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 Loaner