Latest / Real Money with Lisa Chastain / What Business Owners Must Know About Insurance, Risk, & Reform | Real Money with Ciara Gravier

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What Business Owners Must Know About Insurance, Risk, & Reform | Real Money with Ciara Gravier · Real Money with Lisa Chastain

0:03
Hi, I'm Lisa Chastain and welcome to the Real Money
0:06
Podcast. Some of the most successful
0:08
women in the world hate talking about money, and that's exactly
0:12
why we're here. My mission is to remove fear
0:15
around finances by creating a simple, effective way to manage
0:19
your money and build the financial freedom you deserve.
0:23
As a keynote speaker, best selling author, and passionate
0:26
coach, I will be sharing my insights on overcoming money
0:29
challenges, coaching women live on air, and interviewing some of
0:33
the most accomplished women to learn from their experiences.
0:36
So say goodbye to fear, say goodbye to budgeting woes, and
0:41
welcome to real money. What if the insurance industry
0:51
you're already relying on to protect your business is broken?
0:55
Today, my guest is Ciara Graviere, and she is blowing the
0:58
whistle on what's happening behind the scenes, especially in
1:02
the wake of Florida's catastrophic hurricanes, and
1:04
what every business owner needs to know before the next storm or
1:08
fire hits. Ciara is the founder and CEO of
1:12
The Bunker Insurance and Risk Management, with over 15 years
1:16
in the industry and with elite designations, especially around
1:21
cybersecurity. She's not just talking about
1:24
insurance, she's shaping how we manage risk, protect our wealth,
1:28
and build sustainable businesses.
1:30
She's in the top 1% of insurance agents in the United States
1:34
today, and we're having a deep and meaningful conversation
1:37
about what you must know when it comes to insurance today and for
1:41
the rest of your life. Welcome to the Real Money
1:43
conversation with Ciara. Let's dig in.
1:46
OK, so Ciara, we met from a friend of mine in Florida and
1:49
she's like, you've got to talk to Ciara.
1:52
And I was like, yes, cool. And then we had a conversation
1:56
and I said, I love you. And we're on the we're on the
1:58
same page. We're on the same page about a
2:01
lot. And one of those things is where
2:05
the insurance industry is headed and anybody listening to this in
2:11
this moment can relate to the pain of insurance, the
2:15
commercial insurance paying if you're a business owner or have
2:19
multiple properties or even personal insurance.
2:23
We've seen our rates go up and up and up and up.
2:26
And I have teenage boys and so I'm paying as much as a car
2:30
payment or mortgage in insurance.
2:33
And my dad always told me growing up never to never be
2:36
insurance poor or over insured. But you know, watching what
2:41
happened in LA and the fires and you're in Florida in the wake of
2:45
all these hurricanes. What the fuck is going on?
2:50
What the fuck? And I and yeah, go ahead.
2:52
We're rated, we're ranked like a notch above car salesman like we
2:56
are the public's least favorite advisors.
2:59
I'm actually doing releasing some content soon about like
3:04
trying to change the perspective of the insurance agent because
3:10
aside to what it's turned into, right?
3:12
And depending where, where you are in Florida, you know, it's,
3:15
it's the wild, Wild West with insurance companies and the
3:17
lawsuits and the fraud. It's wild.
3:21
So it's never a fun conversation to have.
3:24
Nobody enjoys it. Nobody likes to pay it, which I
3:26
understand. I am a consumer as well.
3:30
But the reality is, is that at that moment when you need it,
3:35
Mandy, you wish you would have just paid a little bit more
3:37
attention or chosen the representation just a little
3:40
more carefully. And so really, I'm super
3:43
passionate about that, right? Because people think, you know,
3:46
you could just buy it online. I mean, you could, right?
3:49
But but most people don't know what any of these coverages
3:54
means, right? And the coverages aren't just
3:57
coverages. They're, this is how I always
3:59
explain it like coverages and policies that you're purchasing
4:03
their words on a document until there's a claim and then you
4:07
find out that it's kind of Swiss cheese on a document, right?
4:10
It's, it's, it's telling you what's covered until you go to
4:13
the exclusions part and they take it all back.
4:16
So it's a contract and it should be treated as such.
4:20
So I especially when you're in business, right, like personal
4:23
lines, obviously like having young drivers, you need an
4:26
umbrella. And if if Vegas, which I think
4:29
it is, is a little bit like Florida as far as lawsuits?
