not contribute to a traditional IRA after age 70 ½. Now, a person can make IRA contributions without regard to age. 5. Annuity options in retirement plan. The new law allows annuities to be offered as an investment option inside retirement plans. 6. Inherited IRA’s and defined contribution plans must be distributed within 10 years. Currently, someone who inherits an IRA or defined contribution plan could spread the distribution over the life expectancy of the oldest beneficiary. Now it must be completely distributed within 10 years. This does not apply to spouses or minor children. The SECURE ACT made sweeping changes to the retirement plan landscape. The changes listed above are only summaries of key provisions. Please do not take any actions based on these summaries. We recommend you talk with your tax advisor or investment advisor to see if and how any provision would apply to your individual circumstance. March Kuchar, CPA, is the Chief Financial Officer for the IIA of IL. He can be reached at mkuchar@iiaofil.org.

Important Deadlines March 16

Partnerships S-Corporations

April 15

Individuals Corporations Quarterly estimated tax deadlines are due April 15, June 15, Sept. 15 and Jan. 15. To view the 2020 IRS Tax Calendar, go to www.irs.gov/pub/irs-pdf/p509.pdf.

Small Business Tax Resources Here are some additional resources for learning about taxes:

U.S. Small Business Administration - Maintains a guide on navigating the tax code and staying up to date on your tax responsibilities as a business owner. - www.sba.gov/business-guide/manage-your-business/ pay-taxes - Provides helpful guide on choosing the right business structure if you are just starting your business this year. - www.sba.gov/business-guide/launch-your-business/ choose-business-structure

Internal Revenue Service - Includes information about how the Affordable Care Act (ACA) affects small business owners’ taxes. Note: Further changes to the ACA may be on the horizon. - www.irs.gov/affordable-care-act/employers - Has additional details on the Small Business Health Care Tax Credit, which provides a tax credit to small businesses that offer health care coverage to its employees. You can learn if you are eligible, and how to calculate and claim your credit. - www.irs.gov/newsroom/small-business-health-care-tax-credit-questions-and-answers - Provides resources for taxpayers who file Form 1040, Schedules C, E, F or Form 2106 as well as small business with assets under $10 million. - www.irs.gov/businesses/small-businesses-self-employed

Glossary of Tax Terms - www.efile.com/glossary march 2020

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The

Ultimate 2020 Tax Deductions Checklist for Independent Insurance Agents By New Horizons Insurance Marketing It’s tax season again, and we’ve put together a full tax deductions checklist specifically for independent insurance agents. There are a couple things to go over before we get into the checklist: Get a Professional to Help You If you run your own show, it’s important that you use the help of professional. The saying goes that hiring a CPA (Certified Public Accountant) to do your taxes can pay for itself, because they find every possible deduction for you, not to mention making sure you have all your i’s and t’s dotted and crossed. CPAs are licensed by the state, and in order to keep a license, they have to keep up with current tax laws. Regular accountants aren’t licensed. If you don’t already have a CPA, you can always do some online searching, but call several offices to get a feel for your options.

All of the information found in the following checklist is taken from Publication 535. The checklist makes it easy to see a full overview of what you can deduct, but if you need more specifics on something, feel QBID Can Save Agents Money at Tax Time Another recent change is in the introduction of the Qualified Business Income Deduction, or QBID for short (read the full explanation at www.irs.gov/newsroom/thehighlights-of-tax-reform-for-businesses). In sum, if you report your income as a sole proprietorship (which many independent agents do), you might be entitled to a deduction of up to 20% of qualified business income. Ultimately, you’re going to pay less income tax because of this deduction. You can read a lot more about QBID, plus an example scenario of how much you could save on taxes, here: https://blog.newhorizonsmktg.com/new-2018-tax-bill-issaving-independent-insurance-agents-a-lot-of-cash.

When it comes to finding deductions, it’s your job to keep track of receipts and expenses. A CPA can help you pinpoint deductions, but if you don’t have documentation to back it up, you can’t claim them.

