Threats come in many forms when you’re a collision shop owner. There’s the threat of competition, the threat of a struggling economy, and the ever-present threat of natural disasters.
But one of the most important threats to businesses is the possibility that the owners may one day need to transition out of their roles. Whether it’s due to retirement, illness, or simply a desire to move on to new projects, business owners need to have a plan in place for how their business will continue without them.
That’s where insurance comes in. A properly structured insurance policy can provide the financial security that shop owners need to know and that their businesses will be taken care of in the event that they’re no longer able to run them.
Join Matt DiFrancesco and Alex Whittit, VP of Sales with Intrepid Direct Insurance, as they discuss how shop owners should be aware of threats they could face both personally and from a business standpoint, and how they should deal with them.
Alex talks about:
(03:06) What Intrepid Direct does
(06:51) Why insurance policies need to be reviewed year over year
(08:21) The biggest threats that shop owners face
(09:21) How shop owners should deal with cyber liability
(11:08) What is social inflation?
(12:41) Why insurance should be viewed as an investment
(18:45) Why body shops must do a business valuation and property appraisal every couple of years
(19:26) The importance of keeping an inventory of everything that’s in your shop
(20:48) The worst time to put your plans together and get insurance coverage
(21:26) The last thing you want to do from an insurance perspective
(22:58) Why it’s important to work with insurance companies who are well-versed in your industry
Connect with Alex Whittit
Website: https://www.intrepiddirect.com
LinkedIn: https://www.linkedin.com/in/alexwhittit/
Connect With Matt DiFrancesco:
(814)201-5855
LinkedIn: Matt DiFrancesco
LinkedIn: High Lift Financial
Facebook: High Lift Financial
About Our Guest:
Alex Whittit’s passion for helping business owners led him to a career in the commercial insurance industry. He began his journey in 2011 providing professional solutions for personal and commercial lines in both captive and brokerage agencies.
Today, Alex is the Associate Vice President of Sales at Intrepid Direct Insurance, a direct provider of business insurance. They utilize their expertise combined with technology to help create a greater client experience.
In his time away from work, Alex enjoys going to the lake, on the slopes, or cheering on the Kansas City sports teams.