CLASSPASS WEBINAR SERIES -...

CLASSPASS WEBINAR SERIES

Risk Management & Insurance 101

Today’s AgendaIntroduction

AJG Background

Insurance 101 and Risk Management

Claims Procedures

Recap/Questions

• Kenny Slattery– Client Service Manager

• Amy Kansay– Area Assistant Vice President

Speakers

AJG Background

Claims Procedures

Recap/Questions

Introduction: Who is Arthur J. Gallagher and Why Are They Here?

• 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

Where Are We Located?

• 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

AJG Background

Claims Procedures

Recap/Questions

Insurance 101: Types of Coverages

Liz – The Owner of “Perfect Body Workout Studio”Joe – The Employee

Meet Liz & Joe

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

Automobile Liability

Workers Compensation Professional Property Additional

Coverages

• 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

General Liability

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

• 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

General Liability

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

• 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

General Liability

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

• 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

General Liability

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

General Liability

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

• Situation 1: Joe’s Cigarette

• Risk Management: Look for sprinklered buildings. If not possible, have extinguishers in place.

Sample Property Claim

General Liability

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

• 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

AJG Background

Claims Procedures

Recap/Questions

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.

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

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

Life of a ClaimStart to Finish

Claim Occurs

Information Collected

Reported to Carrier

Carrier Opens/Assigns

Adjuster is Assigned to

Carrier Investigates

Carrier Creates Reserve

Client is Paid

(Possible Subrogation)

AJG Background

Claims Procedures

Recap/Questions

• 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

Questions?

Kenny Slattery & Amy Kansay

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