How to Keep Track of Your Tax Deductions

What Counts as a Deduction?

A lot of self-employed workers swear by the free app Evernote Scannable, which keeps track of your receipts. You simply take a picture of the receipt, and you can save it to your Google Drive, the Cloud, or whatever application works the best for you.

According to the Business Expenses document (www.irs.gov/pub/irs-pdf/p535.pdf) put out by the IRS (Publication 535), your business expenses must be ordinary and necessary in order to be deducted from your taxes. An ordinary expense is a common or accepted expense in your industry. A necessary expense is one that’s helpful and appropriate for your business. Secondly, anything you use for both home and business must be divided up into accurate percentages. For example, let’s say you have a home office that’s 200 square feet. If your entire home is 2,000 square feet, you can only deduct 10% of your mortgage payments, insurance, utilities, repairs, and so on.

march 2020

It’s a good idea to start keeping track of your receipts now for next year’s tax season, but it can be a HUGE pain.

This can be a pain-free way to make sure you get the most money back on your taxes. Also consider using services that automate your deductions, such as MileIQ or Automatic for tracking mileage or a system like Xero for automating business expense reporting. New Horizons Insurance Marketing is a respected National Marketing Organization that believes in the power and strength of independent insurance agents. For more information, visit www.newhorizonsmktg.com.

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TAX DEDUCTIONS CHECKLIST for Insurance Agents Provided By New Horizons Insurance Marketing Car Allowance r Mileage driven (MileIQ can make this easy) r Gasoline r Oil r Repairs r Depreciation r Parking fees r Tolls r Registration fees Note: Use Schedule C and Form 2106. The standard mileage rate as of 2019 has gone up slightly to 58 cents per mile. Beginning on January 1, 2020, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be 57.5 cents per mile.

Continuing Education r State licenses r Renewals r Courses r Certifications r Subscriptions to professional, technical, and trade r

journals that deal with your business field Books

Note: Use Schedule A. Any education that qualifies you for a new career won’t count - only continuing education will.

Insurance r Health insurance r Long-term care insurance r Dental insurance r Business insurance r Part of your homeowner’s insurance r Vehicle insurance Note: Use Schedule A, Form 2106 and Form 1040. You can only deduct insurance if it’s for your business or if you’re self-employed. For homeowner’s insurance, you can deduct part of it based on the square footage of your home office.

Work Travel r Meals and entertainment r Flights r Baggage fees r Taxis r Hotels r Tips Note: Use Form 2106. Half of the meals and entertainment tab can be deducted for business-related meals and entertainment. You must keep receipts, a note of who was entertained, and what the purpose of the meeting was. Note that if the meal is lavish or outrageously expensive, it will not count as a valid deduction.

Office Space r Home office r Utilities r Heat r Lights r Power r Telephone service, but only for long-distance calls or

r r r r r r r r r

a second line (the first line is not deductible) Internet Water Sewage Office desk Repairs Reconditioning floors Repainting the interior or exterior walls Cleaning and repairing roofs and gutters Fixing plumbing leaks

Note: Use Form 8829, Schedule C, and Schedule A. For these deductions, you must divide the office space square footage by the square footage of the entire residence. Once you figure the percentage of your home that is solely for your business, you can calculate the deductions above.

Office Supplies and Equipment r Computer r Printer r Scanner r Paper r Ink r Software r Maintenance r Paper clips r Postage stamps r Presentation folders r Copying costs r Overnight deliveries r Stationary r Pens r Paper r Stapler r Docusign r Internet fees r Greeting cards Note: Use Schedule C. Your computer must be used at least 50% for business.

Random r Advertising r Charitable contributions r Tax preparation fees (only for the part of your tax return related to your business)

Note: Use Schedule A and Schedule C.

New Horizons Insurance Marketing is a respected National Marketing Organization that believes in the power and strength of independent insurance agents. For more information, visit www.newhorizonsmktg.com. 22

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march 2020

SALES BY THE OB AND

NOT-SO-OBVIO

There really is no debate that sales is in fact a numbers game. Here are some of the sales numbers you know about along with some others you may not.

