insureon CEO Ted Devine on WSAT-AM
Host: Ted Devine is our guest here on The Good Morning Show, and Ted, give our audience a little idea of what we’re going to talk about today.
Ted: Sure, Buddy. We’re going to talk about the importance of protecting small businesses through insurance. I’m the CEO of a company called insureon, which is the largest small commercial insurance agency in the United States.
Host: Well, you know. I guess we’re kind of a small business here, so I relate to that very much. What’s some of the things that folks sometimes are under insured on?
Ted: Sure. There’s three big things that we make sure that our clients have coverage for, Buddy. One is for their property – so any equipment that they have. I’m assuming you guys have lots of equipment with the radio station and what’s called a Business Owners Policy – a BOP – protects property and a little bit of liability. We make sure that our clients have that covered. The second is if you’re a consultant, or doing services, for somebody. Like an accountant, consultant, tech designer – they’re taking liability risks, meaning that if the answer that they give, or if they lose data, there’s a data breach, they need to be covered for the work that they provide. So that’s professional liability. And most importantly, if they have employees, we want to make sure that they have Workers’ Compensation Insurance. So if those employees get hurt, they’re protected.
Host: You know what, I used to work for a station over in Highpoint and we got hit by a tornado – knocked our power out. And the thing we learned, that we did not have Business Interruption Insurance. But we lost a lot of business during that time.
Ted: Yup, yup. Critically important, Buddy. And with all the events that have happened in Charlotte and on the East Coast this year, B.I. insurance is really important. It’s usually it’s a rider that we can get very inexpensively for our clients. It not only covers your lost revenues and profit for when you’re out of business. It can protect you in case one of your suppliers is shut down. So let’s say you’re still operational, and the radio station is working, but the power source or somebody you’re relying on to provide you services so you can operate, is offline. It also covers you for that, which is a terrific feature.
Host: I guess having a contingency plan in place is a big thing too, right?
Ted: It is. You need to have all those things planned out before the event. So we like to think about contingency plans around a couple of different dimensions – one is who you’re going to call first – often we’re the first call, which we pride ourselves on being available so that we can get things started right away with checks in the mail. Our direct deposit so people can get back operational. Also very importantly, first thing on your list has got to be that you make sure that all your employees are ok. What are you going to do from a staffing perspective? Then reaching out to your customers, cause they’re probably also affected and need to be a part of that contingency plan.
Host: Now I know that we don’t have a whole lot of time left on the radio, but I bet you have a website, don’t you?
Ted: We do. It’s www.insureon.com. You can also reach us, Buddy, through Facebook. And we’ve also got this cool program called the Small Business Heroes program – which is if you’re on Facebook or online – just type in Small Business Heroes. Every week we give out a grant to a small business – an iPad, some supplies, a printer – so that they can run their business more effectively. It’s our way of giving back to the small business community.
Host: Well, Ted, a lot of helpful information. Thanks for joining us today and I hope we’ll get to talk again some time.
Ted: Thanks, I really appreciate it.