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When You Need Insurance, You Really Need Insurance with Conway Insurance
Commercial insurance doesn't excite most business owners—until they actually need it. Steven Conway, with over 20 years of experience running his insurance agency, understands this reality better than most. "You don't need insurance until you need it," Conway observes, highlighting why proper coverage matters when the unexpected occurs.
The commercial insurance landscape constantly shifts, creating significant challenges for business owners. Insurance carriers regularly change their "appetites," suddenly restricting or dropping coverage for certain business types without warning. These market fluctuations can leave business owners scrambling, even when they've done nothing wrong. This volatile environment makes working with an experienced agent who can navigate these changes absolutely essential.
What truly separates valuable insurance advice from the ordinary is understanding that exclusions often matter more than inclusions. Conway emphasizes that business owners should look beyond what's covered to thoroughly examine what's not covered in their policies. The devil truly lies in the details—replacement cost versus actual cash value, flat-rate versus percentage-based deductibles, and specific exclusions that could leave a business vulnerable. "You're going to pay it at one end or the other," Conway explains.
Proactive communication remains vital for proper coverage. Business owners should clearly explain their operations and anticipated changes—whether hiring additional staff, expanding services, or extending business hours—as these factors significantly impact coverage needs and premium costs. Regular policy reviews help ensure that as your business evolves, your insurance protection evolves with it.
You can connect with Conway Insurance by visiting their website: https://www.conwayinsuranceok.com/ or finding them on BBB.org
Follow BBB Serving Central Oklahoma on Facebook, Instagram and LinkedIn @BBBCentralOK
Hi, welcome to Build with BBB podcast. My name is Kit Letcher, I'm the president and CEO for BBB, serving Central Oklahoma, and I will be guest hosting our podcast today and I am so excited to be here with Stephen Conway with Stephen Conway Insurance, and we're going to be talking about the very hot topic of commercial insurance. So I hope that you get some good nuggets and takeaways from today's conversation and, stephen, thank you for being here.
Speaker 2:Thank you for having me.
Speaker 1:Good, we're excited that you're here. So I'm curious about you know, insurance is probably not something that people just wake up one day and think you know what I want to do Insurance. I'm really excited about that as my calling and career path, so I'm curious how did you get into this line of business?
Speaker 2:Out of college first job just sort of grew with it and I worked on the company side of it in different aspects. And then about 20-some years ago I had the opportunity to open my own agency and I did.
Speaker 1:Nice, that's excellent. Have you always been here in Oklahoma? Yes, okay.
Speaker 2:Born and raised.
Speaker 1:I love it so you understand the dynamics of being an Oklahoma business.
Speaker 2:Oklahoma small business owner. Yes, because that's really your bread and butter?
Speaker 1:I hope I do. It's great. So I'm curious what are the things that you really like about providing insurance and working with your clients in insurance?
Speaker 2:It's just trying to get policies and coverages to help them, because you don't need insurance until you need it.
Speaker 1:Right.
Speaker 2:And you know otherwise you don't need the coverage until you need it. So it's just hopefully get them policies, in event of an unforeseeable loss, that they have coverage in place to help compensate for their damages and losses without them being too much out of pocket.
Speaker 1:Yeah, absolutely. You know, like you said, you never know what you need until you actually need it. And then an event happens and then people often go back and think, oh my gosh, what did I even sign up for? Did I get the right kind of insurance? So I'm curious what you've seen over the years as being some of the biggest hurdles or roadblocks that business owners face.
Speaker 2:On the insurance side. I just think sometimes it just what industry they're in, sometimes it just makes them harder to place and then companies at times have changes in appetite so they end up having to are forced to move because the company is no longer riding that appetite. Some of the biggest changes were like property trying to get your property covered in today's market if you're on the building so that's some of the hurdles is just trying to change in the industry. Not necessarily you did anything wrong, but just the appetite for that particular what you're doing. Carriers suddenly no longer want to write or really restrict what they're doing. You're really trying to find a place to place them. So that's what I find sometimes the most difficult. That's the way the market changes and sometimes people are just left sort of holding the bags or trying to where do we go from here?
Speaker 1:Yeah, and I'm assuming that's why working with somebody like you makes it really easy, because you can help direct people to the right kind of path forward, or hey, these are some changes that are coming, so things that you might want to consider changing or looking at for the next couple of years.
Speaker 2:Yes, yeah, just the change in the market and then helping find a carrier or marketplace that fits with what they need in a policy. Yeah, and also companies are there to help the insurance too. So, like a lot of companies on the commercial side of risk management companies to help mitigate, minimize coverages. So it's just not all about paying claims, sometimes commercial. A lot of commercial carriers do have risk management teams in place to help clients, you know, to see where there might be issues and help mitigate them.
Speaker 1:Yeah, can you think of any like situations and I realize I'm putting you on the spot when I say this Can you?
Speaker 2:think of any situations where you've seen that really work well for some of your clients. This year's gone on the workers' comp side is that when I worked for a company we had some companies that had high losses and they got the risk management team involved and they made recommendations. The company companies heeded their recommendations and then after a few years they noticed a decrease in claims, helps lower claims, typically helps their workers' comp rates and stuff like that. So it can be valuable if the company is willing to take heed of that Right.