THE OBVIOUS NUMBERS The more people you talk to, the more business you will do. Even a blind pig finds corn. If you talk to enough people, you will eventually bump into someone who says, “I need what you have” or, “I know someone who needs what you have.” 99.9% of the time when someone fails in sales it’s due to a lack of activity. They didn’t make enough calls to contact enough people, to get enough qualified leads, to make enough sales. The other .1% of the time, they got hit by a bus. You have to know your numbers and do the math. What is your annual sales goal? How much is your average sale? Based upon that information, how many sales do you have to make? Based upon your closing rate, conversion rate, and contact rate, how many calls do you have to make to get the necessary prospects and sales? Next, break your numbers down into monthly and weekly goals, and daily activity. Increase your daily-activity numbers above by 10 to 20% because most salespeople over estimate their success rate. If you want to increase sales, simply increase your prospecting by that amount. For example, if you want to increase sales by 20%, increase prospecting by 20%. If you want to increase your sales exponentially, increase your number of calls and get better at selling. When you get better at each aspect of prospecting, presenting, closing, and building relationships, and thus are more effective with your calls, a 20% increase in calls will lead to an increase in sales far greater than 20%.

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NUMBER

The larger your network is, the more business you will do. Your biggest issue is that not enough people know who you are and what you do. If everyone in your town and surrounding towns, knew who you were and what you did, you’d have plenty of business. Assuming of course, that once they contacted you, you were pleasant, trustworthy, and easy to do business with.

THE NOT-SO-OBVIOUS NUMBERS Years ago, you had to contact someone at least seven times before you started to get mindshare and they began to have an idea of who you were. The new number is 9 to 13 times. This is due to all the extra noise in the world these days: the internet, cell phone, e-mail, etc. On that subject… 81% appointments are set after the fourth contact. 80% of salespeople never make four contacts. 44% of salespeople never follow up at all. 28% of salespeople never make a second contact. 47% of sales go to the first company that follows up on a lead. To maximize your odds of making a sale, follow up with a lead within an hour of them hitting your website, or otherwise reaching out to you. Contact your top accounts 18 – 26 times per year because the average person starts to forget about you after 21 days. 6:00 a.m. or before = the time that most of the top salespeople wake up in the morning. 80 hours+ = the amount of time the most successful salespeople put into their business per week, the first three to five years in business.

march 2020

OBVIOUS,

OUS,

ERS

By John Chapin

There are 28 items you want to get on each one of your top clients. E-mail me if you need the list. The 80/20 Rule applies to many aspects of selling. In general, the top 20% of your accounts will generate 80% of your sales. 80% of your prime-time should be spent on sales activities: prospecting, presenting, and closing. The top 20% of salespeople make 80% of the sales. Though, in my experience, I’ve found the numbers to be more like the top 5 to 10% make 90 to 95% of the sales.

John Chapin is a motivational sales speaker and trainer with over 26 years of sales experience. He is the author of the 2010 sales book of the year: Sales Encyclopedia. He can be reached at johnchapin@completeselling.com.

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See what we can do for you at:

WWW.GUARD.COM/APPLY/

march 2020

insight

Three Tips

Inspire and Motivate Employees During Performance Reviews

By Caliper

Annual performance reviews are difficult for all involved. For the employee, they’re scrambling to remember what their goals were for the year and if they were able to meet those goals. For the manager, they’re trying to sum up a year’s worth of work and feedback into one review. There’s a lot to cover, and little time to do so.

Continuous conversations also ensure that feedback happens in real-time, and provides an opportunity for regular documentation to refer back to in future conversations. This allows employees and managers to properly recall details within the right context and timeframe, letting nothing fall through the cracks.

