Professional Liability Insurance Group - Volume 20

The PLIG Professional’s PULSE

Volume #20

SERVING YOU! Celebrating 20 Years

other professionals, such as lawyers, accountants, architects, and engineers. Over the years, we’ve also worked to secure access to many different types of A-rated insurance carriers for both professional and commercial liability. Fast forward 10 years, and we are now able to offer


This year marks the Professional Liability Insurance Group’s 20th year of servicing professionals and business owners of all types. I want to take this time to say, “THANK YOU!”Thank you for trusting us and working with us as business partners to enable us to protect you and your business!

a full suite of commercial insurance policies that protect businesses of all types. As an independent broker, we can truly service our clients’ needs with the best possible options and strategies so that they are fully protected for the lowest possible price, and that helps me to sleep better at night. We have also expanded geographically beyond New Jersey by serving Pennsylvania and Delaware. Nonetheless, our roots remain firmly grounded in New Jersey. Giving back to the community and those less fortunate has always been a part of who I am.To that end, I am happy to share with you that I currently serve as an executive board member on two local nonprofit organizations; as board chair with Big Brothers Big Sisters of Cumberland & Salem Counties (BBBSCS), and as treasurer and second VP of our local Cumberland Cape Atlantic YMCA. Both of these organizations help so many people of all ages, and their organizations are filled with caring people as well. It’s a true honor to volunteer for each of these great missions. Looking back over the last 10 years (and 20 that the agency has existed), I see insurance agencies being acquired and merging, in line with what’s happening in many of the professional practices and firms of our clients. I’m thankful that since having acquired this agency in 2007 we have managed to hold our ground and continue to help protect our clients as independent brokers.To that end, I want to again say thank you to each and every one of you as we celebrate 20 years of service! Thank you, thank you, thank you! Here’s to another 20 years! - Shayne

I’d also like to take a few minutes to walk you back through our history and how we came to be where we are today, 20 years later.

Personally, I am truly blessed and grateful to be in a place where I can serve the community by taking care of our clients. I take pride in giving back in any way possible to help people both personally and in their business. I’m a firm believer in the fact that it’s all about giving back and paying it forward! As an agency, we truly would not be here today if it weren’t for the two-way trust and partnership we have with each of our clients.Without their long-term relationships with our agency, we would never have survived the global financial crisis in 2008 that occurred shortly after I purchased the business. The Professional Liability Insurance Group began serving clients in 1997.When the agency was founded, it catered primarily to physician clients as a direct result of the medical malpractice crisis that unfolded in the late 1990s and early 2000s.Ten years later, in 2007, after climbing the corporate ladder for an international pharmaceutical company, I purchased the business and made it my own.The main reason I left the security of the corporate world for the great unknown of business entrepreneurialism was to be able to better control my own destiny and spend more time with my family while our children were young. Little did I know the challenges that lie ahead in owning a business! When I originally bought and took over operations of the business in 2007, I knew that diversification and expansion were critical to the company’s future. Little did anyone realize that we would need to diversify expeditiously with the financial crisis of 2008 unfolding, and all just to survive! With that in mind, we expanded our services to include Where It Began


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‘Boundaries for Leaders’


Believe it or not, you can maintain that culture while remaining, as Dr. Cloud puts it, “ridiculously in charge.” What to Do The best leaders set boundaries that empower people and teams to reach goals, while rooting out bad behavior proactively.They have to do this in a way that works with people’s brain functions of attention, inhibition, and working memory. If you’ve never approached leadership from this psychological point of view, it’s a refreshing take that can work wonders on the efficiency and effectiveness of any team. Ultimately, the book encourages you to view leadership as creating the conditions that allow people to use their brains to realize visions in the absence of distraction.That means creating the right boundaries — boundaries that produce freedom without control.

Whether you’re an executive or an aspiring leader, Dr. Henry Cloud, author of the groundbreaking book “Boundaries for Leaders,” might have something to say about it. Marrying the fields of clinical psychology and leadership consulting, Dr. Cloud delves deep into the mind to find rich insights into the psychology of leadership. In fact, he literally redefines the word in the process.

