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Navigating Insurance Pitfalls

Navigating Insurance Pitfalls

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Fred Fisher - Fisher Consulting On the Unrealistic Expectations We Have in the Insurance World: "You have to know more about your insurance needs than the guy selling it, the guy who has to take continuing education classes." Insurance is basically paying for a promise you hope you will not need to ask to be kept. To avoid great financial loss, or to have the support of a team of lawyers, insurance is a necessary evil. Like most things that are necessary. Fred Fisher of Fisher Consulting has been in the insurance world for decades. He has been working in insurance in different roles throughout his career and knows the industry inside and out. What he shares is both educational and a bit frightening. Listen as Fred Fisher shares hard-earned insights gained through decades in the industry as a claims expert, lawyer, consultant, and author. He uncovers the pitfalls of buying on price alone, exposes the risks of working with “order-taker” insurance agents, and explains why business owners need to demand more from their insurance brokers. Enjoy! Visit Fred at: https://www.fishercg.com Sponsors: Live Video chat with our customers here with LiveSwitch: https://join.liveswitch.com/gfj3m6hnmguz Calls On Call Extraordinary Answering Service: https://callsoncall.com Some videos have been recorded with Riverside: https://www.riverside.fm/?utm_campaign=campaign_5&utm_medium=affiliate&utm_source=rewardful&via=james-kademan Podcast Overview: 00:00 Pursuing law to help artists 06:12 Understanding legal claim complexities 14:22 Undisclosed potential claims risk 17:01 Handling an insurance claim oversight 23:41 Managing legal risks and disclosures 31:51 Handling policy order requests 36:00 How Farmers handles declines 39:30 Unexpected renovation challenges 44:34 Understanding building code coverage 48:41 Understanding tech liability policies 55:16 Delayed claims denial examples 01:01:21 Restrictive insurance policy drafting 01:09:55 Choosing not to compete anymore 01:12:29 Challenges in insurance claims handling 01:19:56 Treating renewals as new business 01:22:53 Program introduction and sponsorships Podcast Transcription: Fred Fisher [00:00:00]: I used to tell my staff, never take a renewal for granted. Treat every renewal as new business because our competitor will. They're going to dive deep, they're going to find a hole, they're going to find out that our insured's doing something new that we didn't know about, that that we're not covering. And they can. So treat every renewal as new business because our competitor is going to do that because it is new business for them. So either we dig deep and compete or we lose the account. James Kademan [00:00:31]: You have found Authentic Business Adventures, the business program that brings you the struggle stories and triumphant successes of business owners across the land. Downloadable audio episodes can be found in the podcast link found at drawincustomers.com we are locally underwritten by the Bank of Sun Prairie, Calls On Call Extraordinary Answering Service, the Bold Business Book and as well as Live Switch. And today we're welcoming, preparing to learn from Fred Fisher of Fisher Consulting. And Fred, I gotta say I'm excited. Though you probably don't hear this very often, I'm excited to talk insurance with you. Fred Fisher [00:01:05]: That's, that's really interesting. That's the fastest way to clear the room is. Oh yeah, we're talking about insurance tonight. James Kademan [00:01:10]: We're going to talk about insurance. I got a thing at that place, right? Fred Fisher [00:01:14]: Absolutely. James Kademan [00:01:14]: No, I'm, I am super excited for a few reasons, right? One, I have some property insurance that's due, so it's top of mind. Two, I live in southern Wisconsin and we just got hit with I think four out of five days. We had hail, there's tornadoes. I got some buddies that had some baseball size hail. And I'm like, man, if I was an insurance company, I'd be like, oh, we gotta write checks. We're supposed to collect the checks, not write them. So anyways, it's top of mind. Fred Fisher [00:01:43]: That's the product though, that's the whole problem. The claim department is where, and this is a quote from a colleague of mine, Chantelle Roberts. The claim department is where the product is produced. James Kademan [00:01:57]: Ah, I like it. Fred Fisher [00:01:59]: I do too. And I will never take credit for it. It's Chantel's. No, she's a phenomenal professional. James Kademan [00:02:06]: That's awesome. So tell me a story about your business and how you got started by accident. Nah, as per usual, it's all good. Fred Fisher [00:02:15]: You know, up until recently, the insurance industry has never been a destination profession. Everybody got into it by accident. You don't go to business school, say, I want to be working for an insurance company. That just does not happen. It Is more so now, though, because more and more colleges and universities do ...
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