LET’S GET UP TO BUSINESS

Palmer Trice of Insurance Office of America

Best Business Podcast

Do you only see your insurance agent when they show up once a year to get an increased renewal signed? When was the last time they reached out to you to see how your business was going without trying to sell you something new? Dows your agent ask you if your needs have changed year over year?

Unless you have an agent like Palmer Trice of Insurance Office of America, you might be paying more than you should be or have a policy that doesn’t accurately reflect your current needs. Jordan sat down with Palmer to discuss what your insurance agent should be doing for you, and how their interests should reflect yours.

Palmer moved to Orlando to follow a girl, found my way into HR and then insurance.  He did so by talking with a former CFO, who had become a mentor. He helped to find something that was a better fit if Palmer promised to help transition in the next HR Director.

What Palmer says are the 3 biggest mistakes business owners need:

Business owners don’t understand insurance, so they push it off and rarely look at the coverages they have in place and the person they have representing them. So many people dislike their agent and how much they’re paying, so they avoid it altogether.  They don’t put any focus on their claims handling and assume “the rates are the rates.” If you control your claims, you’ll control your premiums.  Business Owners don’t address insurance until it’s a problem, and by then it’s almost too late.

Episode 39: Palmer Trice of Insurance Office of America – Full Transcript

Palmer Trice 0:00
It’s it’s oftentimes. And I’m sure listeners have seen this in the past where agents show up once or twice a year and they say, Hey, here’s a renewal sorry, the rates went up 10% this year, nothing we can do. We’ll see you next year.

Narrator 0:15
The pure world will close down, profits are up, and customers are clamoring at your door you’re listening to. Let’s get up to business from Jordan. Out interviews with business owners, service providers and area experts can teach you how to create a world of success and profitability. If you’re looking for an attorney to assist in your business formation, employment agreements, or other legal business needs, contact Jordan law at 40790655 to nine You can also reach us on the web at Jordan ma m l.com. Jordan law, we protect you and your business.

Jordan Ostroff 1:12
Hello and welcome to Let’s get up to business with Jordan law. Joining me today is Palmer trites. With insurance Office of America, the insurance office, the insurance officer,

Palmer Trice 1:21
yes, the insurance, the insurance Office of America, sir.

Jordan Ostroff 1:26
So tell me a little bit about what the insurance Office of America does.

Palmer Trice 1:29
Yeah. So Iowa or insurance Office of America Not to be confused with Islands of Adventure, but iway does commercial insurance as well as employee benefits for really mid sized businesses all throughout the US started here in Orlando. But when now we have 50 offices nationally, so we

Jordan Ostroff 1:50
started in Orlando.

Palmer Trice 1:52
Yeah, yeah. So that’s where the majority of our business is throughout Florida. A lot of it. I mean, you’ll see our name All around Florida but really a ton here in Orlando and, and but now we’re nationally we’re actually internationally International. We’ve got a couple offices over in London and Ireland. Cool.

Jordan Ostroff 2:10
So yeah, we’ve got some listeners who knew they need some help with their employee benefits or their insurance what’s the best way for them to get in touch with you?

Palmer Trice 2:16
Yeah, so you can, you can reach out to me

directly via email or phone. My my email is Palmer trice at Iowa USA, pa l m, er, tr IC E, Iowa usa.com. Or you can call me directly on my cell which is 704-654-6554. All right.

Jordan Ostroff 2:39
So, that being said, Before we get into more about Iowa, tell us more about you.

Palmer Trice 2:45
Yes, I grew up in North Carolina, Charlotte, North Carolina lived there for throughout high school, went to Chapel Hill up in North Carolina and and after graduating, I lived in Raleigh for some time and then city You know what I want to get out and go somewhere I’ve never been so my my job at the time said you can go up to Chicago or down to Tampa, Florida and I said I don’t do cold weather. So jumped in the car headed south didn’t even know where in Florida Tampa was

and drove down

and then met my girlfriend at the time now wife who’s over here in Orlando and said, You know what, I’ll make move over there. So drove over here about four years ago, and then and then actually fell into it technically was an HR role but was dealing with the insurance at a construction company and decided I don’t like the hiring and firing of HR, but I like everything else that I’m doing so made the jump over to Iowa. From there. I’ve got My wife, Nicole, we’re in the process of adopting our first child right now.

