BUSINESS INSURANCE WITH JACOB WHITE 1.3
Um, you know, obviously the applications, that’s something we can’t, we can only do so much as far as filling in applications to help, um, with the clients. But we initially just need those applications, get the information, which helps us out a ton. Um, you know, the more we know about the business and what you do and all that type of stuff is just going to help us more to kind of paint the picture of the underwriter for Trust Attorney Las Vegas.
And so once we initially have the applications and send those to our underwriters, that’s kind of when the process starts, when they’ll kind of go over the applications, um, see if it’s a fit, you know, for there, for that carrier, um, to make sure they have an appetite for the type of business it is. And then from there, that’s where, you know, they’ll follow up with certain questions and then, you know, we do more followup with the client. If not, then it’s just kind of a back and forth with us, with the, with the underwriter where we’re, you know, trying to negotiate pricing and trying to get it down for our clients. Um, include coverages, remove exclusions, all that type of stuff is, is stuff that we’re doing before we, you know, actually present a proposal to the, to the business owner for better Trust Attorney Las Vegas.
Hmm. I think that’s some great information there. So, um, I think the theme that we’ve had on multiple podcasts now is that, uh, one you need to have somebody that you trust. That’s why it’s called trusted podcast, but two is you need to disclose more information to your trusted advisors. Cause the more information that we have as advisors, the better we can help advise you. So I don’t think, you know, hiding the ball so to say is going to help you in that situation. A lot of times it’s going to get you in trouble because if you don’t disclose information that you knew about before you apply for insurance, that could disqualify you from coverage. Am I right? Right. Yeah. So it’s definitely in your best interest to disclose that information and get as much information out there as possible. All right. So let’s, uh, kind of switch gears a little bit. Let’s talk about, um, transition of policies when someone dies. So it’s a little bit different than, you know, to a personal policy. When you die, the policy’s dead and that that’s it. Or either if it’s life insurance that pays out to the beneficiary or if it’s car insurance, the cars, you know, sold. And so the policy is canceled, but a business, you know, ideally it’s ongoing. So what, what kind of steps happened there and do you know, does it, does it change anything or does it continue on when you get Trust Attorney Las Vegas?
Yeah. And with, with this, um, and I think this would kind of cross into life insurance as well because there are the, the business life insurance policies that exist for, you know, whether it’s a corporation, an LLC partnership, um, whatever it may be. Those, they typically have those in place. Um, you know, if there were a death of a key person where that’s kind of all written and in place, kind of how it helped the transition, um, of the business, whether it needs to be sold or whatever, whatever steps need to be taken. Um, and that, you know, I won’t touch too much on cause I’m not, I don’t deal too much with life insurance. Um, but as far as the policy, so the, the named insured is kind of what it goes off. And so with a business policy, you know, the name insured is going to be the, the entity.
And so from there, you know, obviously if, if the owner or a key person were to, were to pass away, there would be just measures within hopefully measures within that company that kind of passed the ball to the next person up or the, you know, vice president or whatever it may be, where they just keep on running because of the named insured, which is the entity name is, you know, it’s just gonna stay the same. It’s not like the companies, you know, passing away or moving on, um, it’s gonna still be the same company and so that policy is going to stay intact, um, as long as that company’s intact. So as far as a transition, if somebody were to pass away, I think that would be more in that arena of kind of what those business life insurance policies or um, you know, just kind of passing along with, with written contracts that the company itself has in place for your Trust Attorney Las Vegas.
And then from a best practices standpoint, um, do you want to have multiple contacts listed on the business policy so that you have else that you can talk to? Or is it, do you guys just defer to whoever the named person is at the, within Nevada, secretary of state as far as being a director? Or how does that work and see what Trust Attorney Las Vegas is all about?
No, it’s kind of what you said. Ideally it’s, you know, if you’re with our clients, we like to have, you know, multiple contacts. And so one is obviously the business owner of the company. That’s a good person to always be having conversations with. And then two is your most likely, most companies have a controller or somebody like that that’s gonna be the one that deals a lot with the insurance. Um, and then, you know, sometimes if it’s a big company, you’ll have multiple people that are kind of going over the insurance throughout the year. So, um, what, what we’ve dealt with is almost every client we have, you know, two to three contacts for, for each business, you know, and sometimes some of them do different things, but you know, for the most part there’s one key contact for the insurance and then kind of have those backup contacts that use Trust Attorney Las Vegas.