Redefining Leadership Dr. Cloud defines leadership as simply “the process of turning a vision into a reality.” Sounds simple, right? It’s also completely accurate.

dreams are only possible with the help of others who can take your ideas and make them actionable. Plus, they tend to make the journey more enjoyable if you hire the right people and set the right boundaries. That’s why leaders need to invest time and energy into creating teams and workplace cultures that support productivity while maintaining employee satisfaction. It doesn’t take a clinical psychologist to tell you that unhappy people don’t stay productive for long. Without a sense of ownership — with you stepping over boundaries onto projects they should own for themselves — they won’t have that motivation.

Whether your vision is a successful business or a successful family, you need leadership skills to achieve your goals. But you can’t do it alone. You need to achieve your dreams with people and through people.The most worthwhile

How to Calculate the Lifetime Value of a Customer

A. The money spent by each customer (the revenue your business gains per customer, factoring in the margins of the products or services you provide) B. The time frame for each customer purchase (the average amount of time you keep a customer)

THE LIFETIMEVALUE OF A CUSTOMER IS AN EASILY OVERLOOKED AND OFTEN UNDERUTILIZED CONCEPT. DON’T RISK DOINGYOURSELF ANDYOUR BUSINESS A HUGE DISSERVICE. Why track customer lifetime value, or CLV? When you know the CLV, you have data you can use to your advantage.This data can be applied to customer retention initiatives, marketing campaigns, referral programs, and, most importantly, keeping repeat customers happy. Plus, when you know the current CLV, you can work to improve that number. There are different ways to calculate CLV, and some methods are more complicated than others. At a minimum, you need to be tracking the following data points:

Wikipedia entry for customer lifetime value). The more data you have to pull from, the more accurate the number will be. For instance, if you’ve been tracking A, B, and C for the past six years, you will have a more accurate picture of CLV than a business that started tracking last year. Think of it as an efficiency formula.With this data, you can determine which are your best customers and which are not. From there, you can tailor your marketing endeavors and get far more out of your marketing dollar.

C. The initial cost to acquire a customer

With this data, you can then calculate CLV:

A x B – C = CLV

Just keep in mind this number is based on averages and will not give you precise information (for a more comprehensive method of calculating CLV, check the

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We provide informative articles and topics that focus on information for businesses of all types. Recent blogs to check out:

• Ridesharing: Think your commercial auto policy covers you if you drive for Uber, Lyft, or Sidecar? Think again.

• Three Things You Can Learn From The Most Profitable Law Firms • Grow Your Business With Online Payments

Take a look below to see a sneak peek of this month’s blog topic!

How to Get Liability Insurance Before You Take Over a Building

When you occupy a building, you are liable for any incidents that may occur in the building. So, if someone falls because there’s loose flooring, you could have a claim made against you.Without the proper insurance in place, this can significantly affect your financial forecast or put your business in danger. Liability insurance does protect you. It will cover the compensation and legal costs that may result from such a claim. However, you can’t wait until you’ve moved into the building before taking the insurance out.What if someone injures themselves in your new building moments after the contracts are exchanged?

This isn’t as difficult as it seems.The best person to speak to is your insurance broker.They will be able to advise what insurance is necessary for the move, as well as when to start the insurance.This might be the day before you take over or slightly longer, depending on the specific circumstances. Remember that you might also need to get insurance if the building is undergoing construction or any other maintenance work before you move in.There are 79,000 construction-related work accidents every year. So be sure that you are protecting yourself should one of your construction team injure themselves. If you are having work done on the building, buy your liability insurance before the work commences. Liability insurance is important for your business. It protects your business from claims when there are accidents on your new premises, so make sure you have this arranged as soon as you are responsible for the place. This article recently appeared on the Professional Liability Insurance Group’s blog. For more great resources and insight from Shayne Bevilacqua, be sure to visit Conclusion

If you’ve only just moved in and had no time to make necessary repairs, even if you’ve planned them, you’re technically at fault.

Getting Insurance BeforeYou Move In

You need to protect your business and your finances.Therefore, you need to buy liability insurance to ensure you are covered before anyone steps foot on the premises once you are responsible.

