Matt Wischnowsky, CCIC, CIC’s Post

💡✨ What is the most overlooked and dangerous liability for small business owners? After having built two successful tech companies across two different continents, Tanner Hackett never would've envisioned that he’d find himself in one of the most archaic industries, insurance. Yet with both of those small businesses he bought a product that gave him confidence to take the necessary risks of being a founder-Management Liability Insurance. It's required when raising money for ventures and to be able to operate in the risk forward manner you need as a startup. But it wasn't until 2019 when he realized that almost 40% of small business owners had never heard of it and another 35% had, but weren’t using it. He knew Management Liability was a critical but misunderstood insurance product-a package of policies designed to protect a business from lawsuits alleging mismanagement. Just read the news and you will see a slew of start-ups and smb's that have found out how important this insurance is. Tanner founded Counterpart to drive clarity and ease for these customers by combining big data sets and AI with guidance from highly respected brokers. 🫱🏼🫲🏽 Tanner and I were introduced in late 2022 and worked together for 6 months this year. Counterpart sits between the brokers and the small business owners but, similar to Compass, their growth is driven by their broker relationships. To start I helped define the product offering and the value for these customers. I then worked with content manager Megan Linney to build sales materials and lead magnets that communicated the benefits. But to tell a rich story of the full offering we needed a design system with more texture and complexity. I led an update to the brand strategy and brought on my former colleague, Jeff Lai to build out the design. We focused the outputs around the core issue – they weren’t talking about their actual offering. It was all abstract jargon when the reality was they had built fantastic technology, a world class risk team and true stories of success. Visiting yourcounterpart.com today you can see the overlapping shapes and color system drawn directly from the Counterpart idea but more importantly you can see the actual product and voices of customers. We replaced the stock with real photos of brokers, small business owners, and the team that supports them. Tanner and the internal team did an awesome job of bringing it all to life across the website and #LinkedIn campaigns. The best feedback is from those using the system everyday, so it was great to hear from Megan that the team "feels it has so much more life and flexibility.” 📈 Leadership Lesson – Like Counterpart, if you’re doing something revolutionary, then show the actual customer work in the foreground. Create videos of the software solving real customer problems, show the actual team supporting them and create a design system that has texture and nuance.

Protecting Professional Paths: The Imperative of Professional Liability Insurance! 💼🌐⚖️ In the dynamic world of professions and expertise, there's an insurance concept that stands as a guardian of careers – "Professional Liability Insurance." Let's delve into why this type of coverage is an indispensable consideration for professionals: ⚖️ Demystifying Professional Liability: Professional Liability Insurance, often referred to as Errors and Omissions (E&O) Insurance, is a specialized policy designed to protect professionals from financial losses associated with claims of negligence, errors, or omissions in the services they provide. 🔑 Why Professional Liability Matters: 1️⃣ Legal Safeguard: It provides financial protection for legal expenses, settlements, or judgments in cases where a professional's advice or service is alleged to have caused harm or financial loss to a client. 2️⃣ Career Preservation: Professional Liability Insurance safeguards your reputation and career by helping you address claims without depleting personal assets. 3️⃣ Industry Compliance: In many professions, having Professional Liability Insurance is a regulatory or contractual requirement, ensuring that professionals meet their obligations. 4️⃣ Client Confidence: Demonstrating a commitment to financial responsibility and client protection through E&O coverage can instill confidence in clients. 5️⃣ Risk Mitigation: It encourages professionals to maintain high standards and risk management practices to prevent potential claims in the first place. 6️⃣ Tailored Coverage: Policies can be customized to address specific professional risks, providing flexibility. Professional Liability Insurance isn't just an option; it's a proactive strategy to protect your career and reputation. It empowers professionals to pursue their passions and expertise while mitigating the risks inherent in providing services or advice. 🌟📚 #Risk #RiskManagement #CommercialInsurance #InsuranceTerms #ProfessionalLiability #InsuranceCoverage #CareerProtection #LegalSafeguard #RiskMitigation #ClientConfidence

📣Earlier in the year Sarah Davies shared her blog on the important, but often overlooked Management Liabilty insurance. To find out more about the key components of this cover, here is the blog again 👇

