Liability insurance is one of the most complicated aspects of your business. Unfortunately, poor or deficient coverage is much more common than we know, and the consequences for your business can be severe.
Treacy Duerfeldt, an insurance expert who runs The NationWide Contractors’ Alliance and also WISE Insure, covers some of the top issues in today’s interview. Learn what can go wrong and how to protect against these things, so you can focus on building your business with confidence.
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[2:55] – Where do you find a good insurance agent and how do you know when you’ve found one?
[6:20] – The insurance carrier you choose matters. There are huge differences. How can you compare the good vs. bad insurance carriers?
[10:20] – What is the difference between non-admitted carriers and admitted-preferred carriers? And why does it matter?
[17:00] – What is the difference between “audit ready” and “claims ready?”
[23:55] – How do you get a copy of the policy from all your trade partners?
[26:55] – How does it work with your architect agreements?
[28:30] – The difference between claims-made and occurrence policies.
[30:40] – On prior work exclusions.
[35:20] – Other typical exclusions to know.
[43:30] – The need for builders to understand these issues themselves.
[48:05] – What is the biggest mistake Treacy sees builders make?
[50:30] – Where to find Treacy online.