4:33
Yeah, it is. Yeah.
4:35
We have, we have attorneys on every billboard across town,
4:39
depending on what side of town you're in.
4:40
Some of them are in Spanish, some of them are in English, but
4:43
they're everywhere, everywhere. That's because it's become
4:46
overly litigious. Is insurance the reason for
4:49
that? Some people believe it is like I
4:52
I actually insure an attorney that says I don't believe in
4:54
purchasing malpractice because that's what allows me to get
4:57
sued. If I don't have it, what are
4:58
they going to come after That's risky for me.
5:02
I mean, I sell insurance, so I'm risk adverse.
5:05
But I think that there's, there's I think that if the
5:09
consumer, whether you're buying your personal insurance or you
5:12
own a business and you understand your tolerance of
5:15
risk, the conversation is different, right?
5:19
Risk insurance is there to to transfer the financial burden of
5:23
risk. So, for example, insurance in
5:25
Florida, if you own a home, do you want to if you don't have a
5:29
mortgage, you don't have to have insurance, OK, Do you have the
5:32
money in the bank to replace your roof or your home if there
5:36
is damage? And maybe, you know, my dad, my
5:39
dad has lived here all, almost all of his adult life and he's
5:43
never had a hurricane claim. He's 73 on a, on a fixed income.
5:46
And he says, you know what, I'm going to risk it.
5:48
I don't have a mortgage and I have a stash for, for any major
5:52
damage. And you know, the odds are that
5:55
I don't need it. Yeah, OK.
5:57
But we're talking to the majority of Americans right now
6:00
who do not have ultra high net worths, do not have a tremendous
6:05
amount, I mean in excess of 100,200 three, $100,000.
6:09
And if you lose your house in a hurricane or a fire and you are
6:12
not insured and you don't have that money sitting in the bank,
6:16
you're fucked. So honestly, the simplest answer
6:20
to that is if you cannot afford the premium, you can't afford
6:23
the loss. So if the insurance policy, if
6:26
you're complaining that a $15,000 insurance policy is too
6:29
expensive and that's going to that's going to be hard for you
6:31
to pay, well, what is it going to be to pay when the house
6:33
burns down? Yeah, right.
6:35
Yeah. So then you need to purchase
6:36
that insurance and understand how the deductibles play.
6:39
Right. That's right.
6:40
So what we're not here to do on this episode today is argue
6:43
whether or not you need insurance, because both of us
6:46
believe that it's a very necessary thing depending on all
6:49
the things that you own, right? Even renters having a little
6:53
renter insurance. I'm, I'm in a commercial
6:55
building having protection there.
6:57
I have cyber security insurance because I'm an online
7:00
personality giving out quote UN quote advice, right?
7:03
So there's all these reasons and the world has just become really
7:06
savvy to insurance and people who there's going to be people
7:09
who do the right thing and people who do the wrong thing.
7:11
And everybody is going to know how this system works.
7:13
There are people that are going to use it to their advantage,
7:15
some people that are going to use it to other people's
7:17
disadvantage, right? There's all of that in between.
7:20
Let's take a step back because you've been in insurance for a
7:23
long time. Yeah, for almost over 20 years,
7:26
yeah. No one grows up saying they're
7:27
going to be an insurance agent ever.
7:30
Ever. What made you decide to go in
7:32
insurance? So I actually graduated high
7:36
school. My parents, my dad came to this
7:39
country from Cuba when he was 14 and his dad walked into a bank
7:44
and on a loan, on a handshake, got a $600.00 loan to start a
7:49
tow truck business. And not speaking the language
7:54
just tried. And my dad got caught up in the
7:59
American dream of working for corporate America.
8:02
And his dad kept telling him they're owning your soul.
8:05
They're owning your soul with a company car like you sold, you
8:09
sold out your whole life for a company car.
8:11
But you know, at the time my dad said, you know, this is what I
8:15
came here for, right? I have a career.
8:17
And so, but at 49 and my mom was 47, they had had enough.
8:22
My mom worked for Equifax all of her life.
8:26
He ended up being at that point and working for UPS and as an
8:30
account executive and and they were just exhausted and they
8:33
were tired of working for other people.
