152: How to Choose the Best Insurance for Your Design Firm

Financial
Written By Michele Williams
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152: How to Choose the Best Insurance for Your Design Firm

with Michelle O’Connor

With me today is Michelle O’Connor of O’Connor Insurance Associates located in Charlotte, NC. Michelle and I are going to talk about what insurance is, and why we need it, discuss the different types of insurance available, when to get insurance, and when to make a claim against it. There are so many different types of insurance and knowing what serves our company best will allow us to make the best decisions to protect the business we are building.

Topics Mentioned:

  • Liability

  • Workers’ Compensation

  • Auto

  • Employer Practices Liability

Listen to the Episode

Key Thoughts:

  • The more that your company grows, almost the more it's really about taking care of your people, and your people will take care of your clients. Michele (04:50) 

  • The goal of insurance is to make you whole again, specifically when you had a covered insurance claim, which is the magic word there, is that it has to be something that is covered. Michelle O’Connor (12:24) 

  • You do have to know your state guidelines when it comes to workers comp, but I will tell you, regardless of what your state guidelines are, when you hire the first employee, you really need workers compensation. Michelle O’Connor (34:49) 

  • It takes a second, I mean if anybody's ever had a toddler you know, it takes a second for anything to happen with them. Same thing in your business. Michele (39:01) 

  • Flood policies are separate policies. So they are not built into your business owner policy. They're not built into your homeowners’ policy. They are separate policies. So unless you have purchased and paid a premium for a flood policy, you don't have it. Michelle O’Connor (41:32) 

  • The cost of having the insurance is negligible compared to the cost of the claim. Michele (46:44) 

Contact Michele:

Contact Michelle O’Connor:

References and Resources:

Click here to read the transcript for this episode.

Michele Williams
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151: How to Conduct a Midyear Employee Check Up for Your Design Team