In this episode, Nick Thompson, JD, Director of Legal and Operational Strategy at The Accel Group, joins host Corey Rekers, President of Property & Casualty Insurance, to discuss the complexities of buying insurance. He's discussing everything from 'gotchas' in a policy to the role of risk transfer to coverages you should consider. Through real-life examples, he illustrates the potential pitfalls in the insurance buying process and offers insights on how to strategically manage insurance budgets. Buckle up - you'll likely hear some new terms today, but Nick's here to explain them in a way that's easy to understand. That's the Accel Advantage! Thanks for listening.

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Chapters

00:00 Introduction to Nick & a Lawyer’s Perspective on Risk

02:40 The Importance of Education in Insurance Buying

04:41 Understanding Risk Transfer in Contracts

07:36 Additional Insured Endorsement

09:13 Lawsuits and Claims

09:48 Waivers of Subrogation: Protecting Your Business

13:02 The Benefits of a Knowledgeable Broker

14:14 Strategic Insurance Tips for Business Owners

16:40 Liability Coverage

18:29 Personal Insurance

20:38 Considering Uninsured Motorist Coverage

22:35 The Value of Independent Agents in Insurance

23:10 Conclusion

Keywords: insurance, risk management, business insurance, legal, insurance policies, claims, insurance agents, risk transfer, personal insurance