8:35
And they said, you know what, we're gonna open up an insurance
8:39
agency and never owned a business, never sold a piece of
8:42
insurance. However, I do remember even like
8:45
sitting at the dinner table, they were always good insurance
8:50
purchasers. Like, I knew our insurance
8:53
agent's name. We talked about it at the dinner
8:55
table. Like, yes, we added the ring
8:57
yet. So they were always responsible
8:59
and believers of insurance, but you know, they just did it.
9:04
They took money out of the four O 1K and opened a business and
9:08
we started with Allstate. And so the long, the long answer
9:12
to your short question is I didn't have a choice.
9:14
I was going to the Art Institute of Fort Lauderdale at the time
9:17
and I didn't get a scholarship. I was going for interior design
9:20
and they were like, we need you to work in the business.
9:23
Sorry, we can't afford to keep paying.
9:25
Sending you, we'll send you back when we make it.
9:27
And that never, I mean, we made it, but they never sent me back,
9:30
you know. And so eventually we, we did
9:33
very well. We opened up an Allstate, but in
9:37
Florida, I don't know if it's like this in Vegas.
9:38
And at the time Allstate doesn't rent any property insurance.
9:41
They only did the auto. So it was very difficult for us.
9:44
We're leaving a lot of money on the table and we would win the
9:46
trips. And we opened a second location
9:48
and we realized, wait a minute, everybody has what's known as an
9:51
independent on the side. Yeah, He's been owns the
9:54
Allstate. The mom or the wife or the
9:56
sister own an independent on the side.
9:58
Yeah. So we got back from the Bahamas
10:00
one year and I opened the independent upstairs.
10:03
My dad was downstairs. Eventually got rid of the
10:05
Allstates. We sold those and then we had
10:07
that agency for 12 years and we sold that one in 2018.
10:11
And then I opened this one November of 2019.
10:13
So insurance, it's so funny. You go to a conference and
10:15
that's always the question, like who here walked into insurance
10:18
for fun? Like did it on their own?
10:19
One person out of 600 people, Like never.
10:22
It's never ever, ever something that's chosen.
10:24
But honestly, it's a great career and it's, it's a noble
10:30
profession when you do it right, right, because you really are
10:33
helping people protect their biggest assets and their
10:36
financial, you know, freedom really so.
10:39
I agree. OK, so I I've had other
10:43
insurance conversations on the podcast.
10:46
This is my first time really digging into commercial
10:49
insurance and what really where. Where you and I connected
10:53
originally was having this conversation about what's going
10:56
on in Florida on the heels of so many hurricanes and really
11:00
looking at what happened in LA. People just were not insured.
11:04
They were not able to get coverage.
11:07
Break it down for us, what is going on in the world of
11:10
insurance right now where people can't get coverage or in in my
11:14
words, I feel like this is a disruption that's needed to
11:18
happen, but also it's it's creating a lot of havoc what's
11:21
going on in the industry right now.
11:23
The biggest mistake that we make as consumers is looking at
11:27
insurance, which it makes sense. It's the natural way of
11:29
thinking. Like for example, South Florida,
11:33
well, South Florida hasn't had a hurricane, right?
11:35
All thankfully we've got lucky because the last couple years
11:37
they've we've missed it by like 35 miles, right?
11:41
South Atlantic too. You're on the South Atlantic
11:43
side. Right.
11:44
So, so it, it's shocking, right? But we, we haven't missed it.
11:48
So the mindset is, well, I haven't had a claim.
11:50
Why does my insurance keep going up?
11:52
Why are the carriers dropping me?
11:54
Well, insurance is on a global scale, right?
11:59
And there's reinsurance that comes into play.
12:01
There's been over 20. I, I, I believe the statistic,
12:04
the number is $29 billion in losses in 2024 in the world. $29
12:11
billion. It's it's a statistic that is
12:15
it, it's shocking. So when when insurance is
12:18
purchased on a global scale, that's where the fires affect
12:21
us, just like hurricanes affect you guys.
12:23
OK. Right, so it doesn't matter.
12:25
Doesn't matter. Our insurance carriers buy
12:27
insurance for their insurance for their right.
12:29
That's the process of the reinsurance.
12:31
So when they're not, when the them not being profitable starts
12:35
many layers deep and statistically and they have the
12:39
actuarial numbers to the science of how much they have to have
12:42
insured, how much premium they can charge.