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How to Make Business Travel Better

and the line is much shorter. In some cases, flyers wait a mere five minutes in TSA Precheck compared to 80 minutes in the standard security line. Learn how to apply at Book a Hotel NearYour Meetings Transportation fees can take a hefty chunk out of your travel budget, even after you step off the plane. BusinessTravel News’ 2015 CorporateTravel Index estimated travelers drop an average of $46.89 per day on their rental car. Even rideshare apps like Uber and Lyft can add up fast when you use them to get back and forth between your hotel and the conference center each day. Save yourself some cash and book a hotel within walking distance of where your meetings will be held. Plus, after sitting in meetings all day, a brisk walk outside can do wonders for your health. Eat Right and SleepWell When you’re in a rush to get from the hotel to your meeting, you might be tempted to grab a donut from the coffee shop. Resist the urge!You don’t need to add to the stress of the trip by falling into unhealthy habits. Don’t let your diet become nothing but fast food. Pack an extra water bottle, avoid alcohol or heavy foods before a flight, and get enough sleep each night. Until teleportation technology like that in “StarTrek” becomes a reality, traveling for work will continue to be a hassle. But if you’re smart and well-prepared, it doesn’t have to be something to dread.

The Global BusinessTravel Association estimates around 488 millionAmericans fly for business every year.There are millions of conferences,meetings, and continuing education courses across the country.These trips are important, but getting to them can be a pain. If you were exhausted by your last business trip, here are some tricks to make the next one easier. FlyThroughAirport SecurityWithTSA Precheck One of the most trying parts of airline travel is the time-consuming experience of theTransportation Security Administration, orTSA. Long lines inch slowly along as you hurry to remove your shoes, empty your pockets, and locate all the liquids in your carry-on luggage. Say farewell to this headache withTSA Precheck.Travelers who qualify forTSA Precheck don’t have to remove their shoes, jacket, or belt; electronics and any 3-1-1 liquids remain in your carry-on;



Remember, networking is not the same thing as a sales pitch. 2. Don’t Forget to Listen Networking works best when it’s a two-way street.You can’t expect somebody to listen to you for five minutes, only for you to head to the snack table as soon as they start telling you about their company in return.The mutually beneficial nature of networking allows for a conversation about business to become a platform for building a relationship. Odds are everyone at your conference is trying to network just as much as you are. 3. Have a Card, Seriously Imagine this scenario:You’re at a conference and you’ve just finished up a fruitful, engaging conversation.The person you’re talking to hands over their business card, and you realize

you don’t have one to provide in return. Nobody wants to end up being the person scribbling their contact information on a napkin. 4. Network From Home LinkedIn isn’t just for finding a job or screening employees. It can be a powerful networking tool for business owners. Because you can see the connections of your connections, it’s not hard to reach out to people in similar roles or industries. 5. BeYourself Your personality and values should be an integral part of your business, and networking should be an honest conversation, even when the end goal is developing a business relationship. Be confident in who you are, and you’ll find that people will believe in your vision.

Successful networking benefits all business owners, whether they’re just getting started or trying to grow their business.These face-to-face meetings with other entrepreneurs, however, can be awkward and difficult for some people. Interfacing with industry leaders, experts, and like-minded CEOs doesn’t have to be anxiety- inducing, even if you’re naturally shy. Here are some tips to help you network more effectively at your next industry seminar or small-business conference. 1. Prepare There are a few great ways to get yourself into the networking mindset before an event. You should have a few talking points ready. It shouldn’t sound like a formal presentation with bullet points. A few words about who you are, what you do, and why you do it will suffice. And you don’t want every word drilled down.


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How it works All you have to do is tell a friend, a colleague, or any professional you know about us and make sure they tell us you sent them ... that’s it! Remember, protecting professionals is our specialty! You can refer any commercial business of any size, big or small, such as an accounting or law firm, a physician practice or health care facility, an architecture or engineering firm, or even your local restaurant or dry cleaner. What you win 1. For each referral, we will automatically send you a $10Wawa gift card! 2. Each referral automatically enters you into the quarterly drawing for a $50Visa gift card! 3. Each referral also enters you into the annual drawing for your choice of an iPad Mini or an Amazon Kindle Fire HD. 4. For each referral we receive, we will also donate $20 to a charity * of your choosing. *Charity must be a registered 501(c)(3). Remember, without your referrals and much appreciated testimonials, we would not be where we are today.Your words encourage us to do our best and help other professionals decide to do business with us.You can call 856-692-7702, fax 856-691-0059, or email your referrals and kind words to And, as always, we want to say “Thank you!” for the professional relationship we have with each of you!