So yeah, we live in Winter Park. We love it.

Wonderful. It’s a fun stage of life right now.

Jordan Ostroff 4:14
All right. So why did you pick Iowa over, you know anything else?

Palmer Trice 4:19
Yeah. So I looked around at a few different agencies. And it ultimately came down to a couple things. I love the culture of Iowa. It’s it’s very unique. Our industry, as I’m sure people listeners know, the insurance industry does not have a great reputation. But a highway, really it started it, the founder john run our started and said we want to change the way this industry is viewed. We want to change the way it operates. And, and so he started, he was intentional about creating a culture that is focused on the people at Iowa and The clients. And so it’s a culture that values its people. I mean, you can’t find somebody at our way at Iowa who, who joins in and leaves in a year. They’re almost all there for 1520. They’re constantly celebrating someone in the office for something they’ve done. So that was one. That was one of the reasons. The second is, I mean, and we’ll get into this more as we talked, but is the the advantages that iOS offers as far as REST services and some other aspects that they have put together over the last 1015 years. It really just gives them an advantage over some of the competitors in the industry. So so the insurance industry going back to the reputation it’s it’s it’s a Oftentimes, and I’m sure listeners have seen this in the past where agents show up once or twice a year. And they say, Hey, here’s a renewal, sorry, the rates went up 10% this year, nothing we can do. We’ll see you next year. And they, they might check in with a phone call or drop off a cup of coffee, but that’s about it. And really, the the agent or broker has

said, You know what,

percent of whatever that premium is, that’s what goes to the agency. And so that can be a good, a good chunk of change. Sure. And when you’re paying 100 grand or some words upwards of a million dollars and insurance, and I mean, that’s $100,000 going straight to that agency to drop off. privately owned, we don’t have shareholders to report to So we don’t need to just focus on the profit. Let’s start building, building some other benefits that we can provide to our insurance. And so they they put together a services team, which is now about 50 people. And and we don’t get any, all the benefit is straight to the insurance, we don’t get paid from our services team or anything like that. It’s strictly to benefit the insurer to help manage their claims to help implement a safety program. So all the fun things that the insurance does not want to deal with. We have essentially taken that off their plate and said, Let us help with that. For the same premium you’re paying, we’re just going to use some of the profits to help you.

Jordan Ostroff 7:48
And so what, what is that team doing that they’re getting?

Palmer Trice 7:56
are going out there, so I’ll try and make sure that listeners understand it, don’t worry, I don’t understand anything so well, and that’s one of the reasons that I really enjoy my job and that I think I’m good at it. It’s because it’s a, it’s a complicated business. And like I said earlier, sometimes people are paying $100,000 for their insurance. And these business owners don’t know more than you do. You’re a business owner and you and it’s just a complicated business, or a complicated industry and so so so that’s one thing I like to do is come in and say, Hey, listen, here’s what your money is actually, how it’s helping to cover you. But anyways, going back to your to your initial question about what are those risks services we’ve got in house claims advocates, so if you if you get sued if you get a GL claim? You probably don’t know how to handle us. Well, you would Yeah, this is the little lady my clients down but I got you but I ensure a trucker here in Orlando. He does not know how to deal with a slip and fall claim or a cargo claim. He He knows how to dispatches drivers. He knows how to, to build up a book of business to hire and fire drivers, but he does not know how to deal with a claim. So we’ve got, we’ve got about 20 in house claims advocates that say, hey, as soon as you get notice of a claim, pass that along to us, we will handle it. And these are claims advocates who, who used to be on the carrier side of things. And so they know how it works. They know what to say what to communicate what not to communicate, in order to best

Jordan Ostroff 9:40
protect the insured. So they’re reaching out to like, hey, please send me these documents, whatever you have in place, and then, you know, let us chat with them on your behalf.

