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March 24, 2025
How did you get into the insurance industry? I got into insurance kind of by chance, but it has turned into what will be my forever career. During and after college, I was working at a marketing startup and coaching a girl’s club volleyball team on the side. That’s where I met Nickie Tran, the owner of IQ Risk Insurance Services. She would drop her daughter off at practice, pick her up, and somehow be at every game all while running her business. How was this single mom juggling it all, staying so involved with her kids, and absolutely killing it professionally? This is exactly what I wanted for my life. She took me under her wing, trained me, and that was it—IQ Risk became my home, and I’ve been so lucky to be part of it since 2015. It has been the greatest 10 years! Oh, and a fun fact: My grandpa, who I was extremely close to, always said that if he could do it all over again, he would be a commercial insurance broker. That stuck with me, and I know he’d be so proud of me right now! What does a typical day look like for you? There’s no such thing as a typical day for me, which is why I love my job. Some days I’m out meeting referral partners—grabbing coffee, enjoying an incredible lunch, or catching up over happy hour. I might set up a networking pickleball game, a squash match, or even a hike. On other days, I visit clients at their offices so I can understand their insurance needs. When a potential deal comes in, I’m back at my computer, working on a new submission with my team. If a client has a claim, I am staying on top of the adjusters to make sure it gets covered quickly. I am always in contact with my underwriters to be up to date on new programs they offer which helps us stand out as a broker. My job does not stop at 5:00 pm, some evenings, I’m at events, telling businesses about how I can help them while other nights I’m home tackling a stack of 200 emails. I am also picking up every call at night if a client needs me. I love my not-so-typical days and have never once gotten bored at IQ Risk! What do you enjoy most about your job? Working with the coolest types of businesses and greatest entrepreneurs. I love hearing their stories of how they started their company and being a part of their plan to protect it. Getting them an amazing policy with improved coverage, lower costs, and reliable service that keeps them with me for the entirety of their business is unbeatable. I also take satisfaction in getting their claims handled effectively—it’s great to deliver results when they really need it. I appreciate it when clients reach out to me for business referrals; it’s rewarding to be their trusted contact. I also love that so many clients have now become so close and some like family. Another thing is that since our business is done 100% by referrals. I never know the business I am going to be introduced to so I am lucky enough to insure restaurants, law firms, accounting practices, nonprofits, landlords of all kinds of tenants, cannabis businesses, manufacturers, cryotherapy, massage centers, and med spas, skincare products, kids sports camps, big and small events, bars with entertainment, and food and drink products. Anything you see on Amazon, the list goes on, and is why my day-to-day is so interesting! What’s the best piece of professional advice you’ve ever received? Networking and putting yourself out there is time-consuming and exhausting. Keep showing up, even when you don’t feel like it, that’s when it’s most important! Also, differentiate yourself, and make yourself memorable to your clients and referral partners. What has been your most memorable moment at the company so far? This is a tough one because there’ve been so many but probably becoming the WEED QUEEN and insuring every type of cannabis operator out there nationwide…it has been a wild journey and so much fun learning everything about this industry. Some others include saving a med spa franchise over $140,000 in premiums was huge—same with getting a $900,000 claim covered. Lowering a client’s workers’ comp mod rate to get them off the State Fund felt like a real win too. Beating my boss in new business is actually one of the best feelings and getting introduced to the greatest Asian meals of all time. But the biggest one might be bringing my son to the office when he was a newborn—having my boss and co-workers step in to help with him so I could keep working was unreal. I don’t know many places that would make that possible, and it meant a lot to be able to juggle both at a time when I really needed it. What three words describe IQ Risk Insurance? 1. Proactive 2. Service 3. Family What’s your favorite part about the company culture? I love that everyone at IQ Risk is a complete food they live to eat. Everyone here finds the most happiness in finding new hidden gems of restaurants, and everyone agrees that life is too short for a bad meal—I love that about IQ Risk. We have company lunches every two weeks where we bond and eat a new fun meal—we have never once had a boring meal. Three traits that describe you? Competitive, loving, and optimistic. What do you like to do on your days off? On my days off, I love going on hikes with my almost 2-year-old son, dominating the beach volleyball court, dancing to great music with my husband Tim, taking early morning walks on the beach, cooking up delicious meals, traveling, and exploring new restaurants. If you could have dinner with anyone, living or dead, who would it be and why? Anthony Bourdain—he seems like the most interesting man I wish I could have had a meal with. He was the definition of a LIFE LIVER and I LOVE life livers. What’s the most interesting place you’ve ever visited? Interesting - Vietnam Most Romantic - Tulum for my honeymoon Favorite - Joshua Tree What's one thing you can't live without? My family! Becoming a mom to Bryce and a parent with Tim has completely changed my life in the best way. Thanks to my amazing work environment, I don’t have to live without them. I’ve always wanted to balance work and being a mom, and I get to do that with this career. AND we are growing our family and have a baby girl on the way this June.
Photo of breakfast food at a restaurant.
February 25, 2025
Learn about essential restaurant insurance types that protect your food business from risks, including coverage options for different establishments.