Speaker 1:Sometimes we don't want the advice forgiven. Yeah, it's fair.
Speaker 2:So yeah, so you know, but then also the primary job of the company is to pay the claims. Legitimate claims Right.
Speaker 1:Right, what as you're working with your clients and you're going through their policies and doing annual renewals and things like that, what are the questions you wish that business owners would ask or think about before they come to that meeting as a way to be more educated or well-informed, so that they're leaving with the right information?
Speaker 2:I think just giving the agents a clear understanding of what you're doing you know, the clearer you are that the agent understands what you're doing, that way they can get a better idea of what coverages you might need and plus relay that to the underwriters too. Yeah, you know also what changes you might seek going on in the down the road. That way we can be prepared. And then also, I mean just asking also what's not be covered for, and people don't realize that, whether it's commercial, personal, whatever, sometimes it's not so much what's covered, it's the exclusions, limitations and restrictions in the policy that are just as important, or maybe even more important than the actual what's actually covered in the language of the policy.
Speaker 1:Yeah, that's a really great point.
Speaker 2:I think a lot of people lose what's covered. Well, okay, this is covered, but you need to look at what's also not covered.
Speaker 1:Here's the things that won't be paid for yeah, and you know.
Speaker 2:So I think that's a lot of people they lose that you know that's a big thing, that I think a lot of people they don't focus, they don't pay attention to that.
Speaker 1:Yeah, yeah, no, that makes perfect sense. I'm curious when you say that the business owner should come and be prepared to talk about what changes they're seeking, and what kind of things would that entail?
Speaker 2:Like if they're planning on hiring more people, if they're making to look to take on more payroll, if your thing's based on payroll, that could have a negative impact at audit. Because that way you might be able to be proactive and get it adjusted midterm as opposed to audit and you're not hit. See what the rates might be, just kind of like what, what if there's going to be changes down the road. That way you can both you and the client the agent and the client can kind of work together as far as maybe helping get a good what you're looking at rate wise and how that's going to affect it.
Speaker 1:So same as if you're like before you buy a car what is this going to do to my insurance?
Speaker 2:Yeah, buying a take on this new contract, I'll have to hire five more employees. Well, how's that going to affect my rate? How's it going to affect my coverage? You know stuff like that.
Speaker 1:And one of the things that you mentioned earlier was also having your insurance agent or broker have a clear understanding of what it is that you do. So I know we meet with ours once a year, if not more frequently, based upon just kind of our goings on, so they're very familiar with our organization and our operations. But would you recommend an in-person meeting or even like a tour of offices? How involved do you think an insurance broker should be?
Speaker 2:I think it's between them and the client. Some people you know they, just they don't want to. You know they, just here's the numbers. So it's kind of like you know how much the client wants to put the agent involved. If it's unclear, if the client is okay with the agent going on site and kind of view it, that sometimes gives an agent a better idea as far as the exposures of what's going on.
Speaker 1:Right.
Speaker 2:And make sure everything's rated right. Definitely review, talk to them because operations change year to year. You could own a bar and you're open. You close at 10 every night and then all of a sudden you decide to be open till 2. That could change the risk. Or you were just serving beer and then all of a sudden now you're serving alcohol and food I mean hard liquor and food so that changes the exposure. Or like a church you could be a church and all of a sudden you're going to be running a daycare from it. You know that happens in the middle of policy term Sometimes. You know, walking through you can kind of see that and also agents can kind of maybe just see things that might be an issue. Come underwriting for hazards, you know that looks like that might be an issue with underwriting.
Speaker 2:So, it can be addressed a little bit sooner. So you know that looks like that might be an issue with underwriting. So it can be addressed a little bit sooner. So you know, as always, the more information you had, sometimes it's better. That way there's no less chance of surprises. It's just basically what the client and the agent feels comfortable with.
Speaker 1:Good Well, switching gears just a tiny bit. You've been accredited with BBB for several years now and I know I remember when we first met and you came on board as an accredited business and were like, OK, tell me what this is and why I should be accredited, and we had a long conversation about it. And so now that you've been with us for years and I'm so glad that you've stayed on board I'm curious what benefits you see from being accredited business and why you choose to stay accredited business and why you choose to stay.
Speaker 2:Still, being old school, you know the BBB still has that One of the first places that you could go to as a consumer for validation of how the business goes Comments, you know and that they're actually a legitimate business. I think that still holds some weight, holds a lot of weight because of just the history. So I just think just being accredited and knowing that the consumers can actually file a complaint and it's looked into, I think holds a lot of weight, you know still. So it's also good to have that. You know people, when you see accredited it means there's at least some process, edit process that that business went through to be accredited and that they're meeting certain standards to be accredited, just not paying money for it, that they do have to actually meet certain standards. That's the reason I keep it.
Speaker 1:Okay, good. So as a business owner and a consumer, you still look for accredited businesses and if those businesses display their seal of accreditation and using the website, yes, One thing I do is I do go and look and say you know, are they accredited?
