Why You Need to Buy Insurance Before You Get Hurt

Show Notes

As a business owner you have to understand that you absolutely will need insurance as you grow and scale. In this segment of the Thrivetime Show Clay Clark will explain why you need insurance.

  1. NOTABLE QUOTABLE – “Good insurance makes it possible to have a no good very bad and rotten day versus having a no good very bad and rotten life.” – Clay Clark (Former U.S. SBA Entrepreneur of the Year)
    1. Accident Insurance
    2. Short-Term Disability
    3. Dental Insurance
    4. Vision Insurance
    5. Health Insurance
    6. Home Insurance
    7. Business / Workman’s Comp Insurance
    8. Umbrella Insurance
  2. Clay’s Recommendation – 918-392-4000 – Farmers Insurance
  3. 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 his group that you didn’t and your contact information to cancel at drivetime show.Com what they say. Welcome back to the special occasion where I get to talk to you about insurance. Now, full disclosure I used to be paid by farmers insurance to train all their agents over there at 91st and yale in tulsa oklahoma, as well as our office at 101st, memorial and I was paid to train those agents. You see that commercial I was kinda like the bro-fessor kind of depressing I taught people how to sell a home and life auto insurance. How to sell supplemental insurance and I’mma. Tell you how we would sell it and I want you as a listener to understand why I was passionate about not today, I don’t sell it.

So I want to make sure you’re getting this, but I just got work. You’d sit down with somebody like, let’s say luke over here at the hub gym and luke. Are you guys how about a thousand members to go to the hub gym, and this is how I would do it? Okay, you ready for it. I would say now luke if you were to have a slip-and-fall like someone gets hurt at the hub jim. What do you think the average injury claim has been the united states when someone hurt at jim against the gym? What’s the average claim that you think it would be? Oh I have no idea a hundred thousand, but I would have done as a business coach. The research and I would show you data from usually like the department of labor or statistic from the sba, but a real, a real stat and I would show you and then I would show you the number and say we know the average claim is 270,000 according to the us chamber of commerce or whatever and I don’t have it set for them right now, drivers, you don’t hold me to it, then I would say no to you drive a car I do okay with the car. What’s the average injury claim in oklahoma and I do know this one, but what was what the average injury claim if you’re driving down the road? Maybe you drop your phone? When you look down boom, you hit a bus boom hit a minivan boom. You kill a kid 3 year old kid, a great kids and asking me feel bad about it. You weren’t, drunk and driving just drop. Something made a mistake who doesn’t make mistakes if you kill tomato that cost? Oh boy, I got a million dollars. I have no idea average injury claim in oklahoma, as over 400,000.

When you hit somebody average is 400000 with your house, your house, you have a house key was I supposed to live in a house or an apartment or a condo. As you know, the cost of a home goes up 3% of year, because the value of money decreases. Are you aware of inflation? How that works roughly? Basically, the government print more money than they have it there for the value of money goes down every year as they put water into the currency. Kool-aid, that’s how our the money’s worth less every year, and so unless you are buying 3% more insurance ever your home is probably under insured. When was last time you compare the rates. Will we just bought a home this year, so it’s hard to die, but typically, what what day would you want to die as a business coach? If you thought about the specific damn and you know i, have you thought about june 5th I made 64 I want to die, then I thought about that the day cuz it’s important! I can look most, not not you, but most people don’t know the day and the average american dies in the cost of a funeral about $20,000, but according to the federal reserve, the average american has less than $400 saved. So usually she will need to start dating. Somebody like that that that day, so I want to make sure you got a list of like hot prospects that way she can start dating right away or I wanted to know. If you figured out that they were going to die, you said enough money. What day are you planning on husband insurance? What day you plan on dying husband, not today, okay, when you do. I, would you have enough i Think I would break this down to typically, if you have kids, what to your kids or youngest kids, 5 and your kid live to be 18. If you want your kid to not be homeless for the next 13 years after you die, you’d want to have life insurance to pay for that.

So whatever your income is * 13. If the minimum you need it. If you want your wife to start working immediately upon her 80th birthday, that’s all you need. If you don’t want your wife to ever have to work again after the funeral and stuff you want to save at least brought me 30 times your income. So if your income is $50,000 times 30, you need 1.5 million dollars of insurance. How much life insurance do you have i? Do this step was game, then I would say what we would have is we have your underinsured and what, if I told you for $307 a month, you could not have business coach peace of mind, because now you have a piece of paper and a promise, and you know that when you die when you get in the car accident, when there’s a slipping fault, that you are fully covered, and so you get the peace of mind for only $302 a month. If you don’t do it, the average business owner gets sued every 4-5 years, the average human dies, the other person does get into a car accident about every 5 years.

