Buy Umbrella Insurance (To Protect You Against Lawsuits)

Show Notes

Do you have enough insurance to cover your business and family if you have a bad day at work? In this segment of the Thrivetime Show Clay Clark will get into the details of what an umbrella policy is & why you need it

  1. DEFINITION MAGICIAN – Umbrella Insurance – An umbrella insurance policy is extra liability insurance coverage that goes beyond the limits of the insured’s home, auto or watercraft insurance. It provides an additional layer of security to those who are at risk for being sued for damages to other people’s property or injuries caused to others in an accident.
    1. https://www.investopedia.com/terms/u/umbrella-insurance-policy.asp
  2. NOTABLE QUOTABLE – “The best we can do is size up the chances, calculate the risks involved, estimate our ability to deal with them, and then make our plans with confidence.” – Henry Ford (The founder of Ford Automotive)
  3. FUN FACT -” 90% of all businesses are engaged in on-going litigation at any given time.” – Forbes – https://www.forbes.com/sites/basharubin/2014/07/14/youre-going-to-get-sued/#4e6243427f08
  4. ACTION ITEM – Schedule an appointment with your insurance agent.
Business Coach | Ask Clay & Z Anything

Audio Transcription

Attend the world’s best business workshop, led by america’s number one business coach for free by subscribing on itunes and leaving us an objective review, claim your tickets by emailing as proof that you did it and your contact information to an for drivetime, show.Com facebook back to the conversation I am is clay clark on the former united states small business administration, entrepreneur of the year I’m georgia, with marshall morris I’m. Here the co-author of the book, we wrote that together called the start here book which it sits book you can download for free at drivetime show.Com, and you can also buy the book on amazon and we’d love. If you would I promise that book as an absolutely game-changing book and in that book, where things we do talk about is insurance, we don’t spend a whole lot of time on it, but because it’s really a simple task. You have to buy umbrella insurance on marshall before we get into the definition of umbrella insurance, and we get west carter with winters and king to break down the legal reasons for having insurance I want to get your take on this because, as a business coach think about the clients, you’re working with right now thinking, maybe two or three clients in your in your mind, you can’t think of dell wrecked because we love rachel and tyler and they do stay over there. So you can’t choose them. Is an option. You’re working with right now it’s starting to get some wins. If you can get some buckets in your mind’s eye, where they’re going to be, if they stay the course, you can see it in your mind I and you can see it begin to multiply. You can begin to see it’s scale because you’ve done this enough, for you now see it.

Who was the clown you going to give right now, it’s beginning to really just wrap up activity and sales. One of the business coach companies that we’re working with is a nook and cranny home-keeping elizabeth yeah. She just text me with a huge win that she got some on. Now is awesome:she’s she’s, doing a ton of business she’s, getting the review she’s falling the system, she’s growing her business. She does a great job. He does a great job, homes, awesome and so she’s having a ton of went with her. She would need to buy umbrella insurance right about now, because she is growing and people love to sue companies in a growing. That’s right. So what is the definition of umbrella, insurance umbrella insurance policy is extra liability, insurance coverage that goes beyond the limits of the insurance, home, auto or watercraft insurance. They provide an additional layer of security to those who are at risk for being sued for damages to other people’s property or injuries caused the others in an accident according to investopedia. So I guess I’m not saying your insurance expert, but what would be an example and someone listening to the show if they are cleaning homes like elizabeth went when would they need to buy extra umbrella insurance? That maybe goes above and beyond?

The typical limits will plaintiffs, which are the people who actually filed a lawsuit. Here’s what they like to do. They sue you personally, your company, your dog, anybody they can think of to put their name on a lawsuit and they let the courts sword out and see. What happens is this umbrella policy comes in for your personal protection and if you look, if you’re at home, if you ever see most of the pinery right at the pull out, what they call your declarations, page for your insurance policy and I’ll, show you what your limits are in a lot of those for like bodily harm like $3,000 $5,000 per occurrence, which didn’t cover an mri, and so umbrella policy comes in and put extra insurance. On top of all that, for you personally, this is a big idea that I don’t know how to convince you to get excited about, because I know that every client I’ve ever worked with, doesn’t listen to me. I will hear because most people don’t have a break through until I break down. So what I’m going to do is I’m going to tell you a really really terrible bad story. I was working in concrete and the year was 19 mm mm summer of 2000 and I was a going to my sophomore year oral roberts. University and I work for a business coach company called lund poured walls and one poured walls. We did a business coach concrete work in shape. You need concrete work, so you can relate to this yep, but I didn’t know:i didn’t minnesota, where you to have poured basement. So what you did minnesota’s. You want to dig deeper than the frost line. The freeze line going to go below where it freezes, so we’re digging holes that are 8 feet deep and then somebody a crew of people. We had a crew about 40 guys they would go in and it would pour the footings in the footings have rebar in a can.