Palmer Trice 9:49
Yeah, because a lot of times like a like I said, those business owners, they don’t know what to include in a in a when they submit a claim, right? They don’t know what to not include. Ultimately, we want to protect them. So we can gather the information, the claims advocate sort through and say, Hey, if you could send us some, a little bit more on this, or let’s exclude this, and and we’ll submit it over to Okay.

Jordan Ostroff 10:16
Well, it’s always interesting to me because like will have clients who will who will be wrong in their favor and to their detriment like at ease, you know, the same thing like, Oh, I have surveillance video showing that they were like smoking pot half an hour before that, is that important? Yes. Yes, that would be important as they got run over by a forklift in the, you know, with strict no smoking policies and drug testing and whatever. Exactly. And we

Palmer Trice 10:41
come across this so often. And so that’s a huge for to our to our insurance is, hey, you don’t have the time, nor you don’t have nor the knowledge and that’s not, that’s not a knock on you. That’s not your expertise. That’s our so let us deal with it. Right. That’s one of them. There’s other companies, I work with a handful of contractors throughout Florida. They don’t want to take time out of their HR team or oftentimes it falls on a on the CFO or random administrator to put together safety programs, toolbox talks. I used to do that in my HR role. And it was it was usually 445. On a Friday, I knew I had to shoot something out on a Monday. So I started Googling, looking for different different talks that we can have our have our foreman lead on Monday morning. And so it wasn’t well prepared, well developed. So we’ve got a team of about 20 people that put that together for our insurance and say,

Jordan Ostroff 11:51
That’s not a sign of internal priority, right? Yeah, exactly. There’s job site stuff. There’s, you know, hands on safety, right, you know, training people to be proactive about stuff. Usually totally different process.

Palmer Trice 12:00
Yeah. And, and, and to be fair, safety doesn’t add revenue to your company. And so it, most of the time business owners are focused on how can I build our business, right? And safety doesn’t necessarily contribute towards building your business. So I get that.

Jordan Ostroff 12:21
So when you when you’re sitting down with a business owner, I mean, I assume you’re usually going to deal with some of the C level execs to get this. Yep. What like, walk me through, like the menu that you’re handing them, hey, these are all the things that we do, like give me the breakdown.

Palmer Trice 12:35
Yeah, so it obviously depends on on the business owner depends on what kind of pain they’ve had in the past, depends on the industry. But ultimately, there’s not one program that you can say it’s not a one size fits all, where I just hand them a pack and say, Hey, this is what we offer.

Jordan Ostroff 12:59
Take it or leave it No, I understand that but I mean like, Alright, so workers comp general liability health insurance, I mean, walk me through. Yeah. Okay.

Palmer Trice 13:06
Yeah, I see what you’re saying. So we there’s obviously a ton of different insurance coverages. But I always say the big four are workers comp, GL, auto and property. So a construction company likely has higher GL exposure GL risk, they’ll probably have a good bit of autos, probably very little property, because usually they’re renting out of space and they’ve got some tools out in the field. That’s about it. So but those are the big four are insane workers comp. Yeah, that that’s that does come in handy because, again, I mean, if you have if you have two or three claims throughout the year, your workers comp there’s a there’s something called the mod rate in workers comp that the industry average is a 1.0 And the state says, Hey, forklift drivers going to pay $4 and 50 cents for every, every hundred dollars you pay them. If you have a couple accidents, your mod might jump to a 1.5. And then all of a sudden you’re paying 50% more for that forklift driver. Obviously, that adds up when you’ve got when you got 30 forklift drivers, right? You’ve got 30 installers out in the field, all of a sudden, you could be paying an extra 50 grand, just because two or three claims and so that’s where our claims advocates and our risk advocates come in handy. Well, I always

Jordan Ostroff 14:38
love talking to people about workers comp from the you know, from the lawyer writing standpoint, it’s like okay, are you in construction? No great than every other profession is in the exact same rules. Yeah, what you are in construction. Now, it’s totally different. You know, yeah, one person versus four. It’s, I think they’re there moderates like 100% of what mine is, but obviously, it’s more dangerous to be on a roof than it is. Divided decimals time. So yeah,

Palmer Trice 15:01
yeah, I mean I I’ve seen roofers they pay about $20 per hundred that they pay out. They pay about $20 and workers comp. And I’ve seen I’ve seen some guys that have it 2.8 mod, and so they’re actually paying. What is that? 58

Jordan Ostroff 15:22
She is so for every off that so basically for every dollar they’re bringing in, they’re spending about half of it on workers.