While organizations put a great deal of effort into the review process, the traditional method of reviewing employee performance doesn’t produce a quality conversation that’s well suited for today’s work environment. In fact, a majority of employees believe traditional reviews have no impact on their performance, and only 5% of managers are satisfied with performance reviews. Something has to change, and that’s why more and more organizations are throwing them out and rethinking their review process.

Taking it a step further, accurate reviews leverage technology and data to see how an individual’s performance stacks up against the expectations that have been laid out for them. Having key metrics available to perform such an analysis makes a big difference in the efficiency and overall development of the employee.

As you begin to transform your performance management strategies, questions will arise. How often should managers and employees meet? How will employees be rated and how does pay align with those ratings? How simple or complex should they be? Should data be involved? If so, how does data play its part? These questions can divert you from the most important aspect of reviews: employees need to be held accountable for their performance in a more inspiring, helpful way. By doing so, you’ll see more productive, engaged, and happy employees (and managers).

Fair and accurate feedback is critical to the performance of an employee. In fact, 85% would consider quitting after an unfair review. And the more infrequent they are, the more difficult it will be to recall all the details properly, which means that delivering a truly fair and accurate review is unlikely. There’s a lot of potential for change in one year, or even a few months, due to changes in leadership, personal and professional priorities, or business objectives. Having one-on-one conversations once a year doesn’t allow for changing priorities and expectations to occur naturally and in real-time. Consistent discussions better equip both managers and employees to keep their goals and development aligned with the right aspects of their greater goals as they pertain to the organization’s direction.

Frequent Reviews Make Accurate Reviews

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Don’t hold reviews just for the sake of review. While it’s an important conversation for employee development, they should also aim to accomplish something tangible and set up future expectations. Creating action-oriented goals and using frequent conversations to track an individual’s progress can dramatically increase motivation to accomplish their goals. Here are a few guidelines to making that happen:

Make Them ActionOriented

• Give both recognition and feedback. Call out what they’re doing well and encourage attention to areas of opportunity. • Revisit your old conversations. Acknowledge when things from previous conversations are moving in the right direction, and when they could use more focus. • Coach and support them. Offer them the guidance, resources, or tools they need to succeed. Instead of simply reporting back to your employees everything they’ve done since your last conversation, make sure there is a clear outcome. Set a task, deliverable, or short-term goal to complete. These conversations should not only discuss performance, but drive it, too. You want employees to feel empowered and excited about where they’re heading, and giving them small, achievable outcomes helps them feel like they’re making real progress.

march 2020

Performance reviews shouldn’t be a one-sided conversation. Managers and employees are a team and need to work together to achieve their goals. Viewing these one-on-one conversations as an opportunity for a coaching session is a more effective way to frame the matter at hand, more so than a performance review. Coaching is a form of training and development that fosters a meaningful relationship between a manager and an employee, allowing the employee to leverage the knowledge and expertise of their manager to get the tools they need to carry out their own development. By allowing individuals to contribute their own input, feedback, wants, and needs, managers provide them with an environment where they feel supported and encouraged to find success.

Work Together

Caliper, a PSI Services LLC (PSI) Business, is a global workforce solutions provider that designs robust solutions for our clients by blending best-in-class assessment content, leading-edge technology, and deep consulting expertise across the entire career life cycle. PSI has over 70 years of experience providing worldwide testing solutions to a wide variety of customers across public and private sector industries, ranging from small business to global enterprises, leading academic institutions, and government organizations. To view the original article, go to https:// calipercorp.com/blog/3-tips-for-employee-coaching-andmotivation-performance-review/.

To facilitate a forthcoming conversation with individuals you should: • Ask them about their vision for themselves • Listen with curiosity • Be accurate in your reflection by showing you understand their needs • Be supportive • Provide constructive, honest feedback • Communicate clearly These conversations should be a mutual discussion of what the individual wants and how the manager can help them get there. Conversations where the employees are being talked at, rather than listened to, can contribute to feelings of lowered morale, decreased autonomy, and less confidence. By working together, individuals gain a sense of contribution to and control over their own development, and are more likely to work towards accomplishing goals they’ve set for themselves.

