Insurance Broker Secrets for Business Buying - Tom Gilroy - Acquisitions Anonymous Episode 98

Michael Girdley (@Girdley) is joined by Tom Gilroy (@TomG_GKG) to talk about insurance. We talked about the role of an insurance broker, how to be proactive and minimize claims and risks, how to structure a deal, the different types of insurance you should be looking at, and much more.-----Thanks to our sponsors!MicroAcquire is the #1 startup acquisition marketplace. It is simply the most efficient way to buy and sell startups when you’re ready to make your next move.-----* Do you love Acquanon and want to see our smiling faces? Subscribe to our Youtube channel.* Do you enjoy our content? Rate our show!* Follow us on Twitter @acquanon Learnings about small business acquisitions and operations.-----Show Notes:(00:00) - Intro(1:09) - Microacquire(3:02) - Tom Gilroy Insurance Broker(4:35) - Insurance Broker vs Insurance Carrier: What should I expect from each?(6:22) - When do I need to call someone to assess me on Insurance?(8:15) - What should a buyer expect from an insurance broker as a customer? How does the process work?(12:05) - How do you interact with the lawyer and the buyer?(14:20) - Let’s talk about gap analysis: What are the major areas you’ll be looking at?(16:44) - Best practices to minimize claims? Can you find out which losses have occurred?(20:48) - How does special insurance work?(22:47) - The rating review: Why do sellers lose money and how could they avoid it?(25:06) - Walk us through insurance fraud, risks & examples.(30:00) - How does the universe of insurance brokers work? How can I find a good broker?(32:40) - Is geographic location important? Is size important? How?(36:10) - Representation & Warranty Insurance: How does it work & who is it helpful for?(43:01) - Connect with Tom-----Links:* https://gkgrisk.com/-----Past guests on Acquanon include Nick Huber, Brent Beshore, Aaron Rubin, Mike Botkin, Ari Ozick, Mitchell Baldridge, Xavier Helgelsen, Mike Loftus, Steve Divitkos, Dzmitry Miranovich, Morgan Tate and more.-----Additional episodes you might enjoy:#96 From W-2 to Business Owner - Patrick Dichter tells us how to cold reach seller and we discuss 2 Deals#92 Wait... what? You laid-off 90% of your staff?!? - Pete Erickson joined us for an exciting WarStories episode!#87 Yelp is not evil! Building a business using digital CAC - Featuring Johnny Robinson from Orange Window Cleaning#79 What do Investors want? - Dig into an investor’s mind with Bradford Hardin#75 SBA Loan Secrets with Heather Endresen, expertise from a Billion-Dollar LoanerSubscribe to  weekly our Newsletter and get curated deals in your inboxAdvertise with us by clicking hereDo you love Acquanon and want to see our smiling faces? Subscribe to our Youtube channel.Do you enjoy our content? Rate our show!Follow us on Twitter @acquanon Learnings about small business acquisitions and operations.For inquiries or suggestions, email us at [email protected]