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CONGR ATUL ATIONS!

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All of a sudden there was coverage for terrorism, where that was not in place before.”

Cybersecurity policies tick upward

Auto insurance, which has been increasing for a while because of the bad habits of drivers, continues to trend and so does insurance for cybersecurity, especially since many companies sent their employees home to work remotely this year.

As more people now work remotely, Bowen said, there is greater risk of exposure to company networks and systems whereby important data could be compromised. As such, many more businesses are inquiring about cybersecurity policies, a trend that will likely continue into the foreseeable future.

Ness and Tvedt did that very thing this year — sent their employees home to work.

“We had extra expenses to incur with that, Tvedt said, “but we now have cyber liability on exposures that may be present because people are working from home. It’s another trend, if you will, that we started seeing not too long ago, where you can buy a cyber liability endorsement. It costs more money, but it protects you in case somebody hacks into your network or gets a hold of your client database.”

Looking ahead

Insurance is a topic to revisit because, as Ternes said, the pandemic “will no doubt have a large impact on insurers, just as it will impact all individuals, businesses and the economy as a whole. The pandemic’s impacts cannot yet be fully known, as we remain in a rapidly changing environment.”

One thing seems to be certain, however, she said: Insurers will play a critical role as businesses reopen and operate in this ever-changing environment.

“Insurers will continue to provide important financial protection for the businesses that depend on them for the risks they insured as stated in their insurance policy,” Ternes said.

“In terms of overall outlook for the industry, in 2021 we expect to see a firming of the insurance market due to rising catastrophe and reinsurance costs, as well as social inflation like increasing jury verdicts and legal costs. 2020 was an unusual year with COVID-19 challenges, but the industry remains fundamentally strong.”

Bowen has some advice for businesses, large and small: “I would say keep an eye on increasing rates,” he said. “Unfortunately, I hate to say it that way, but I don’t see it changing for the better. Insurance rates are likely to continue to increase over the next year at least. It’s called a hard market -- that’s the term for it -- and that’s really what we’re heading into, where basically insurance premiums increase, the rates increase, and the capacity that insurance companies are able to offer decreases. So it really tightens up the market.”

He also suggests business owners review and keep up with their insurance policies, even four to five months in advance of renewal to make sure they have the items they want and are able to obtain the best rates available. Owners also should do what they can to protect their business by implementing appropriate risk management strategies. Vehicle, building and equipment maintenance programs are examples, he said, as is having a formal safety program in place.

“I would probably say the last thing is, work with an insurance agent who can help you implement effective risk management strategies,” he said, “the things you don’t have.”

ANDREW WEEKS

EDITOR

David boll

David Boll

Age: 38

Team Manager/Principal Developer

Stoneridge Software

Fargo, N.D.

David Boll is a Team Manager/Principal Developer at Stoneridge Software. He is responsible for high quality delivery for the Enterprise Development team. He has a rare combination of skills with the deep technical chops required to take on difficult projects, while managing a team of elite individuals to achieve their best, and also providing a world-class client experience.

Boll graduated from NDSU with a computer science degree and a software engineering graduate certificate. Over the past 16 years, he has filled roles as a web developer, QA, ERP consultant developer, trainer, manager, and sales technical resource. Within the community, Boll is a licensed soccer coach and referee with TriCity United Soccer Club. In the past, he also served on the ITCND board, taught computer science as part of the TEALS program, and has helped with his son’s local scouting group. He views his roles within the workplace and outside of it as a service to others. He strives to help others achieve their goals in every situation and circumstance.

Jordan burbach

Prairie Business is pleased to announce this year’s winners of its annual 40 Under 40 contest.

While the individuals listed here are exceptional leaders and worthy of this recognition, that didn’t make the selection process any less difficult. The magazine received well more than 100 nominations, making the selection process challenging. It was encouraging to see so many qualified professionals, each of them making a difference in their careers and communities.

We put our best foot forward selecting this year’s recipients, and believe all of them are some of the region’s best and brightest up-and-coming young professionals, all of them under the age of 40.

