Episode 20:  My good friends Wendy and Alan Hall joined me in the studio for a discussion about the Alan Hall Agency.  They work with various types of insurance.  In June of 2018, they appeared on my small business radio show, Let’s Get It Started.  Their business recently went through some changes, so I thought it would be a good idea to ask them to walk us through the process.

Their business was founded in 2013.  Today, they primarily focus on Medicare, health, home and automobile insurance.  Earlier this year, they relocated their office, just before the COVID crisis.  All things considered, the business is still doing well.

One of the drivers behind the relocation was the opportunity to expand their lines of business insurance policies.  However, that area if far more complicated and takes much longer to process.  The other types of insurance they provide are much more efficient to quote and process, based on their years of experience.

The learning here is that they noticed the strain on their productivity and took steps to make a vital decision for the health of their agency.  Small business owners often simply try to gut it out, often to the detriment to both their businesses and their clients.

The Alan Hall Agency is a brokerage.  They have access to multiple insurance carriers.  Other agencies may be a “captive” agency, which only offers one carrier’s product (e.g. State Farm).  Alan feels the inherent advantage to being a broker is the ability to shop for the best coverage, based on the needs of their clients.

Don’t Buy on Price

Wendy addresses the common mistake of purchasing insurance policies based on price.  There are often gaps in the levels of coverage.  Insurance policies aren’t always apples to apples, because they can be customized to achieve certain types of coverages and premium price levels.  Buying insurance on price can lead to unanticipated risk and exposure.

Automobile Insurance Issues

Alan, Wendy and I have a mutual friend, Steve King of MK CPAs.  In one of Steve’s podcast episodes, Steve discussed the importance of performing a mid-year review for your business.  As your business and personal situations change, your needs often change as well.  Wendy and Alan are happy to help you assess your coverage.

In the area of auto insurance, I described some good coverage recommendations my friend attorney Jim Desmond made to me about the value of maximizing your UM/UIM coverage.  Wendy fully agrees that a minimal price increase to the premium can add thousands of dollars in coverage.  She also described a tragic situation her client experienced after deciding not to upgrade his insurance policy.

Life Insurance Issues

Regarding life insurance and those types of issues, I mentioned how attorney Scott Scheynost recently helped us draft a Will, POA and healthcare directives for my college-age son.  Anytime your children reach the age of 18 or older, they are legally considered adults.  Having these important documents in place, even for young adults, is extremely important; especially when vital decisions need to be made on their behalf.

Taking out a life insurance policy at a young age gives you the advantage of locking in rates at a much lower price that if the individual were to wait until they’re older.  Alan discusses how some policies are considered convertible.

Insurance for Business Owners

One way to protect your spouse and heirs is to consider using a term life insurance policy to pay off the note on a commercial property, should you pass away.  It can prevent them from being burdened with unexpected debt and the loss of your income.

Business owners commonly underestimate the need for proper levels of health insurance and disability insurance.  Unforeseen emergencies can easily place your business at risk.  The sudden decrease or elimination of your income or ability to operate your business is something we don’t like to consider.  Nevertheless, it happens.

Long-term disability insurance can be one of the strategies you can implement to replace some or all of the income you were producing before the accident or illness occurred.

To contact Wendy and Alan Hall:

Office:  (502) 345-9440

Website:  AlanHallAgency.com

Thank you for taking the time to listen to this episode.  I hope you found the information insightful.  To listing to additional episodes of the Grow For It podcast, please visit my small business consulting website, search for it on Apple Podcasts (iTunes), Google Podcasts, iHeart Media Podcasts and other podcast directories.  Be sure to subscribe, at no cost, to keep up with the most recent episodes.

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Until next time, remember, if you need help with your small business, Let’s Grow For It!