Palmer Trice 15:28
Yeah. Yeah. So luckily, as an attorney, you don’t have to worry about that you’re spending 19 cents Yeah, something like that.

Jordan Ostroff 15:36
hundred dollars. And even that, I think mine, whatever it was, I had I hit a certain mark and it right down a little bit higher to went down to that. It was a very interesting.

Palmer Trice 15:46
Yeah, so so so those are the big four there, there are others. In your world. In the attorney’s world. There’s professional liability, which is errors and omission. Which is directors and officers. There’s tons of other coverage as well. There’s cyber crime. Cyber is a big one over the last couple of years.

Jordan Ostroff 16:10
And it’s going to be a ransomware coverage and whatnot. Yep.

Palmer Trice 16:13
ransomware is actually probably going to be separated from cyber because ransom wares has been such a big issue that they may split it off. And essentially, you’d have to get a cyber coverage and a ransomware coverage in

Jordan Ostroff 16:30
it. So then what would cyber coverage be if they pull read somewhere and have it?

Palmer Trice 16:33
There’s, I mean, there’s so many in cyber is not my area of expertise. Yeah. But it’s it’s a it’s a coverage that is growing and is much more needed than it was five years ago, as I’m sure you know.

Jordan Ostroff 16:48
Yeah. And we had we’ve had a couple of cyber security people come on, may have to have them make them more consistent because like the the level of

Palmer Trice 16:57
sophistication Yeah, it’s crazy. Yeah.

Jordan Ostroff 17:00
is we have one actually was on I think it was last Saturday or two Saturdays ago, emailed everyone in the office copied copied my email was like, hey, I need you to pick up some, you know, eBay gift cards for a client. And so couple people reached out to me I was like, have I ever asked you to work on Saturday? They’re like, No, I was like, Okay, cool. It’s not me.

Palmer Trice 17:18
We had one of my prior company where where the, the CFO got an email from from the owners email address, and said, Hey, I’m traveling today. I’m about to take off on a plane wire 50 grand, yeah, to this count. And sure enough, I mean, they they attract the the owners schedule, because he actually was taken off on a plane. And so he said, it needs to be done ASAP. Obviously, you can’t reach the owner. So the CFO is sitting there thinking, do I do this? Do I not I don’t want to get in trouble if he lands and I haven’t done it. But it was it was unique. That owner he or it was rare for that owner to say please wire money. He always wanted to write checks or put it on the credit card. So luckily the CFO picked up on that. Gotcha. But

Jordan Ostroff 18:10
people fall for it all the time. Yeah, well, it’s funny we had, I think it was Phil do my thing was last one we had on here. And he was like, make a password and just put on a sticky note on the computer. And so if you get any emails that involve money or whatever, make sure they have like, you know, mayonnaise, as the code word was, it’s funny just to see like, you know, let’s go let’s go super new school on firewalls and all that stuff. But then let’s go super old school just in case. Yeah, yeah, somebody gets there. You need both.

Palmer Trice 18:37
Know, I love that. I used to store all my passwords on my phone in the Notes app. Do I had a couple guys in the IT world say, you know, if you’re just sitting at a Starbucks, someone can access all of that. Yeah.

Jordan Ostroff 18:52
See, I have the benefit. I just forget all my passwords.

Palmer Trice 18:55
Always reset them.

Jordan Ostroff 18:58
Mark knows my has to deal with my mark, what’s my password for this? Like it’s Jordan 123 or something?

Palmer Trice 19:05
Oh, now your listeners know your password

for So,

Jordan Ostroff 19:13
I’m no good being tortured for my passwords. So, but I like the concept. I mean, so you’re sitting down with them and you guys can offer pretty much anything to kind of break it down for them. Yeah. So walk me through the analysis, like, based upon a certain number of income, a certain number of employees a certain number of whatever, like, how are you? How are you coming up with your ideas for what they need or what you think they need.

