Property Management Growth with DoorGrow DGS 72: Insurance Buying in 2019...Understanding Your Options with Vicky Methven
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.
TweetablesTalk 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.
ResourcesYesterday's mass-login attack on Basecamp is another reminder to protect yourself
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