• •

You don’t have to be a client to receive your freeWawa gift card.

There is absolutely no limit to how many times you can enter.

• Our contest is not in direct relation to any insurance sales.You’ll be rewarded simply for the lead. • You do not have to be present at the drawings to win. • Your referrals do not have to become our client for you to claim your prize. • We are not responsible if the law says you can’t win due to age or any other restriction.


The PLIG P u z z l e Challenge At the Professional Liability Insurance Group, we know just how bright and intelligent our newsletter readers are, which is why we are happy to challenge you with this puzzle! All you have to do is answer the puzzle challenge correctly, take a picture of it, and send it to us. Email to info@Protect, fax to 856-691-0059, or call 856-692-7702 to read off your answers.The winner will be selected from a random drawing of all correct responses submitted prior to printing our next newsletter, and will win a $20Wawa gift card! Good luck!

2 9 3 1 8 4 3 6 5 7 Question: What is the next term in this sequence?

Answer to last month’s brain teaser:

Sophie could for example ask Martin the following:

“I have the number 1 or 2 in mind. Is the number that you have in mind larger than the number I have in mind?” The answer “yes” means that Martin has the number 3 in mind. “I don’t know” means 2, and “no” means 1.


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Celebrating 20Years Serving You! Redefining LeadershipWith ‘Boundaries for Leaders’ Get More Out of the Lifetime Value of Your Customers Check Out New Content on Our Blog! Getting Liability Insurance Before Taking Over a Building Don’t DreadYour Next Business Trip 5 Networking Tips for Small-Business Owners Referral Contest The PLIG Puzzle Challenge CanYou Download Company Culture?






Nerf gun wars, pingpong battles, food fights … what do these activities have in common? Besides happening at an elementary school playground, they might be coming to a workplace near you.With the realization that a healthy balance of work and play increases productivity, companies are looking for ways to integrate both.That’s where tools like Slack come in. Slack is a group messaging platform that boasts the ability to streamline email and organize all of your to-dos in one place. Benefits include the aesthetically pleasing interface and bots that carry out tasks and give you reminders (for example,“Today is Mary-Anne’s birthday. Order her cake from Dairy Queen at 10:00 a.m.”). But probably its most valuable feature is that it’s actually fun to use. For managers wanting to insert culture into the workplace, the “cool” factor of Slack is hard to overlook. Multiple channels of conversation allow employees to engage in GIF-offs and Pokemon battles while sharing their favorite snippets on Twitter. Concerned that Slack conversations are going to keep employees from their work? Consider its original intent, which is to streamline workflow and increase workplace efficiency.While it can be easy to get distracted in all the

Slack conversations, with so many distractions on the internet, isn’t that true anyway? Unless your company blocks Facebook, Instagram, and all social media channels (and even if they do), there’s already endless cyberspace within which employees can lose themselves. If you know they are accessing social media anyway, wouldn’t you prefer it’s done on company terms, on a platform that’s also going to remind them about work? Slack offers a transparent platform on which employees can engage; channels are open to everyone, and administrators can monitor and jump into any conversation. Like any messaging tool that incorporates social media, Slack can still get you into trouble, even while it’s allowed at work. Don’t use Slack to have snarky conversations about your co-workers because those conversations can be brought up and reviewed at any point.While conversations can be earmarked “private,” they’re still privy to subpoenas. Don’t risk your job for a laugh about your co-worker’s new haircut. Work-sanctioned fun is hard to pass up, and more and more big-name companies are Slack-ing off — HBO, Nordstrom, and the NewYork Times are all fans.The bottom line is that Slack can be a great organizational tool, and an even better way to get people talking.

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