Job Interview
January 28, 2025
Protect your business from costly employee lawsuits with Employment Practices Liability Insurance (EPLI). Learn why this coverage is essential and protect your company's future.
January 22, 2025
Running a business involves inherent risks—from natural disasters and liability claims to cyber threats and supply chain disruptions. While entrepreneurship brings exciting opportunities, protecting your business from these potential threats is crucial for long-term success. Insurance serves as a cornerstone of effective risk management, providing financial protection and a framework for identifying, assessing, and mitigating various business risks. Think of insurance as your business's financial safety net. When unexpected incidents occur, having the right coverage ensures access to necessary funds and resources, limiting out-of-pocket expenses and facilitating faster recovery. For new and established businesses, insurance isn't just a legal requirement—it's an investment in your company's sustainability and growth. The proper insurance coverage provides both a comprehensive risk management strategy and the protection your business needs. Business risks come in many forms, both internal and external. Internal risks might include data breaches, compliance issues, or operational inefficiencies, while external risks can encompass market conditions, supply chain disruptions, interest rates, or natural disasters. The key to successful risk management lies in being proactive rather than reactive. Essential Steps for Effective Risk Management Risk Identification and Prioritization Start by creating a comprehensive list of potential risks your business might face. Use a simple scale to categorize risks based on their likelihood: Very likely to occur. Some chance of occurrence. Small chance of occurrence. Very little chance of occurrence. Remember to consider both the probability and potential financial impact when prioritizing risks. A low-probability risk with catastrophic consequences might deserve more attention than a high-probability risk with minimal impact. Implementation of Protective Measures Insurance Coverage Invest in appropriate insurance coverage for your business. Essential insurance policies include: Professional liability. Property protection. Business interruption coverage. Workers' compensation. Cyber liability protection. Employment practices liability. Legal Structure and Compliance Consider incorporating your business as an LLC or corporation to protect your personal assets. It is wise to also have regular meetings with legal professionals to ensure compliance with regulations and protect against potential lawsuits. Quality Control and Growth Management Implement a quality assurance program to maintain high standards and protect your reputation. Train employees to prioritize quality over quantity and avoid the temptation to grow too quickly at the expense of stability. Remember that sustainable growth is more valuable than rapid expansion. Financial Risk Management Take steps to protect your financial health: Screen high-risk customers and implement appropriate payment policies. Maintain adequate cash reserves. Monitor cash flow regularly. Diversify revenue streams when possible. Establish clear credit policies. Continuous Monitoring and Adaptation Risk management isn't a one-time effort. Schedule regular reviews of your risk management strategies and adjust them as your business evolves. Consider creating a dedicated risk management team or working with a consultant to maintain oversight. Making Insurance Work for Your Business Remember that the goal of risk management isn't to eliminate all risks, as that's impossible. Instead, focus on identifying, understanding, and managing risks in a way that protects your business. As your business grows, your insurance needs will evolve. Regular reviews with your insurance provider ensure your coverage matches your risk profile and business objectives. Be proactive and don't wait for a crisis to evaluate your insurance coverage. Contact us today to review your coverage and identify gaps in your risk management strategy.
Protect Your Business With the Right Insurance Coverage
December 30, 2024
8 critical insurance mistakes putting your business at risk in 2024. Learn how to avoid coverage gaps, protect your assets, and implement effective risk management strategies. Expert insights for smart business protection.
By Denise Pooler October 3, 2024
In business, an ounce of prevention is worth a pound of cure, especially when it comes to Employment Practices Liability (EPL) claims. As a business owner or manager, understanding your employees' rights is not good practice—it's essential for protecting your company's future. The Staggering Cost of EPL Claims Before we look at prevention strategies, let's take a moment to understand the potential impact of EPL claims on your business. These statistics aren't just numbers—they represent real financial risks that could threaten the foundation of your company. Imagine facing a legal battle that drags on for nearly a year, costs hundreds of thousands of dollars, and potentially results in a multi-million-dollar settlement. This isn't a far-fetched scenario—it's the reality businesses face when hit with an EPL claim. In 2022, class action settlements against employers reached almost $2 billion. The average cost to settle an EPL claim out of court is $75,000. If a case goes to trial, the average jury award skyrockets to $217,000. EPL claims are time-consuming, lasting an average of 300 days. The defense costs for an EPL claim average around $120,000. If your business loses an EPL claim, you're responsible for paying the claimant's legal fees, which average $200,000. Perhaps the most surprising statistic is that businesses are three times more likely to be sued by an employee than to experience a fire . And it's not just large corporations at risk—41.5% of employee lawsuits target private companies with fewer than 100 employees. 7 Steps to Minimize Your EPL Risk Given these sobering statistics, implementing a company-wide preventive policy is crucial. Here are seven steps you can take to minimize your employment practices liability risk: 1. Consult with Your Insurance Agent : Review potential loss exposures and acquire appropriate Employment Practice Liability coverage. Your agent can help you understand your risks and find the right protection. 2. Establish Effective Screening and Hiring Practices: Prevent discriminatory hiring by implementing fair and consistent screening processes. This not only protects you legally but also helps ensure you're hiring the best candidates. 3. Develop a Comprehensive Employee Handbook: Many insurance carriers offer compliance resources, including sample handbooks and HR form libraries. Ensure your handbook includes an employment-at-will statement and an equal employment opportunity statement. Also, consult with an HR professional to tailor it to your needs. 4. Create Detailed Job Descriptions: For each role in your company, clearly outline the required skills and performance expectations. This clarity helps prevent misunderstandings and provides a solid foundation for performance evaluations. 5. Implement a Zero-Tolerance Policy: Have a written clear policy that substance abuse, harassment, and discrimination have no place in your organization. Coupled with this, maintain an "open door" policy that encourages employees to report issues without fear of retaliation. 6. Display Company Policies: Reinforce your company’s position against unacceptable and illegal behavior by prominently displaying your policies in the workplace. This serves as a constant reminder of your company's values and expectations. 7. Document Everything: Keep detailed records of all employee complaints and your company's responses. This documentation can be crucial if an issue escalates to a legal claim. The Bottom Line While these steps may seem like a lot of work upfront, they will be infinitely preferable to dealing with a costly and time-consuming EPL claim. By prioritizing prevention, and fostering a fair, respectful work environment, you're not just protecting your business—you're building a stronger, more positive workplace for everyone. Remember, when it comes to EPL claims an ounce of prevention is worth a pound of cure. Implementing these strategies can be the start of taking significant steps to safeguard your company’s future.