EVERY RISK IS AN OPPORTUNITY COMMERCIAL TRANSPORTATION | BROKERAGE | MARINE PROPERTY & CASUALTY | SURETY | PERSONAL LINES

(800) 666-5692 | JMWILSON.COM march 2020

JM Wilson 100th Insurance Insight.indd 3

12/5/19 10:44 AM insight 27

The Importance of Personal Umbrella and Home Business

DECLINATION FORMS By Carol Wilson It is hard to remember everything when discussing the many coverage’s you can sell to your clients but the most important thing you should remember is to protect your agency if the client declines a coverage you have offered them. The best way to do this is to use declination forms. If your client takes the personal umbrella or home business coverage you have offered them, you win! You’ve secured important protection for them, and a sale for your agency. If your client declines the coverage, and you document this in your file, you still win because your agency has important protection in the event of an agency E&O claim. Agents Insurance Services (AIS), a subsidiary of IIA of IL, offers personal umbrella and home business coverages for your insureds through RLI.

RLI Personal Umbrella Highlights: • Limits up to $5 million available ($1M in NM) • Excess UM/UIM available in all states • The insured can keep their current homeowner/auto insurer • New drivers accepted - no age limit on drivers • Up to one DWI/DUI per household allowed • Auto limits as low as 100/300/50 in certain cases • Competitive, low premiums for increased limits of liability • Simple, self-underwriting application that lets you know immediately if the insured is accepted • E-signature and credit card payment options • Immediate coverage available in all 50 states plus D.C.

Top Home Business Classes for This Market Include: • Residential Inspection Services • Teacher/Tutors • Photographers • Accounting Services • Bakers • Computer Consultants • Interior Decorating • Jewelry (Costume) • Art Gallery / Art Studio • Crafts Use the customizable Home Business declination form to use when discussing potential home business risks with your clients. Download the form at www.iiaofil.org/Portals/1/HBdecline.pdf. For more information on these programs go to our website at www.iiaofil.org/Products-Services/Insurance-Coveragefor-Your-Clients. Carol Wilson, CPIA, is Director of Professional Liability and Insurance Products/Services Administrator for the IIA of IL and Agents Insurance Services. She can be reached at (217) 321-3011 or cwilson.indep12@insuremail.net.

Download the customizable PUP declination form that you can use to document that you’ve offered umbrella coverage in your client files at www.iiaofil.org/Portals/1/PupDecline.pdf.

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march 2020

farm agents council news | INSIGHT

Farm Agents Council Mid-Winter Meeting 2020 Wrap-Up By Shannon Churchill The Farm Agents Council’s (FAC) 90th Annual Mid-Winter Meeting took place January 30-31 at the Crowne Plaza in Springfield, IL. This year we had record attendance with over 170 agents and company representatives. Over the two-day event, attendees earned six hours of CE, networked with more than 25 companies and gained valuable industry knowledge. The conference, designed specifically for those in the ag, crop, and farm industry, specializes in providing tools and resources to help agents grow their business. Here are what the attendees said in a post-conference survey: • The Farm Agents Council is the single greatest opportunity to learn about new insurance products, information, and meet with carriers to grow your agency in the largest, most prevalent industry found in the Midwest. • Love the fact that these are focused on what I do every day in my office. • Instructors were well-spoken, very informative, entertaining, kept my attention and very knowledgeable. Overall attendees thought the conference was excellent and the sessions provided useful, very insightful and noteworthy information. Mark your calendars for the 2021 Mid-Winter Meeting, January 28-29. Thank you to Lisa Quest, FAC Board Member for taking pictures during the event. You can see more on the FAC Facebook page at facebook.com/FarmAgentsCouncil.