Bad things happen to good people have a bad day instead of a bad life, so you would have a bad day today and pay me $302 or $10 a day or do I have a bad life where do I sign up. This is the move. I think you just make sure it’s not all of the listeners, all the possible to have a no good, very bad rotten day versus the no good, very bad rotten life. But you got to think about this tribe nation. Do you have accident insurance? Do you have short term disability? Do you have dental insurance? Do you have vision insurance? You have health insurance. Do you have home insurance check when abby’s all the home insurance? Do you have home insurance? Do you have? This is big? Okay, do you have business insurance, okay, workman’s comp? Do you have umbrella insurance, i? Never a lady came to 91st and lynn lane in my house in broken arrow and she pretended to fall. I’ll call her the manatee of humanity, because this woman came and I’m not kidding. This woman came in to our business and she made it looks like a fake fall where you can imagine how a man if he would talk sasha’s on camera, so she fell, but it’s like a fake and then she’s like i. Don’t know how do you guys have insurance i? Think I hurt my neck. So what you want to do is you want to sit with an insurance agent today, and you want to not listen to the song my neck my business coach back. You want to sit down. You want to put that put a link to that on the show that all you want to do that now, the insurance agent I would be kurt the crypt the company on recommended, you would call, would be farmers. Insurance cited work with him for close to a decade and I know that they honor their promises and their phone number is 918-392-4000 for disclosure. I am not an insurance agent. I do not make any money. If you buy a policy. I don’t make any money. If you mention my name and in fact you’ll probably appreciate, if you don’t mention my name, but the thing is:if you call 392-4000 I know the folks at farmers, insurance district 10 could take care of you or any other fine agents. I, don’t care what agent you have you’ve got to do it cuz, otherwise, you’re going to have a bad day and a bad life, no check it out when you’re first starting a business and you’re not profitable. Yet you don’t need to worry about it because they can teach you right. So when you lose everything they’re like working at shoe you forever. Okay, I mean I’m, already bored I mean i, don’t see people swing homeless, people take it also marshall. This is a deep thought. You were going to lot of clients right now that are doing really really well.

Why do you, as a business coach, sometimes not feel, like you have permission to get into the discussion about insurance? While you put some people say i, just i, don’t really want to discuss marketing with you most and most people only have the breakthrough. Once they have the breakdown most people, they only have the breakthrough once they have the breakdown. Until what you got to do is you got to know who your insurance agent is prior to getting sued? You got to know who your attorney is prior to getting sued into. Having that conversation, hey somebody suing me or hey, I need to call in an insurance policy. You had better have a good relationship with that person. Dude I had a really really bad last friday in terms of like bad, so I had to do it. I’m good, but I have like 2 hours that we’re just weird what happened was I had had somebody that was stealing cash, doing weird stuff, just being squirrely and one of our companies and so I had a relationship with wes carter with winters and king I still have relations. West carter he’s my attorney his firm winters king. They represent winters and king. They business coach represent joel, osteen, td jakes, and only eating big big names, and then he is a great guy, and so you know what I did, though, as soon as I saw someone doing weird things, I called him and I already had a relationship. So I took your call brian the relationship. You know the relationship after it’s been a relationship when you ship the drum a transaction to a friendship and I’ll. Tell you what I don’t want to go through litigation with somebody who I’m just now beginning to have a awkward conversation. I want to go into litigation with somebody who I feel like is a friend and so I would just encourage. If you don’t have an insurance person, call 918-392-4000 call farmers insurance. If you don’t, like those guys are know those guys I’ve had a great relationship. Ship was from state farm folks over the years company that has a reputation of actually paying out and that’s what you want to do in a relationship with you. But we can’t have a relationship with you. If we don’t get a chance to know you invite you to go to thrive time, show.Com again, that’s thrive time! Show.Com you going up there going to find the podcasts the one on one business, workshops, the 101 business, coaching you’re, going to find the online videos, thousands of training videos. It’s all there for you available, drive time. Show.Com show with a three and a two and a one. So here we go I’m emotionally ready

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