It didn’t my job was to put the forms up. There’s forms are aluminum forms and you put it together like a puzzle, and then you pour the concrete into it and when you remove the forms, the walls in the shape of the country and one day, i, remember:ricky, daylin ricky work, there he’s redhead guy works in the crew, the most the guys didn’t speak english with a lot of guys at spoke like swedish or scandinavian of some kind of hispanics, and he says, watch out and that’s all I remember and my business coach wife is seeing this,. That is pretty crazy, but like that, there’s a crane that carries up all the aluminum form. Teach them in form probably weighs 180 lb baby and it just falls what forgot to put a chain on the on the the the big platform that lifts up all of the forms that the cranium lift it up and I forgot to change it and nothing comes falling down for at least six stories and it just and I didn’t, and it just hits me that there was mud so I can he got hit into the money? Was a deep mud cuz.

It was in the morning and it rained whenever, there wasn’t but I’d be there and it hit me just drove me:i couldn’t get up cuz it like knocked me out. Ricky got it off me. Blood everywhere was crazy. Now I know my boss. Peter was an awesome man. He told us all the time, guys lock up those you have to lock those things. I’ve got to put the lock on it. Whenever we raise the crazy is a lock on it and you got to go yep and then he would say:foreman is a lock on it and it’s two people that had to say is it on you to say is a lock on it. Yep foreman. Is it in both guys said yep yep, it goes up. Boom falls on my back and I can tell you. I definitely would have been dead if that thing would have falling on my head or hit me anywhere other than my back and on the mud and put it in. My leg was shattered. My leg, I may just damn all I’m saying is that’s going to happen and henry ford from 4. He said the best we can do is size up. The business coach chances calculate the risks involved, estimate our ability to deal with them and then make our plans with confidence. So it’s going to happen. It’s going to happen. Let’s. Take that same example, but let’s say, didn’t fall on you:it fell on the brand new heat and air equipment that they just installed right. The same thing would cover the cost. To replace that right. I would say this. What was the answer? This question? What was the worst craziest accident that you had when work when managing your concrete company me personally or that I saw happen where you were just either? You are involved, you saw it happen. You’re, like oh man, that’s crazy I had a guy almost cut his arm off with a skill saw. How far did you get? I mean it was bad. It didn’t quite go through the bone, but it was a bad bad deal. The funniest thing I have it’s funny now, but it wasn’t funny at the time-it’s probably not even funny now, but it didn’t have to laugh cuz. It’s like crazy. Talk to them, but I talked to wes about this on video, but we are doing the elephant in the room. We realize that we didn’t have enough shampoo bowls for shampoos, and so we thought you know what will add some more shampoo bowls.

The general contractor I said cool. Are you insured? He says yeah. He sends me proof of insurance, cuz, I’m kind of paranoid right right and he proceeds to dig a ditch and begin to hire a plumber. They put it. They dig a ditch to put in the plumbing and they’re digging through concrete, concrete flying everywhere. It’s happening like after hours, they put plastic up everywhere, so it doesn’t get everywhere and he cuts his foot in the shape of a triangle. Every single time, except for the big toe is gun and they tried to say was my fault because the plumber said that he was told that the general contractor had insurance, but he didn’t have it. He didn’t say that part I just knew. He said that to me esp, he told me I thought you hired me directly and so therefore you’re the general contractor her oklahoma law. He said it’ll start looking for cover when they cost a lot of money to fix a triangle. Contractors, hey buddy, I’m, the guy for 18 years. I said:hey. You said you had business coach insurance because I actually that’s a false document:i modified it in photoshop i, don’t have insurance man, so you’re going to take care of this and I did and I honor general contractor, but he could go for it was very easy. The law always favors the little guy and so the little guys out money and screwed a lot of times. They’re going to look for someone to stick it on and you may be, that person is made up of people in the majority of people are not employed. Whiskey talking about the jury, have the jury. Typically, business owners. Don’t fare too well with a typical jerry berry from county to county, but it’s it’s 12. Citizens who sit in the box 12-12-12 employed like one one couple, might be unemployed a couple or promptly and most of them, probably employees or someone else. Some love the idea that a per diem $10 a day or whatever to hang out, and they they listen to too. Two attorneys tell them stories, basically, there’s more coming with his storytelling and whichever story makes them feel better. Blues think that they are trying to do the right thing off entrance with the laws to attorneys get together, and then the jury argues about who told the better story and that’s how a lot of cases are settled. The feelings can often trump what the law is, because I just want to take care of someone. You need to buy umbrella insurance and you need to schedule an appointment with your attorney today. If you don’t have an attorney reach out to winters king.Com

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