When you run a small business there are all sorts of job functions that you become responsible for simply because there’s no one else to do the job. Usually these things only take up a few hours here and there, but they have moments where the time commitment spikes and they become like a second job, a part-time job within the job.
Such has been the case with managing our insurance for the past six months or so. I’ve become the de facto point of contact for all of our insurances – health insurance, property insurance, business insurance, life insurance, and disability insurance (and probably a few more that I’m forgetting). Back in college I interned at Northwestern Mutual for a summer and got my NYS life, accident, and health insurance license so I suppose I have a bit more knowledge about insurance than the average person, which is how I think I ended up being the Pure Adapt insurance guy.
It started over the holidays when we were notified that our health insurance plan was being terminated. So we did the research with our broker and transitioned over to a new plan. Then we decided to increase the buy/sell life insurance and key-man life insurance that we had on each partner. As anyone who has ever taken out a life insurance policy knows, it’s a lot of work, including a pretty thorough medical exam. And we also decided it was time to add group disability coverage. And our yearly renewal for the business insurance just came up.
We work with good brokers for each type of insurance, but that doesn’t mean it’s still not a lot of work to process the options, make sound decisions with my partners, and then convey them to the team. So, I spent a few hours today on a Saturday reading through the new group disability policy as well as the business insurance. It’s not my first choice of how to spend my Saturday (or any day for that matter) but someone has to do it and I try hard to do just as good of a job on this as I would something I was super excited about.
My partners each have their own similar responsibilities. Not something you necessarily think about when starting a company, but necessary to run a successful one.