This episode is part 2 of my conversation with the Chief Risk Officer of Risk Well, James Jenkins. He has been helping businesses and real estate investors protecting their assets & cashflow with best-in-class risk solutions.

If you couldn’t follow this episode, please go back and listen to part 1 on episode 48.

Let’s jump right into this episode and learn more about asset insurance and risk management.

[00:01 - 09:30] The Advisory Relationship

• James talks about bad service and claims in insurance.
• A good risk management advisor is at the same level necessity as a CPA, Book-keeper, business attorney, etc.
• • It should feel more like an advisory relationship, not just a cost-based relationship.
• Expect more from your advisor because you are not buying a product; you are securing an advisory relationship.

[09:31 - 21:51] Mitigation Techniques

• James talks about the distinction between an insurance agent and a risk manager.
• • A risk manager will have a conversation that goes beyond selling an insurance policy.
• Engaging with the other pieces of the advisory puzzle to make sure the deal goes the right way.
• Utilize mitigation techniques to minimize and transfer as much of the risk from you.
• • The limits of liability; premises of liability that protects you from accidents, injury, and the third party property damages that might occur on the premises
• Leverage some reality of the contract
• • You have to require your tenant to have renters insurance in the lease agreement.
  • Require them to name your entity as an additional insured party.
• James talks about having the master tenant policy.
• • The subrogation process.
• Dealing with your insurance in the front end is so much easier and costs you so much less hustle.
• James talks about finding out the value of our time to help us set our priority.
• • Terminate, automate and delegate

Tweetable Quotes:

“A good risk management advisor is at the same level of necessity as a CPA, Book-keeper, business attorney, etc. It should feel more like an advisory relationship, not just a cost-based relationship.”- James Jenkins

“A risk manager will have a conversation that goes beyond selling an insurance policy.”- James Jenkins

“You have to require your tenant to have renters insurance in the lease agreement.”- James Jenkins

You can connect with James on LinkedIn. Visit his website at www.riskwell.com/.

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