From all of us at Prairie Business, congratulations!

Jordan Burbach

Age: 33

Principal Architect Architecture Incorporated

Rapid City, S.D.

Juggling family, career and community involvement is no easy undertaking, and Jordan Burbach does it with a smile on his face.

Burbach is a principal architect and partner at Architecture Incorporated, who leads the Rapid City office. He joined the firm in 2011 and since day one has proven himself an integral member of the team. He has an unrivaled work ethic and ensures that his clients receive the best service possible, often going above and beyond to ensure that clients’ expectations are exceeded in their interactions with the company’s team. Burbach is also a loving father of two young children and is involved with the Young Professionals Group of Rapid City. For the past several years he has assisted with planning the annual Design in the Hills Conference put on through the South Dakota chapter of the American Institute of Architects. He received his Master of Architecture and Bachelor of Arts in Environmental Design from Montana State University.

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jessica Crist

Jessica Crist

Chris dahl

Age:

31 Chief Financial Officer

Lighthouse Commodities

Bismarck, N.D.

Jessica Crist has led Lighthouse Commodities through unprecedented growth since its inception in 2015. As Chief Financial Officer, Crist oversees regulation, finance, tax, accounting and human resources functions that support more than $100 million annually in international grain sales.

With several business structures, hundreds of counterparties, numerous commodities, multiple currencies and high volumes of daily transactions, all done with thin margins, the demands on a grain trading CFO are immense and require a skillset only a handful of people possess. Crist has rose to this challenge by developing a robust set of standardized procedures, a framework of controls and separation of duties, and regular internal audits to ensure Lighthouse remains in compliance with its regulating bodies and auditors while providing transparency for company stakeholders.

Moving forward, Crist’s primary focus is to utilize technology, automation, and data analytics to address companywide inefficiencies and reduce time spent on execution as well as make decisions that are fully informed by available data. A graduate of University of North Dakota, she resides in Bismarck with her husband, Matt.

Chris Dahl, P.E.

Age: 37

Transportation Project Manager Bolton & Menk, Inc. Fargo, N.D.

Derek Degeest

Derek DeGeest

Age: 39

President

DeGeest Corporation & LestaUSA

Tea, S.D.

Derek DeGeest is an innovator. As third generation President of DeGeest Corporation, his vision pushes the conventional boundaries of what’s possible in manufacturing. As a result, DeGeest Corporation is seen as a technology leader through software development, data analytics, automation, and the use of robotics throughout the steel manufacturing process.

Chris Dahl has been planning, designing, delivering, and constructing roads and bridges in North Dakota and Minnesota for the past 14 years. Since graduating from NDSU, he has gained experience across many facets of the civil engineering field and specializes in fixing problems. He has a passion for understanding why things don’t work and won’t rest until solutions are found. He is an energetic and positive leader that engages staff and takes great pride in mentoring and developing the abilities of his coworkers.

Dahl is also a believer in lifelong learning and strives to take on new challenges that get him out of his comfort zone to grow as both a professional and a person. He has an excellent balance of technical and interpersonal skills. The fundamentals of his personality are to be honest and sincere, respect everyone’s opinion, listen and understand, admit when you are wrong and learn from it, and most importantly challenge yourself. Dahl lives in Moorhead with his wife Jennifer and two daughters Madilyn, fifth grade, and Kaitlyn, third grade.

His entrepreneurial spirit also led him to seek a better solution for the North American finishing industry. As such, he has partnered with Italy-based Lesta Self-Learning Painting & Finishing Robots and now serves as President of LestaUSA. DeGeest is active in the community and is a vocal advocate for his industry, partnering with area technical colleges, high schools and middle schools to encourage students to choose rewarding careers in manufacturing and to develop the skills needed to succeed.

In 2019, he was named in Washington D.C. as Small Business Administration (SBA) Small Business Person of the Year for South Dakota.

DeGeest truly believes a rising tide lifts all boats. His accomplishments offer proof that he’s genuinely helping to ensure general manufacturing succeeds in the USA.