IQRisk 20th Anniversary
By Denise Pooler September 24, 2024
Join IQRisk in reflecting back on 20 years in business. Thanking our clients, our business partners and our team.
By Andrew Lim February 10, 2021
You’ve seen it before – a good employee makes a horrible decision in his or her personal vehicle. What are the implications for your company if the employee’s license is revoked, cancelled, or suspended due to alcohol, controlled substance or felony violations? If the employee in question holds a Commercial Driver’s License (CDL), the driver will lose driving privileges for one year. But what if he or she doesn’t hold a CDL, but instead drives a sales car or pick-up truck? What if the incident involves excessive speed, reckless driving or bodily harm? What happens then? As an employer, you are caught in the balance between a good employee and the potential for vicarious liability, which holds you responsible for the actions or omissions of another person–and in this instance– your employees. As a result, you need to understand the “Doctrine of Negligent Entrustment” and the potential impact your employees’ decisions can have on your business. In its general form, the Doctrine of Negligent Entrustment states the following: “It is negligent to permit a third person to use a thing or to engage in an activity which is under the control of actor, if the actor knows or should know that such a person intends or is likely to use the thing or to conduct himself in the activity in such a manner as to create an unreasonable risk or harm to others.”1 The legal interpretation of the principle of “negligent entrustment” is not founded upon negligence of the driver of an automobile, but upon the primary negligence of the entruster, when supplying an automobile to an incompetent driver. In other words, the employer knew or should have known of the employee’s incompetence, but in spite of this knowledge, the employer entrusted the vehicle to the driver in the scope of his work. The employer may therefore be guilty of negligent entrustment. What can you do to protect your company? It is important to be proactive in managing your drivers, both as part of your fleet safety program and to effectively maintain your CDL files. Below are some helpful tips for making this process easier and more efficient: Develop a company policy for MVR evaluations (CDL and all other drivers) that must be signed by all driving employees. A minimum three-year evaluation period is effective and recommended. Evaluate MVR at time of hire and annually thereafter (using a minimum time standard). Establish guidelines for reporting major violations (such as DUI, reckless driving, chargeable accidents) immediately, regardless of whether the incident occurs in a personal or company vehicle. Develop a company policy for personal use of company vehicles that must be signed by the employee. Develop a company policy for “occasional” drivers (for example office employees who may drive to the bank or post office during the course of their work.) Develop a company policy for employees who may use their personal vehicles for company business (for example outside sales people). Establish minimum limits that employees must carry. Provide driver training programs. In addition to the above suggestions, other options may exist for managing an employee with a history of driving infractions, including placing that individual in a non-driving role. However, doing so may affect other roles and responsibilities within your organization. As an employer, it is important to remember that the consequences of allowing an employee with a less-than-perfect driving record extend beyond a possible traffic violation or accident. Due to the Doctrine of Negligent Entrustment, an employer must be aware of the potential liability to his or her company from allowing an employee with a poor driving history to operate any motor vehicles for work purposes. To learn how to best protect your company from negligent drivers and the potential devastating losses that can occur, call our experienced team at IQ Risk Insurance Services. We can help guide you in these not so black and white areas. —Bill McCloy, Managing Director and Underwriter with AmWINS Program Underwriters 1. Prosser, W. L. & Wade, J. W. (1965) Restatement of the Law Second, Torts. Philadelphia, PA: American Law Institute Legal Disclaimer. Views expressed here do not constitute legal advice. The information contained herein is for general guidance of matter only and not for the purpose of providing legal advice. Discussion of insurance policy language is descriptive only. Every policy has different policy language. Coverage afforded under any insurance policy issued is subject to individual policy terms and conditions. Please refer to your policy for the actual language.
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