Palmer Trice 19:38
So this is where the, this is where I’m at a huge advantage being at a large broker like I LA. We’re, I want to say we’re the 11th largest privately owned brokerage in the US. We’re the largest privately owned in Florida. So So there there are some advantages Of that, one of them being, I can send out an email to our 500 agents nationwide and say, Hey, I’m working with a law firm or not a law firm, a an electrical, an electrical contractor who works in track homes specifically. And it’s a that’s a tough coverage to find. Because track homes are just, nobody likes them. And so I’ll usually if I’m meeting with a prospect, and I know they’ve got some tougher, tougher exposures, then I will send out an email to every agent and say, give me the markets Who should I be talking to him before I even go meet with that prospect? I’m calling those markets saying what are you looking for? What do I need to be asking? So insurance is so big and so broad. A lot of people do have niches and so they know okay, I only work with construction. I know everything you need to know about construction. Some guys are generalist, and like to write anything. And so that’s the advantages. Even as a generalist, I can call the construction guys and say, Tell me exactly what I need to know. And then I can go into that meeting

would be competitive in their industry.

And, and that way I can specialize it and not just write them a generic policy that isn’t going to cover their unique risk.

Jordan Ostroff 21:33
So when you talk about people being competitive in the industry, are you like, are you weeding out certain carriers beforehand, just because you don’t like how they operate? Or is it this person wants to pay a little bit more to get a little bit of service? Like, how does that work?

Palmer Trice 21:48
Yeah, yeah. So we don’t usually weed them out beforehand, because we don’t like how they’re out. They operate. There are certain there are certain carriers out there that that we’ve seen Don’t treat their the insurance very well and we’ll as a brokerage will stop working with them but for the most part we know that every carrier has a couple markets that they will serve really well. Now the insurance does have a lot of say over it there are there are insurance companies that do really well with claims handling there are some insurance companies that do really well on just undercutting, undercutting price undercutting on price, okay. And so we we really have to fill it out and say okay, what, what do you want in your Are you looking for the best coverage, you’ll pay a little bit more for you’ve had a high ma the last couple years. So if we put you with this workers comp carrier, you might not get quite as good of a dividend but they’re going to help lower your mod so that in five years, you’re paying significantly less than you are now.

Jordan Ostroff 23:06
That’s interesting, because I guess, you know, I never really looked at it from the standpoint of level of service with the carrier’s level of service worth. Right? What does that client specifically need?

Palmer Trice 23:18
And that’s pretty common that I’d say, I’d say 75% of business owners that I meet with or CFOs. all they’re doing is looking, when we hand them a proposal, we used to put the the premium on the last page, we’d want to walk through the proposal say, hey, here the coverages right. But what we found we actually made the decision on our proposal template. We’ve moved the premium up to the front because 75% of business owners flipped to the back right before we even started the conversation and said, All right, there’s the bottom that’s that’s the number right there.

Jordan Ostroff 23:54
Well, the beauty with insurance is really I just want to be lighting the money on fire every month, right? I want to ever need it no matter where it is. Right. So especially life insurance, I definitely don’t want to.

Palmer Trice 24:05
Yeah, so it’s it. That’s what’s tough about my job sometimes is communicating the need to not just flip to the last page, but hey, let’s, let’s look and look at these coverages. You might not understand all of them, but let me explain it to you, right? So you know what you’re getting for that cost because I mean, I’ve had, I had a business owner, here in town, he, he’s, he, he owns a car contracting business, a flooring contractor. And, and he, he just flips to the last page and always says, I’m never going to use this stuff anyways. And I and I, one time sat down and said, you know, you remember that, that issue you had a couple weeks ago, that could have been a claim where you got reimbursed for it, and he just assumes that, that he only has his insurance for something catastrophic. And so it It’s nice to be able to say, hey, if this you have this coverage for it, if you’re paying all this money for it, use it.

Jordan Ostroff 25:10
Well, at this point I have to pitch you know, un coverage, uninsured or underinsured motorist. The only insurance that really protects you that that is for your benefit, as opposed to protecting you from everybody else’s benefit. Right. I guess maybe that’s not the exact right way to phrase it. But

yeah, there.

