classpass webinar series -...
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© 2017 ARTHUR J. GALLAGHER & CO. | BUSINESS WITHOUT BARRIERS®
CLASSPASS WEBINAR SERIES
© 2017 ARTHUR J. GALLAGHER & CO. | BUSINESS WITHOUT BARRIERS®
Risk Management & Insurance 101
© 2017 ARTHUR J. GALLAGHER & CO. | BUSINESS WITHOUT BARRIERS® 3
Today’s AgendaIntroduction
AJG Background
Insurance 101 and Risk Management
Claims Procedures
Recap/Questions
© 2017 ARTHUR J. GALLAGHER & CO. | BUSINESS WITHOUT BARRIERS® 4
• Kenny Slattery– Client Service Manager
• Amy Kansay– Area Assistant Vice President
Speakers
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Today’s AgendaIntroduction
AJG Background
Insurance 101 and Risk Management
Claims Procedures
Recap/Questions
© 2017 ARTHUR J. GALLAGHER & CO. | BUSINESS WITHOUT BARRIERS®
Introduction: Who is Arthur J. Gallagher and Why Are They Here?
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• Founded in 1927 by Arthur J. Gallagher, one of the pioneers of risk management.
• From one office in Chicago, Arthur J. Gallagher & Co. has grown to over 710 offices in 30 countries with total Brokerage & Risk Management revenues of $4.25 billion*.
• Publicly traded (NYSE:AJG) industry leader still run by its founding family—yet decidedly not run like a family business. Instead, we’re a company with over 24,500 family members.
• Recognized as one of Ethisphere’s “World’s Most Ethical Company” in 2017 for 6th consecutive year
• Arthur J. Gallagher & Co. offers client-service capabilities in more than 150 countries around the world through a global network of correspondent brokers and consultants.
Arthur J. Gallagher & Co. Our company at a glance
* As of December 31, 2016
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Where Are We Located?
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• Teach/Educate Owners and Employees on the many different insurance coverages
• Discuss Risk Management and Claims:– Steps to take to protect your gym– Steps to take to protect your employees– Ways to prevent claims– What to do in the event of a claim
Why Are We here?AJG and YOU
© 2017 ARTHUR J. GALLAGHER & CO. | BUSINESS WITHOUT BARRIERS® 10
Today’s AgendaIntroduction
AJG Background
Insurance 101 and Risk Management
Claims Procedures
Recap/Questions
© 2017 ARTHUR J. GALLAGHER & CO. | BUSINESS WITHOUT BARRIERS®
Insurance 101: Types of Coverages
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Liz – The Owner of “Perfect Body Workout Studio”Joe – The Employee
Meet Liz & Joe
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AKA “Slip and Fall” Insurance
• Coverage to protect you from a variety of claims including:– Bodily Injury (Slips and falls)– Property Damage– Personal Injury (Libel and Slander)– And others that can arise from your business operations
• It only takes one accident!
General Liability
General Liability
Automobile Liability
Workers Compensation Professional Property Additional
Coverages
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• Situation 1: Joe’s Gym Bag
• Risk Management: Instruct all employees and clients to keep bags in designated areas. Avoid fall hazards.
Sample General Liability Claim
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General Liability
Automobile Liability
Workers Compensation Professional Property Additional
Coverages
Coverage for Auto related accidents
• Insurance that pays other parties when they are hurt or their property is damaged in an accident
• Regardless of 0, 5, or 50 vehicles, some form of Automobile Liability is needed!
• No cars? Still need Hired & Non-Owned Automobile Liability
Automobile Liability
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• Situation 1: Joe’s Lunch Trip Detour
• Risk Management: Accidents happen! If employees are ever using their own vehicles for business, you need the appropriate insurance
Sample Automobile Liability Claim
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General Liability
Automobile Liability
Workers Compensation Professional Property Additional
Coverages
Coverage for you and your employees
• Legally obligated to maintain Workers Compensation• Can be provided through three instances:
– Private Insurance Company (Similar to General Liability/Automobile Liability)
– The State– Payroll Provider
• Coverage for workplace related injuries:– Over-exertion, Slips, trips, and falls,– Struck by objects
Workers Compensation
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• Situation 1: Joe Changing a Light Bulb
• Risk Management: Mark off working area. Create safe and level surfaces for ladder. Hire contractors for professional work.
