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In this episode of The Power Producers Podcast, David Carothers and co-host Kyle Houck discuss the significance of management liability, cyber exposure, and buy-sell agreements given the current COVID19 situation.

Episode Highlights:

  • David says COVID is going to present opportunities to grow in front of accounts that they may not have before. (3:38)
  • David talks about cyber exposure. (4:06)
  • David thinks that there are cyber concerns with people who are not going back to the office. (4:18)
  • David says that employers are not having difficulty with agents who are working at home because they’re more productive than before. (4:37)
  • The first thing we need to do is go out and get educated on what exposures are included in cyber coverage. (5:48)
  • Kyle says that most of the people who are engaged with cyber don’t think that they have cyber exposure. (9:33)
  • David says that managed service providers are the ones who can assist with actual system integration and things that need to happen to make sure the company is protected. (13:18)
  • David explains why you should include a marketing piece or a program to provide the best practices for cybersecurity and a remote workforce. (14:53)
  • David explains why we’re going to see increased sensitivity to claims for wrongful termination, discrimination, and harassment. (17:07)
  • David shares why he feels better bringing in 401k experts. (20:16)
  • David says that he’s looking for companies that have grown fast to make sure that they have enough to fund management liability. (21:54)
  • David provides tips on how to discuss a buy-sell agreement during this time (22:38)
  • Kyle says that worker’s compensation is always relevant. (26:55)
  • Kyle thinks that cyber, management liability and buy-sell agreements are good ways to differentiate yourself in the current situation. (24:42)

Tweetable Quotes:

  • “We all have opportunities that we let slip through the cracks every single day.” – David Carothers
  • “If you don’t have relationships with retirement planners, or services providers in the cyber area, or any of these people that can really come in and drive value, to assist with those things that an insurance program is not going to help with, you’re missing the boat,” – David Carothers
  • There’s going to be people that are going out and trying to get back in the swing of things and they’re gonna all be doing the same thing that they were doing before, they’re going to be doing what everybody else is doing but I think if you can just differentiate yourself…with these three things here with the cyber with the management liability, and with the buy-sell stuff, that’s all perfect in terms of the current situation right now.” – Kyle Houck

Resources Mentioned:

The Power Producers Podcast where we are refining and redefining the sales game.

Extra 2 Minutes