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.
Check out our websites: acceladvantage.com & accelwealthmanagement.com
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The Accel Group:
Accel Wealth Management:
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
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