Palmer Trice 25:29
I would say there are a couple. But that humans definitely that’s been at a big one over the last couple years for we’ve seen un really come into play where I saw one the other day where somebody claimed a worker’s comp claim and then went against the auto policy as well and claimed money from us. And it’s, I mean, it’s it’s just crazy how the insurance hasn’t in the insurance industry has evolved. Over over the last 10 or 15 years, as litigation is picked up in Florida so much

Jordan Ostroff 26:06
Well, the thing is like an insurance company doesn’t really do anything other than move money from point A to point B. So in you know, at its core, everything’s the actuarial table of how they can still make money, even a payout claims or to pay less to charge less, whatever it is, along those lines, you know, as opposed to, like you’re providing a service to these people. That’s more than just, you know, the insurance itself is more than just the policy. So it always kind of, you know, people do that. They’re flipping just for the quote, yeah. When unfortunately, you know, you can really shoot yourself in the foot,

Palmer Trice 26:35
right? Yeah,

Jordan Ostroff 26:36
exactly. You know, same thing goes for a lot of general liability, and you’ll get some different riders that won’t cover what you actually are going to have your general liability for. Right, or won’t cover the destruction of your property inside and whatnot. So

Palmer Trice 26:48
yeah, it’s funny you bring that up, I I tell people all the time that you need to, you need to at least do a somewhat deep dive into the exclusions and endorse On your GL policy, because I have seen time and time again, where people are people have massive exclusions directly related to their business. Oh, yeah, I had one. Again, another contractor where he’s a paper GC to employees, about 6 million of revenue every year. So it’s, I mean, it’s a decent business that he’s grown. Yeah. And it’s just two employees. So he’s subcontracts 100% of his business. He had just been going after he had been getting the cheapest policy he could. And I looked at it and I said, Hey, you are saving about 10 grand a year. But you have a subcontractor exclusion, which is your pile of your work. So you will be covered zero percent of the time you have a claim. So yeah, you’re paying about 60 grand a year. It should be about 70 if you if you get the proper coverage, but you’re not getting anything from that right except a certificate that you can hand hinge client and say, hey, I’ve got I’ve got covered here you go. So,

Jordan Ostroff 28:09
recommendation here. I mean, it’s people need to really sit down and talk to their agent about the policy and explain what they are going to probably Well, hopefully not but most likely needed for it. They do need it.

Palmer Trice 28:19
Yeah. So I’ll answer that by giving you some, some common mistakes I see from business owners, okay. I see a lot of business owners that number one, they don’t, they don’t actually review who they have representing them as an agent or broker. And they don’t review their policies. Number one, because they don’t understand it. business owners, they have their expertise in their field. And that’s what they focus on. They don’t want to deal with insurance so they don’t deal with insurance.

Jordan Ostroff 28:53
So it can’t blame them.

Palmer Trice 28:54
Yeah. Totally. Don’t blame them at all. It’s It’s It’s not a fun thing to deal with. But it’s an it’s it’s really important to deal with. And so I see business owners for five, six years, just push it off and say I’m going to get to this next year I’m going to get to this next year. And they never end up getting to it. Right. So I’ve seen business owners that are frustrated with their agent, or frustrated with the coverage they have, but they don’t sit down and look at it. So I I encourage them take an hour review who you have as an agent, because ultimately, most agents have the same markets, the

needs that they can go to

but most of us are going to have the same markets. So it’s really not which insurance company are you with but it’s which broker Do you want representing you to that insurance company? Okay, so And I use broker and agency interchangeably. So essentially, they’re the same thing we are acting on your behalf. And so sit down, take an hour and say, Who do you want to represent you to maybe meet with two or three and said, Hey, what are you can offer me that no one else’s. But I see business owners push that off for years, for year after year after year because it’s too late. Yeah, until it’s too late. Me that’s,

Jordan Ostroff 30:29
that’s why I have a job. Yeah. I mean, unfortunately. Yeah. Fortunately, unfortunately, I don’t know. But yeah. It’s always amazing to me, like, oh, if you had had this contract filled out this way last year, if you’d had this insurance, you know, right, all wouldn’t be a problem or it wouldn’t be as big of a problem.

