Banker and Insurance Agent and Lawyer, Oh My!

May 24th, 2013 | By | Category: Geri Roskopf's Blog

Every business needs a support system in place to survive. You need a banker, insurance agent, accountant and lawyer to help manage your business. You can handle the day-to-day running of your business, but in certain instances — getting a loan, understanding the new health care system, getting involved in an accident or interpreting a new tax law change — these professionals need to be called.

As a business owner, I know you should have some knowledge of your insurance package (auto and garage liability coverage, homeowners and health and life insurance) but I really dislike handling these decisions. That’s why I trust my insurance agent to give me the coverage I need for these situations. Unfortunately, this was not the case in our garage liability coverage and I found out the hard way.

I received a phone call from an insurance agent wanting to look over our present insurance package and give us a quote. I was happy with my agent and the insurance coverage she provided, but decided to see what this agent had to offer. Who doesn’t want to save a few dollars?

I met with him on a Monday and on Friday he called and said, “We need to talk about your insurance coverage.” I said “Fine, let’s make an appointment for next week.” He said, “No, we need to meet now.” He came to the office the next day, a Saturday, and I was blown away by what he found lacking in our current policy.

Before he started his own company, his job was to find reasons to not pay out a claim. He highlighted and put little sticky notes on so many things in my current policy my head was spinning. We had coverage, but not the correct coverage for our type of business — towing.

My current agent did nothing wrong, but her expertise was not in the type of coverage my towing business needed. I would strongly suggest you take your current insurance package and go through it thoroughly with your agent or broker to make sure you have the basic coverage needed for your tow company and then adjust it to your own individual company needs for a service station, body shop, etc.

Banker and insurance agent and lawyer – oh my! Just like a towing business, you don’t want to have to use them, but thank goodness they’re around when you need them.