Thank you to our Sponsors of the 2020 Mid-Winter Meeting: Arlington/Roe ARMTech Insurance Services Auto-Owners Insurance Co. Central Illinois Mutual Insurance Co. Diversified Crop Insurance Services Farmers Mutual Hail Forreston Mutual Ins. Co. Great American Insurance Group Grinnell Mutual Indiana Farmers Insurance Nationwide Ag NAU Country Rain and Hail RCIS – Rural Community Insurance Services Next for the FAC is the Annual Meeting & Golf Outing, taking place June 4-5, 2020 in Bloomington, IL. The event kicks off on Thursday with the Golf Outing held at Prairie Vista Golf Course. Following golf, a cocktail reception and crop-related tradeshow with company partners will be held at the Doubletree Hotel. On Friday morning, following the Annual Business Meeting and election of officers, attendees will have the opportunity to earn their required three hours of IL Ethics credit. Make plans to join us in Bloomington. To receive information on the FAC, our events, membership or anything in general, please reach out to farmagents@iiaofil.org. Shannon Churchill is the Farm Agents Council staff Liaison and IIA of IL’s Director of Information & Technology. She can be reached at schurchill@iiaofil.org.

Stay up to date with all Farm Agent Council news through the Facebook page and website, www.ilfarmagents.com.

march 2020

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INSIGHT | associate news Thank you to our Associate Members.

Diamond Level Members

Platinum Level

Progressive Surplus Line Association of Illinois

Gold Level AAA Insurance Arlington/Roe

Silver Level Grinnell Mutual Reinsurance Company Imperial PFS IMT Insurance

Nationwide West Bend Mutual Insurance Co.

Bronze Level A. J. Wayne & Associates AMERISAFE AmWINS Brokerage of the Midwest, LLC Auto-Owners Insurance Co. Berkshire Hathaway Guard Insurance Companies Columbia Insurance Group Continental Western Group Donald Gaddis Company, Inc. Donegal Insurance Group Encova Insurance Erie Insurance Group Foremost Insurance Group Forreston Mutual Insurance Company Frankenmuth Insurance Grange Insurance Illinois Mine Subsidence Insurance Fund Illinois Public Risk Fund Indiana Farmers Insurance Insurance Program Managers Group J C Restoration J M Wilson Kemper Keystone Insurance Group, Inc. Liberty Mutual/Safeco Insurance

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Madison Mutual Insurance Company MarshBerry Maximum Independent Brokerage, LLC Mercury Insurance Group MetLife Auto & Home Midwest Insurance Company miEdge PEOPLE Previsor Insurance ProAg Management Inc RT Specialty - Naperville Selective Insurance Company of America ServiceMaster DSI Society Insurance Specialty Risk of America Transcom General Agency Travelers UIG - The Agent Agency United Fire Group Universal Property & Casualty W. A. Schickedanz Agency, Inc./Interstate Risk Placement Western National Insurance Westfield

march 2020

iia of il news | INSIGHT

Education Classes

april

march

3 9 9 10 10 10 11 11 18 19 19 23 24 24 25 26 26 26 31 31

Pre-Licensing-Property & Casualty Rolling Meadows Pre-Licensing Course Life & Health Rolling Meadows Pre-Licensing-Property & Casualty Springfield E&O: Commercial Liability Coverage Gaps Webinar E&O: Roadmap to Homeowners Insurance Webinar Ethics and E&O Webinar CISR-Personal Lines Miscellaneous Rolling Meadows CIC-Personal Lines Rolling Meadows Ethics Rolling Meadows CISR-Agency Operations Bloomington Ethics and Agent Liability Webinar E&O Roadmap to Personal Auto & Umbrella Webinar E&O Risk Management Webinar Pre-Licensing-Property & Casualty Belleville CISR-Insuring Personal Residential Property Orland Park Pre-Licensing Course Life & Health Belleville MasterMind Focus Group Joliet MasterMind Focus Group Westmont E&O: Roadmap to Policy Analysis Webinar CISR-Life & Health Essentials Springfield