Sample Workers Compensation Claim
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General Liability
Automobile Liability
Workers Compensation Professional Property Additional
Coverages
Coverage for Professional/Personal Services
• Sometimes referred to as “Errors and Omissions” insurance
• Claims that arise from professional services provided• Almost any service you provide could result in legal
action• Two Types: Professional for your Gym, Professional
for your trainers
Professional Liability
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• Situation 1: Joe’s Jazzercise Class
• Risk Management: Instruct all clients to not over-exert themselves and listen to their body.
Sample Professional Liability Claim
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General Liability
Automobile Liability
Workers Compensation Professional Property Additional
Coverages
Coverage for your Building, Equipment, and Income
• Aka “Fire Insurance”• Whether you own or lease your workspace, business
property insurance protects your physical assets• What it can cover:
– Your Building– Your Equipment– Your Loss of Income
Property
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General Liability
Automobile Liability
Workers Compensation Professional Property Additional
Coverages
National Flood Insurance Program
• If you are in an certain flood zones, the government can provide you flood insurance through NFIP.
• Most, if not all, policies will exclude flood in certain flood zones
• 80% of business in Houston did not have proper flood coverage in place
• Maximum of $500,000 for your building• Maximum of $500,000 for your contents
Flood
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• Situation 1: Joe’s Cigarette
• Risk Management: Look for sprinklered buildings. If not possible, have extinguishers in place.
Sample Property Claim
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General Liability
Automobile Liability
Workers Compensation Professional Property Additional
Coverages
Enhancements, Additional Policies, Etc.
• Abuse and Molestation– If any daycare/babysitting is involved, this is highly
recommended
• Employment Practices Liability– Coverage in the event of a suit relating to poor
practices, sexual harassment, or discrimination
• Umbrella– Excess coverage to provide your business higher limits.
Sits over most* policies and coverages
Additional Coverages
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• AJG partnered with ClassPass in 2016 • Developed proprietary website to Rate/Quote/Purchase
insurance policies tailored specifically for gyms:Link: AJG.com/ClassPass – Simple Online Application– Fast Review– Extensive Coverages– Competitive Pricing
Obtaining Correct CoveragesAJG and ClassPass
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© 2017 ARTHUR J. GALLAGHER & CO. | BUSINESS WITHOUT BARRIERS® 27
Today’s AgendaIntroduction
AJG Background
Insurance 101 and Risk Management
Claims Procedures
Recap/Questions
© 2017 ARTHUR J. GALLAGHER & CO. | BUSINESS WITHOUT BARRIERS®
Claims Procedures
Risk Management is All About YouYou are unique. Your solution must be, too.
The right solution is one that is tailored to you.
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Steps to take to reduce chance of a claim
• Keeping a clean and organized workout environment– Putting away equipment when completed– Wiping up excess sweat– Cleaning before/after workout classes
• Check and routinely repair workout equipment– Looking, listening, and inspecting the machines– Listening to client’s complaints of equipment
• I.E. “Squeaky” treadmill could be a bigger issue than just noise
Claims
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What to do in the event of a claim
1. Relax - You have insurance2. Collect information
1. Speak to claimant2. Speak to witnesses3. Take photos4. Have written accounts of what happened
3. Call your insurance broker / file a claim with the insurance company
It is important to document any possible claim. Take photos, speak to clients; the more information the better. Claims can come years after an incident that seemed to have gone away.
Claims, Claims, Claims
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Life of a ClaimStart to Finish
Claim Occurs
Information Collected
Reported to Carrier
Carrier Opens/Assigns
Claim
Adjuster is Assigned to
Claim
Carrier Investigates
Carrier Creates Reserve
Client is Paid
(Possible Subrogation)
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Today’s AgendaIntroduction
AJG Background
Insurance 101 and Risk Management
Claims Procedures
Recap/Questions
© 2017 ARTHUR J. GALLAGHER & CO. | BUSINESS WITHOUT BARRIERS® 34
Recap
• Starts with You!– Having the proper coverage in place
• Protects your business• Protects your employees• Protects yourself
– Taking the necessary steps to maintain and mitigate risk
– Documenting ANY possible claim• May seem small/unimportant but they
can grow to large amounts.
Insurance/Risk Management
© 2017 ARTHUR J. GALLAGHER & CO. | BUSINESS WITHOUT BARRIERS®
Questions?
© 2017 ARTHUR J. GALLAGHER & CO. | BUSINESS WITHOUT BARRIERS®
Kenny Slattery & Amy Kansay