Palmer Trice 30:46
Yeah. So. So that’s my encouragement to business owners. I mean, a lot of times insurance, especially with them if you have a lot of employees if you have a big group health plan and is probably the second biggest hit to your bottom line apart. We don’t have time payroll, right? So it’s crazy that people don’t sit down and put up and put some focus on their insurance program. But, again, fun to sit down and read exclusions and talk with your insurance agent when you don’t really understand that world. But it’s important to do so.

Jordan Ostroff 31:27
I mean, you’re paying for it. Yeah,

Palmer Trice 31:28
yeah, exactly.

Jordan Ostroff 31:30
You might as well have that peace of mind, have it actually protect you and have at least somewhat of an idea of what’s going to be covered and what’s not. Yeah,

Palmer Trice 31:36
exactly. So, a couple other things I encourage business owners is ask for. Ask for a market list, a market summary list. When you get your insurance renewal every year. Make sure your agent is doing his due diligence and going out to the marketplace. Maybe you’ve been with a Liberty Mutual or travelers for Eight years in a row and maybe they’re the best carrier for you but there’s also a decent chance that your agent has this account on autopilot and maybe is going out and making phone calls once every five years but there might be another market out there that he’s not he hasn’t called and so ask for a market summary and just say hey who else have you gone to who have you talked to that may be a good fit for me apart from this character Liberty Mutual or and nothing against Liberty Mutual they’re great carrier but there might be other options Be on the lookout if your agent showing up? Three days four days a week before renewal I’m saying rates are the rates sorry. definitely

Jordan Ostroff 32:45
happen so we worked with that that’s exactly how they operated mark and and that’s why they were former company so well. I guess they still exist. We just don’t work with them anymore. But yeah, you know, then like oh, you need to talk This next few days, you’re going to lose coverage and it won’t lapse or, you know, malpractice stuff like it won’t cover you for your right already existing cases and like, Oh, thanks, appreciate it.

Palmer Trice 33:12
Mine, they own, they own buses, and, and they they drive those buses, just really between the airport and Disney. And they have that handful of buses and their agent showed up. The reason I’m in the door is because their agent showed up two days before renewal, dropped off the renewal information with the administrator upfront or the receptionist. Instead hand this to the owner and and then he said I’m I’m on vacation the next two days. So essentially, they were stuck with that renewal and that renewal went from about 10 grand per unit 1010 grand per bus annually to 30 grand per bus. So there is Insurance, vacation. Yeah, their insurance tripled. They’re stuck saying if we don’t have insurance, we don’t have we don’t have a job. Right. Our clients are going to, they’re going to cancel our contract. And so they’re forced to go from I think it was about 200 grand to 600 grand overnight. And, and and, I mean, I’m not blaming them, but it is they had expected more from their agent. Hey, we need an update a month out, right? We need to have this wrapped up three weeks out so that way if if I had a significant increase, I had time to look elsewhere.

Jordan Ostroff 34:42
It’s a crazy world.

Stories. Yeah, no, I mean, it’s it’s interesting. Like, you know, we’ve done what Mark 40 4050 episodes of the podcast, somewhere on there. And like literally everything comes back to if you do things with enough time. You stop so many problems. Yep. You know, everything comes back to people doing things last minute or or definitively too late. And then getting put into, you know, between a rock and a hard place. So insurance, like everything else is on that list. Yeah. Be proactive about it. And obviously, you know, go with somebody that’s going to help you be proactive about it,

Palmer Trice 35:17
ya know, and, and I get it. I mean, I procrastinate as much as the next person on things I really don’t want to do.

Jordan Ostroff 35:26
So I get why people do it. Yeah. Well, but then you you know, you find the professional that’s gonna right solve that problem for you. Yeah, exactly. So anything else that we need to cover?

Palmer Trice 35:38
One thing I’ll throw out there, and just so people are aware, I mean, this is something we’re trying to communicate as much as we can, to be proactive with our clients is it’s a it’s a in the insurance world. We call it a hard market right now. It’s a insurance costs across the board are going up. I’m sure you’re aware that auto the last 10 years has been on the rise. Because almost everything is is highly litigated these days. Yeah,

Jordan Ostroff 36:07
lawyers ruin everything I know. Right. I feel like I said that every day.

