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Insurance Broker Secrets for Business Buying - Tom Gilroy - Acquisitions Anonymous Episode 98
Description
Michael Girdley (@Girdley) is joined by Tom Gilroy (@TomG_GKG) to talk about insurance. We talked about the role of an insurance broker, how to be proactive and minimize claims and risks, how to structure a deal, the different types of insurance you should be looking at, and much more.
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Show Notes:
(00:00) - Intro
(1:09) - Microacquire
(3:02) - Tom Gilroy Insurance Broker
(4:35) - Insurance Broker vs Insurance Carrier: What should I expect from each?
(6:22) - When do I need to call someone to assess me on Insurance?
(8:15) - What should a buyer expect from an insurance broker as a customer? How does the process work?
(12:05) - How do you interact with the lawyer and the buyer?
(14:20) - Let’s talk about gap analysis: What are the major areas you’ll be looking at?
(16:44) - Best practices to minimize claims? Can you find out which losses have occurred?
(20:48) - How does special insurance work?
(22:47) - The rating review: Why do sellers lose money and how could they avoid it?
(25:06) - Walk us through insurance fraud, risks & examples.
(30:00) - How does the universe of insurance brokers work? How can I find a good broker?
(32:40) - Is geographic location important? Is size important? How?
(36:10) - Representation & Warranty Insurance: How does it work & who is it helpful for?
(43:01) - Connect with Tom
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Links:
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Past guests on Acquanon include Nick Huber, Brent Beshore, Aaron Rubin, Mike Botkin, Ari Ozick, Mitchell Baldridge, Xavier Helgelsen, Mike Loftus, Steve Divitkos, Dzmitry Miranovich, Morgan Tate and more.
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Additional episodes you might enjoy:
#96 From W-2 to Business Owner - Patrick Dichter tells us how to cold reach seller and we discuss 2 Deals
#92 Wait... what? You laid-off 90% of your staff?!? - Pete Erickson joined us for an exciting WarStories episode!
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- Do you love Acquanon and want to see our smiling faces? Subscribe to our Youtube channel.
- Do you enjoy our content? Rate our show!
- Follow us on Twitter @acquanon Learnings about small business acquisitions and operations.
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