If you own a company, then you probably have insurance to help protect you when something goes wrong. However, have you ever experienced shock and dismay when you submit a claim and have it denied because your insurance doesn't cover it? You thought you were covered, but didn't truly understand your insurance policy.

Today, I am talking with Vicky Methven about understanding your options when buying insurance. She helps clients understand risk on all levels: What they bought, why they are buying it, and what they actually need.

You'll Learn...

[03:04] Insurance has changed because business has changed; traditional go-to commercial general liability policy is mostly for brick-and-mortar businesses. [03:57] Different types of insurance policies and how they are structured; beginning gives you a lot, middle takes most of it away, and end gives you back something. [04:25] People don't read their insurance policy; decide to tell agent what they need. [04:50] Delivery of Insurance Policy: Agent's obligation to explain it to you effectively because no policy covers everything. [06:03] What you need vs. what you think you need vs. what an agent tries to sell you. [07:26] Personal insurance policies are built on the law of large numbers; commercial insurance is based on many more variables. [08:45] Licensed realtors must carry errors and omissions (E&O) insurance to pay a claim when they make a mistake or neglect to tell client about their policy. [09:55] Vicky views cyber risk as biggest challenge for property owners; property owners don't buy or believe it - they're dealing with other problems. [16:57] Crooks gone phishing for plethora of data by hacking companies of all sizes. [22:23] Don't let professional actions negatively impact personal life; make sure you're doing everything legally necessary to keep protections in place. [23:42] Property managers need to put basics in place; may include general liability, lawsuit protection, E&O insurance, cyber policy, and a good lawyer. [27:50] Every entity should be separate; avoid one business assuming risk of other one. [30:39] Potential pitfalls in property management industry include master policies.

Tweetables

Talk about risk on all levels.

Policy: Beginning gives you a lot, middle takes most of it, and end gives you back something.

Delivery of Insurance Policy: Agent's obligation to not only give you the policy, but explain it to you.

Insurance policies are built on the law of large numbers.

Resources

Methven Agency

Vicky Methven's Email

Vicky Methven on Facebook

Equifax Data Breach

Yesterday's mass-login attack on Basecamp is another reminder to protect yourself

Have I Been Prwned?

INSUREtrust

Hiscox

DoorGrow Website Score Quiz

DoorGrowClub Facebook Group

DoorGrowLive