Insurance is Boring Until You Need It – Doug Groves

We are those boring insurance people that no one wants to talk to until a winter freeze causes the pipes to burst. Down here in Texas that was our experience the other week. We are an independent insurance company that focuses on business insurance, we are licensed and serve customers in all 50 states. We help match customers up with the right insurance options for their business. The primary insurance options we see small businesses in need of are; property insurance, business interruption insurance, liability insurance, workers compensation, and auto insurance. 

The biggest mistake we see small businesses make when it comes to their insurance coverage is a bulletproof mindset. We go to work every day thinking everything will happen as it should and while most days that is true, I think it is prudent to trade a few dollars to cover you when those bad do things happen. When it comes to insurance costs, one to two percent of sales will typically provide adequate coverage for your business. 

Insurance at its core is taking a little money from each to pay for the claims of a few. However, when something like a pandemic happens to everyone it is generally not going to be covered by insurance. As it relates to COVID there is ongoing litigation if business losses should be covered. 

The coverage we sell to franchises is the same as we would sell to any other small business. The difference is a franchisee will typically receive a lower rate due to being pooled together with the other franchise units under that brand. We primarily partner with franchisors as a preferred vendor to offer our insurance products to their franchisees.   

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