iiaofil.org/Mastermind-Groups

1 2 6 13 13 13 14 14 14 14 14 15 16 21 23 28 28 29

CIC-Life and Health Springfield CISR-Personal Auto Exposures Rolling Meadows Pre-Licensing-Property & Casualty Springfield E&O Roadmap to Personal Auto Webinar E&O Roadmap to Personal Auto & Umbrella Webinar Pre-Licensing-Property & Casualty Rolling Meadows E&O: Roadmap to Personal Auto & Umbrella Webinar E&O: Commercial Property Coverage Gaps Webinar E&O Roadmap To Homeowners Endorsements Webinar E&O/HO Endorsements/Inland Marine Webinar Pre-Licensing Course Life & Health Springfield Agents E&O : Duties, Operations, Checklists Webinar E&O Roadmap To Policy Analysis Webinar MasterMind Focus Group Vernon Hills CISR-Personal Auto Exposures Springfield E&O Risk Management Part Webinar Ethics and the Law Webinar Culture, Ethics, and E&O Webinar

New Members

member agencies

Alpha Omega Agency, Inc. - Addison, IL Mealiff Insurance & Financial Services, LLC - Mendon, IL

march 2020

insight

Board of Directors Pro

Bart Hartauer, CIC Region 4 Director

Hartauer Insurance, Inc., LaSalle, IL Owner Number of Years with Agency: 35 Year You Started in Insurance: 1985 Education: Bachelorâ&#x20AC;&#x2122;s Degree - Business Administration, Illinois State University Current or Past Civic, Political, or Community Service Activities: - Rotarian Past President twice. - Served on the LaSalle Little League board for many years - President of LaSalle Business Association - LaSalle Businessperson of the Year 2019 What do you feel are major challenges facing our Association today? Attracting young agents and social media opportunities. What suggestions do you have to respond to these challenges? College Job Fairs and classes offered on social media through the association. What do you see at the greatest benefit to IIA of IL membership? Strength in numbers and networking. What prompted you to get involved in the Association? Attending the conventions in the past I felt I could offer ideas to help advance the association.

Allyson Padilla, AAI Young Agents Committee Chair Blankâ&#x20AC;&#x2122;s Insurance Agency, LLC, Olney, IL Agent Number of Years with Agency: 12 Year You Started in Insurance: 2008 Education: BS in Marketing - Millikin University

Current or Past Civic, Political, or Community Service Activities: Current: - Olney & Greater Richland Chamber of Commerce Board Member (former VP 17-18 & 18-19) - Education Resources Foundation for Academic Excellence Board Member Past: - Olney Central College Foundation Board Member What do you see as the greatest benefit to IIA of IL membership? I think the exposure that you get to everything, from other agents to companies, to the national level.

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march 2020

rofiles

Nick Gunn, CIC Regin 5 Director

Nixon Insurance Agency, Inc., Peoria, IL Vice President Commercial Insurance Number of Years with Agency: 11 Year You Started in Insurance: 2006 Current or Past Civic, Political, or Community Service Activities: - Board Member, Steve Maxheimer Scholarship Foundation since 2011 - Board Member, Associated Risk Managers of IL since 2018 What do you feel are major challenges facing our Association today? I feel the major challenge facing our Association today is communicating to our member agencies the benefits that the IIA of IL brings. What suggestions do you have to respond to these challenges? As an Association, we have to look for ways to promote the Independent Insurance Agency “Brand”. We also have to look for ways to help our member agencies with technology to compete with the InsureTech disruptors and Direct writers. What do you see at the greatest benefit to IIA of IL membership? The greatest benefit of the IIA of IL membership is the government relations work that Evan and Phil do on behalf of the association. Outside of government relations, I think the technology task force that the association has decided to create will be a huge benefit in the future. In the long-term, the work of the Young Agents Committee is imperative in getting the next generation of insurance professionals engaged in the industry.