In a world where product liability risks can harm businesses' bottom lines and reputations, captive insurance emerges as a powerful solution. Captives allow companies to tailor insurance coverage to their unique needs, including often-overlooked areas like product recalls. They provide control over claims management, offer collaborative opportunities for shared knowledge, and ensure stable insurance costs. In today's litigious environment, captive insurance is a reliable and flexible tool to protect businesses against evolving product liability challenges. #cicservices #productliabilityrisks #captiveinsurance #business https://lnkd.in/gTK6E4bR

This article discusses the significance of captive insurance in addressing product liability risks for businesses. Captive insurance offers tailored coverage solutions that cater to specific product liability concerns, bridging gaps left by traditional commercial insurers. By enabling proactive claims management, promoting collaboration among insureds, and ensuring long-term premium stability, captive insurance stands out as a robust tool for businesses aiming to comprehensively manage product liability risks and secure their financial future. #cicservices #liabilityrisks https://lnkd.in/geVJvieP

Professional Liability Insurance is vital for architects, lawyers, physicians, and more. This coverage protects against negligence claims, misrepresentation, and violations not covered by general liability. When choosing a policy, ensure it aligns with your work, covers changes like mergers, and scrutinize exclusions. Work with experts to customize coverage for your business needs. Your reputation is your most valuable asset—protect it with Hylant professional liability insurance. https://ow.ly/Sme150QlVOy

This article discusses the significance of captive insurance in addressing product liability risks for businesses. Captive insurance offers tailored coverage solutions that cater to specific product liability concerns, bridging gaps left by traditional commercial insurers. By enabling proactive claims management, promoting collaboration among insureds, and ensuring long-term premium stability, captive insurance stands out as a robust tool for businesses aiming to comprehensively manage product liability risks and secure their financial future. #cicservices #liabilityrisks https://lnkd.in/gTK6E4bR

📣 Earlier in the year we shared our blog on the important, but often overlooked, Management Liability Insurance. As a business owner or stakeholder, understanding how this coverage protects your team is essential. Read the blog for a breakdown of the covers that can be provided and insights on risk mitigation and leadership protection 🛡️👥 #ManagementLiability #DirectorsandOfficersInsurance #ManagementInsurance

In today's ever-evolving risk landscape, understanding the nuances of contingent liability insurance is more critical than ever. Connor Williams, managing principal and contingent risk liability practice leader at Vanbridge, and Steve Penaro, partner at Alston & Bird, delve into this complex topic in a recent Bloomberg Law article, highlighting the importance of a meticulous and clear-eyed appraisal process. ☑️ 𝗞𝗲𝘆 𝗧𝗮𝗸𝗲𝗮𝘄𝗮𝘆𝘀: 𝗗𝗲𝘁𝗮𝗶𝗹𝗲𝗱 𝗥𝗶𝘀𝗸 𝗔𝘀𝘀𝗲𝘀𝘀𝗺𝗲𝗻𝘁: Thorough due diligence is necessary when evaluating contingent liabilities. This comprehensive assessment is crucial to accurately quantify potential exposures. 𝗦𝘁𝗿𝗮𝘁𝗲𝗴𝗶𝗰 𝗗𝗲𝗰𝗶𝘀𝗶𝗼𝗻-𝗠𝗮𝗸𝗶𝗻𝗴: Emphasizing the strategic nature of contingent liability insurance, companies are advised to adopt a proactive stance in their risk management frameworks. 𝗠𝗮𝗿𝗸𝗲𝘁 𝗗𝘆𝗻𝗮𝗺𝗶𝗰𝘀: Insight into how market conditions and policy structures can influence the availability and pricing of contingent liability insurance. Having a trusted partner like Vanbridge to provide expert guidance and tailored solutions becomes indispensable. We invite you to read the full article for a deeper understanding of these critical issues. #Insurance #ContingentLiabilityInsurance #RiskManagement #Vanbridge #BusinessStrategy EPIC Insurance Brokers & Consultants Galway Holdings

How well do you understand public liability insurance? More importantly, if you are a business owner or manager, are you protected against this risk? Those in charge of businesses encounter various risks and challenges on a daily basis. From overseeing the smooth operation of your business and managing cash flow to handling personnel matters and navigating potential threats, the responsibilities can be overwhelming. Among the key aspects of risk management is understanding and addressing public liability — an area that is often fraught with misconceptions. If you get it wrong, your business may be in a world of trouble. To help you understand what cover may be best suited to your business, in our latest blog post we highlight a number of misconceptions about public liability insurance. #businessinsurance #shortterminsurance #cover #publicliability