Speaker 2:Are they licensed? You know, do they have any? Are they accredited? Bbb Are there any bad reviews on BBB? My understanding with BBB is if it's a, just because a review is not necessarily posted unless you guys do research on it, it has to be verified, just post anything they want. There's no validation as far as that person. So at least if someone's got a bad review on their website to me on their profile, that means that the BBB at least did some validation, that there was concerns, that this was a legitimate complaint.
Speaker 1:Right.
Speaker 2:And post it, as opposed to just willy-nilly. I didn't. You know, I didn't like the way you talked to me. I'll post a bad review, so.
Speaker 1:Yeah, that's accurate. We do get people that call and say I just want an apology. I'm like that's not what we're here for. It needs to be an actual interaction where you need a resolution.
Speaker 2:So it just gives another validation for my business. Excellent.
Speaker 1:You are a business that comes to most of our networking events, which I love that you are engaged that way. I'm curious how that has benefited your business.
Speaker 2:I just think just getting your name out to other business owners so you know you might not naturally do business for them, but they have you in mind for other people you know they see you around, that you get to know them, the trust you know, and then just being able to be seen out there that you are open for business. Other business owners see you as open for business. So, just again, validation and verification that you're around and you're looking for clients and you're active and you're hopefully get to know the people there that they trust you get to know you where they can. They feel comfortable, though, about referring people to you. Yeah, and vice versa too.
Speaker 1:Yeah, I'm sure you've made some good connections over the years.
Speaker 2:Yeah, I have.
Speaker 1:That's good. So, with everything that we've talked about today, and just the insurance industry specifically, what is the like? One big takeaway, or two big takeaways that you would love for business owners to think? Everybody has a pocketbook, whether it's business or personal. Price isn't the end-all be-all, as far as what a policy.
Speaker 2:It's just looking at what you're being quoted. If you own a commercial building, what's the value of the insurance in the building? What type of valuation are they insuring it for? Replacement cost, actual cash value? What's your deductible? Is it a 2%? When it hails a 5%, is it a 10% deductible? Because all that is going to determine the rate. So a lot of people say, even on the commercial side, is this person quoted me X amount of dollars? The devil's in the details. It's like, okay, what are they covering, like a building? How much are they covering the building for? Are they doing replacement costs versus natural cash value? Are they quoting a 10% win-hail or are they time of claim? You're going to pay it one end or the other. You're either going to pay at the premium or what they pay you on the claim. That's what I just tell people. Just look at your policy. What's written. Ask questions.
Speaker 1:Mind your exclusions.
Speaker 2:Yeah, look at what's not covered. But also, you know, like, what's the difference in this quote versus that quote or these quotes? And they're not all going to be the same, they're not all going to be exact. So you'll have to make a decision that's best for your business or family and go with it. But it's looking at the details.
Speaker 1:Excellent. Okay, so one of the things I wanted to touch on today is your website. You have a lot of different information for a variety of people on your website, so tell us a little bit about what individuals, consumers, business owners can find when they go to your website.
Speaker 2:Typically I have, like the major carriers that I represent, their contact information has, like if someone needs to make a payment, you know, claim processes and stuff like that. Also blogs, like a lot of people do, just things that I find that might help clients information about if you're a contractor or if you own a restaurant, just things you I find that might help clients' information about if you're a contractor or if you own a restaurant, just things you might want to consider as far as coverages or things that they're not all be all. You know it's not all be all list, but it just kind of helps. Hey, I didn't think about that. And then you know also just non-insurance related stuff that still affects everybody, like fraud, cyber risk, stuff like that. So just stuff that I find interesting, that I think that my clients or people might, you know, think about. Just looking at it might be helpful. So even if it's a little tidbit of information that they can put away and maybe help them later on, or a question they might ask their own agent or somebody that's doing some form Perfect, like you know, like if you own your house, people don't think do you hire a contractor?
Speaker 2:Do you have, can I see your certificate of insurance, just things like people don't realize. Hey, he tells me he's insured. Or, like you know, did you go? You know you hire an electrician. Did you go to the electrical, the industry boards and see if their license is still valid? So do you want to hire an electrician that the license is not valid and doesn't have insurance? I mean, probably not.
Speaker 1:Which is why you should choose an accredited business. That's another thing, because they check that for you.
Speaker 2:That is true. If you go to BBB and just go to their websites, type in electrician and then find one near your zip code, they're more than likely probably they are licensed and they're having bad reviews. So that's another reason you use BBB. Yeah, but people don't think of that like what happens if that person you hire doesn't have insurance and they burn down your house, right, that's an extreme situation, but it's stuff like that. They don't necessarily have to be like you need these coverages, but just things that are tangent to the insurance world that hopefully get people just a little tidbit and information that might be able to help them in their lives.
Speaker 1:Yeah, excellent. Well, we will be sure to include your website and more details about your blog also in our details for our show.
Speaker 2:Okay, thank you.
Speaker 1:Well, thank you for being here with us today. I certainly appreciate it. Thank you so much for joining us today. You can certainly find past episodes and this episode on our YouTube channel and any other place that you can listen to podcasts, and thank you for joining us and we're excited to see you next time. Bye.