Insurance Policies You May Need: A Necessary Tool for Your Business

Andy and Jessica welcome you to another episode of The Deal Board Podcast. This week, they dive into the often-overlooked but critical topic of business insurance. While it may seem dry and even dull, having the right insurance policies in place is essential for business owners looking to protect themselves from unexpected risks. As the business landscape continues to evolve with new challenges; from data breaches to remote work and more, being adequately insured is more important than ever! In this episode, Andy and Jessica share 12 (and a half) different kinds of business insurance to consider, practical advice for assessing your protection needs, and tips for working with brokers to craft a tailored plan that fits your specific business requirements. You’ll also hear from industry experts at the recent 2024 World Expo, hosted by our United Franchise Group (UFG) family, who offer invaluable guidance on navigating the complex world of business insurance. Whether you're preparing to sell, expand, or simply safeguard your assets, this episode is a must-listen for all business owners!

Listing of the Week:

Rupesh Bharad is selling a highly profitable home healthcare business generating $11 million in annual revenue with a team of over 160 providers across multiple states. With an EBITDA just shy of $1 million, this business offers the right buyer incredible value at the asking price of only $3 million! If you're interested in this fantastic opportunity, get in touch with Rupesh at [phone] or email him at [email protected].

Deal of the Week:

Shayan Manavi recently completed a heartwarming transaction involving a beloved dry-cleaning business in Dana Point, California. Securing escrow in just two months, Shayan helped the owners retire and return to Korea after 21 successful years in business. That's what we call brokering the American dream! To find out more about Shayan’s exceptional service, call him at [phone] or email him at [email protected].

Key Points From This Episode:

•    [00:23] Introducing today’s topic: why insurance is a necessary tool for your business.

•    [03:07] Kicking off with general liability insurance: what it is and why it’s so important.

•    [04:17] The scope of commercial property insurance and the need for a reliable agent.

•    [05:42] How workers’ comp insurance protects both employees and employers.

•    [07:58] Businesses that should evaluate the need for commercial vehicle insurance.

•    [08:57] Health insurance requirements and how you can save some money.

•    [10:54] The need for professional liability (E&O) insurance in today’s litigious environment.

•    [12:39] Listing of the Week: Rupesh Bharad (Richmond, VA) is selling a highly profitable, multi-state home healthcare business generating $11 million in annual revenue with a team of over 160 providers across multiple states

•    [14:02] Deal of the Week: Shayan Manavi (Orange, CA) sold a beloved dry cleaning company in Dana Point, California, enabling the owners to retire and return to Korea after 21 successful years in business.

•    [16:35] How D&O insurance shields directors and senior management from financial losses.

•    [18:15] The rising importance of cyber insurance as businesses face ever-evolving threats.

•    [19:56] Ways business interruption insurance can support you during unforeseen closures.

•    [22:02] Essential insurance for businesses that rely on specialized machinery or equipment.

•    [23:05] Why product liability and excess liability insurance are crucial for certain businesses.

•    [24:44] How reps and warranties insurance safeguards buyers and sellers during M&A.

•    [28:37] Hear from insurance experts Bilal Khan, Joe Perrett, and Michael Drath!

 

Links Mentioned in Today’s Episode:

 

The Deal Board Podcast 

Subscribe to The Deal Board Podcast YouTube Channel 

The Deal Board on LinkedIn

The Deal Board on Facebook

United Franchise Group 

Transworld Business Advisors 

Transworld on Linkedin 

Transworld on Facebook 

Call us on [phone] 

Email us at [email protected] 

Andy Cagnetta on X

Jessica Fialkovich on X

United Franchise Group (UFG)

CFC Insurance

Bilal Khan on LinkedIn

Joe Perrett on LinkedIn

BBI Insurance Corp

Michael Drath on LinkedIn

Call Michael on [phone] or email him at [email protected]

 

#thedealboard #transworldbusinessadvisors #realestate #commercial

 

Quotes:

 

“A lot of times, your [insurance] agent can be your advocate when you have to eventually collect on a claim.” — @acags [0:02:37]

 

“If you’re in certain industries like – roofing [or] anything in construction, workers’ comp management is so important.” — @jessfialkovich [0:07:21]

 

“Cyber incidents change [from] year to year. [Cyber insurance] is not only a necessity, but it’s [also] really important to understand your policy, what it covers, and what it doesn't.” — @jessfialkovich [0:18:29]

 

“At some point, you have to look at your total insurance costs and see what you need to be protected from and what you’re willing to risk.” — @jessfialkovich [0:21:52]

 

“If you buy a business, [insurance] is going to be a necessary expense that you’re going to have year after year. You have to make sure you’re protected.” — @acags [0:27:49]