Palmer Trice 36:11
No, but I I’ll say a quick story and then and then I’ll get to my point but we heard a story the other day, it was a standard slip and fall.

They it was a

it was litigated. This woman fell in a parking lot. It was determined nothing was wrong with the parking lots standard parking lot. She had 200 grand and medical bills. And the rule of thumb is, or at least it used to be that that a claim would cost about triple whatever the medical bills were right. So it should have been 600 grand Paul 600 grand claim that Penny had $11 million in insurance coverages between their GL and their umbrella.

He determined that she loved playing, I think it was the cello. She loved playing the cello so much and she was never going to be never going to be able to play the cello like she used to be able to. So they awarded her $11 million. That’s 200 grand in medical bill claim,

Jordan Ostroff 37:28
you know, that was not as much as I’d love to take that but now

so so the reason I say that story is because

Palmer Trice 37:38
because rates are going up across the board, right for a while it was auto it was a really tough market and rates are going up 20 or 30% annually for for companies. Now it’s across the board. And so especially health insurance, especially health insurance now. Yes. So, health insurance and employee benefits. That’s The cousin of commercial insurance, which is what I do Property and Casualty. Ira does a great job with that. But that’s not my expertise.

That’s something I could, I could connect them to the right person. But again, that’s not my world, but those rates have been skyrocketing as well.

Jordan Ostroff 38:27
Alright, so did you get here?

Palmer Trice 38:30
Yeah, my point was just rates are going up across the board. So just be aware of that. Don’t Don’t wait till the last second because I’d hate for somebody to be surprised with a 30% increase when they’ve they’ve maybe budgeted for a 2% increase.

Jordan Ostroff 38:46
Right. So all right, well, with that, now that people listen to this for about the last 3040 minutes, they know they need you they want you to review the policy. They know they need a new policy. They want it you know, looked at what’s the best way for them to get in touch with Again.

Palmer Trice 39:00
Yeah, so again, shoot me an email.

Palmer dot tries at Iowa usa.com call me directly on my cell phone I’d love to be a resource even if it’s just Hey, I’ve got a couple questions about how this works. I don’t have to work with you. I’d still love to, to answer questions and help you out my cell is 704 It’s my Charlotte number still never switch over the 407. So don’t worry, it’s definitively 784704. I have a lot of people that assume I’m saying a backward Alexa. Yeah. But it’s 704-654-6554. And, again, I’d love to be a resource. And even if you got questions, call me. Let’s talk.

Jordan Ostroff 39:48
Alright, so with that being said, we’ve had some people reach out over the last couple months or so they were looking for us to talk on a specific topic. We had one emerging businesses together. We’ve got one coming up. In a few weeks, it’ll be about a partner who retires. So if you have a specific topic you want us to talk about, if we can’t talk about it, we’ll find an expert on it. If that’s the case, give me an email at Jordan at Jordan law FL com Jo r da n la w FL as in florida.com. And then let’s wrap this up like we wrap up all the other ones. If somebody takes nothing else from what you’ve said, there remember nothing. What’s that one piece of advice you want as many business owners as possible to know.

Palmer Trice 40:30
I mean, I think it’s kind of been

implied throughout this whole discussion, but

take a little bit of time and actually put some focus into your insurance program. It it’s worth it from a financial standpoint. And it’s worth it from a peace of mind standpoint, business owners this is this is their retirement plan is is their business, right? It’s their their life’s work. It’s worth it to protect it and take a little bit of time to explore how you can do it even better. Are

Narrator 41:04
you’ve been listening to let’s get up to business from Jordan law. We hope you’ve enjoyed the podcast and would consider sharing the show. We would also love an honest five star review through iTunes, Spotify, Stitcher, or whatever pod catcher you use. If you are interested in being a guest on the podcast, please contact producer Mark through email at mark at Jordan law, FL. com. Use this subject line podcast guests in your email. Thank you. We look forward to speaking to you again soon.

Transcribed by https://otter.ai

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