What prompted you to get involved in the Association? The opportunity to get involved in the association was something that I was inspired to do after the passing of Dave Nixon, our agency’s previous owner. Before his passing in 2018, he was a co-chairmen on the task-force in the merging of the PIA and IIA in the early 90’s. I felt that it was important to continue our agency’s involvement in the association. In addition to that, the networking opportunities that come with being involved in the association help create and foster relationships within the industry.

What advice do you have to share with someone considering a volunteer position with the IIA of IL? Do it! Just like anything else, what you put into the association is what you get out. It is worth the time to get involved!

march 2020

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INSIGHT | classifieds for the insurance professional by the insurance professional

AGENCY FOR SALE.

27. Long-time Metro East agency for sale. 1.8MM premium, 70% commercial. Great opportunity for young agent who wants to be his/her own boss. Owner to stay on to assist in transition. Serious inquiries only.

Tami Hubbell thubbell@iiaofil.org Reference #AFS27

20. Since 2004, Central Illinois Agents Group LLC has been providing independent agents with a variety of markets with contingency opportunities. Agents have availability to several markets that they may not be able to sustain or maintain on their own. We have markets for personal, commercial, agricultural and crop insurance lines. Let us help you get to the next level.

Visit www.ciagonline.com for contact information.

AGENCY/AGENTS/PRODUCERS WANTED.

02. Forest Park/Oak Park agency for over 60 years, will meet your needs by providing space, markets, marketing & sales support, automation, merging with or purchasing your agency. Perpetuation/ Succession Plans, BuySell Agreements also available. We have experienced, educated and dedicated staff for you and your clients. Have access to our numerous companies, office services and many other resources. Retain ownership in your book with contingency. Please look closely at us- we are an agency you want to do business with! We’ve done it before, we know how- we make it easy! Visit our website at forestagency.com/agents.html, or call for a confidential discussion and a list of Agency benefits. Dan Browne will provide an agency evaluation/appraisal at little cost to you. Please call:

Dan Browne or Cathy Hall Forest Agency (708) 383-9000 www.forestagency.com/contact-us/mergersacquisitions/

AGENCY WANTED.

OPPORTUNITIES/SPACE AVAILABLE/RETAIN OWNERSHIP

13. We are a 100 year old Northbrook agency looking to discuss any mutually beneficial opportunity. Our producers, mergers, clusters and agency purchases receive 50% commissions on new and renewal business without any expenses. We can provide: office space, phones, agency management system, service renewals and changes. The companies we represent are: Badger Mutual, Employers Mutual, General Casualty, Guide One, Hartford, Kemper, Progressive, Rockford Mutual, Safeco, State Auto, Travelers and Met Life. Contact:

Nancy Solomon Martini, Miller & Schloss, Inc. (847) 291-1313 Ron@martini-miller.com

Something on your mind? Take advantage of this FREE opportunity. The IIA of IL is hosting a series of focus groups around the state to give members the chance to share and discuss challenges you or your agency face. This is open to all staff within the agency. Please join us for this informal discussion focusing on topics like marketing, staffing, agency operations, and more. We want to hear from you so that we can help enhance your agency and provide tools and resources for ease of doing business. March 26 - Joliet Noon - 2:00 pm Will County Meeting Al’s Steakhouse

April 21 - Vernon Hills Noon - 2:00 pm Northeastern IL Local Maggiano’s

March 26 - Westmont 4:00 - 6:00 pm DuPage IIA Grill 89

May 5 - Carbondale 9:30 am - 11:30 am In conjunction with the Region 1 Wine Tour Holiday Inn

June 18 - Effingham 9:00 - 10:30 am In conjunction with the Professional Insurance Counselors group Niemerg’s Steakhouse Additional dates & locations to be announced.

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march 2020

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e-Insight - March 2020

Articles inside

Contrarian Thinknig Can Put Us on the Right Track

Sales by the Obvious, and Not-So-Obvious, Numbers

Three Tips to Inspire and Motivate Employees During Performance Reviews

The Ultimate 2020 Tax Deductions Checklist for Independent Insurance Agents

Make Your Voice Heard - State and National Legislative Conferences