12:46
And you know, every state comes into regulation with what's
12:49
acceptable. And I know that State Farm had a
12:51
big issue during the fires. And, and I, I obviously am in
12:55
this industry. I'm not saying that they did it
12:57
right or wrong, but you know, the media also makes it seem
13:00
like State Farm just randomly dropped these people.
13:03
Well, no, there's regulations and notifications that have to
13:06
be sent out. I don't know what it is in
13:08
California. Here, it's like 120 days out,
13:12
you start getting notices, your insurance is going to be
13:14
cancelled. We're not renewing you this
13:16
date. So it's not that the fires were
13:18
coming and State Farm said cancel, cancel.
13:20
And these people had no insurance.
13:22
OK, so they were given notice. Why do insurance companies
13:25
cancel people? Multiple reasons.
13:29
If actuarial leave, they can't cover the losses that are
13:33
projected right by their geniuses that they have at their
13:37
Home Office, that this is their entire life.
13:39
They'll get off certain areas, high risk areas.
13:42
And so for example, here State Farm doesn't do homeowners or
13:46
property insurance, not commercial, not not a home, none
13:51
of it, neither does all, none of the carriers do not Progressive,
13:53
not GEICO, not none of them. They only write personal auto in
13:57
the state. And so they just don't, they,
14:01
they don't have the funds or they don't want to appropriate
14:05
the funds to the, the disaster area that is Florida.
14:09
So, and I think that that's what's happening now in
14:12
California. They're pulling back.
14:14
I know that California has the, the fire plan, right, that that
14:18
is in play. We kind of have that here with
14:20
citizens insurance, which is our government funded, but it's a
14:23
wheel, right. Citizens will pick you up and
14:26
then take you out in, in three to six months.
14:28
You're with another carrier because they're the carrier of
14:30
last resort. They don't want to be the
14:32
permanent carrier. So it's actuarial stuff.
14:37
Some of them get acquired. I mean in 2023 we lost 8
14:40
carriers here that went insolvent, you know. 8 carriers
14:44
that went insolvent. What?
14:46
And so we're going to break this down 'cause my real money
14:48
community is a learning community.
14:50
Insolvent means they didn't have the money to pay out what they
14:53
needed to pay out and they closed their doors and whoever
14:56
was insured under them lost their coverage.
15:00
Lost their coverage with notification, though.
15:02
It's not overnight. Yeah, yeah.
15:04
So it's not, it's not like like you had time to find, you know,
15:09
if you open your mail and which is shocking how many people
15:12
don't. So you know, there's a
15:14
responsibility and a burden on the insured, right?
15:17
So that's kind of part of this conversation too.
15:19
It's be aware of what's happening with your insurance,
15:22
check in with your insurance agent.
15:24
And that's why, you know, I'm on the side of this is not
15:27
something that should be handled alone and buying it online.
15:29
It's too complex. Buying it online, but then also
15:33
I've heard from our other friend Ashley, who we know in common,
15:37
I've heard horror stories of people who have a coverage maybe
15:41
or maybe they bought it online, maybe they didn't, but they're
15:44
really not protected and they even have an insurance agent.
15:50
How can someone know the difference between a quote UN
15:54
quote good agent versus someone that they may not want to work
15:58
with? Cause in my opinion, not now.
16:02
I know because I've had multiple conversations in the industry,
16:05
but how do you know? Yeah, I would say, I mean, ask
16:09
them a couple questions as far as obviously experience matters,
16:13
right? If I was a consumer that didn't
16:15
know what I was doing on, you know, purchasing insurance and
16:20
most of my peers do this because they're on a hamster wheel of,
16:24
of, you know, customer service and that and that area of
16:27
business, which you, you know, there's always that element to
16:30
business. But I would say if, if I was
16:34
handled as a number, you're getting the quote, the apples to
16:38
apples jargon of, well, send me your policy and I'll match what
16:42
you have here. But how do you know if what I
16:44
have in place is right? What if I'm calling you because
16:48
my, my circumstances in my life has changed?
16:51
What if I've had a baby? What if I bought a second house?
16:54
What if I opened a business right?
16:57
And no, like if someone just wants to copy the work or your
17:00
current policy that you have, that's a red flag for me.
17:02
Yeah, me. Too, It's a conversation we need
17:05
to get to know you. Like why if someone calls us for
17:09
a quote, we're always asking outside of price.
17:11
I know everyone is price sensitive.
17:12
I know that the it's expensive, we know that.
17:15
But what else is there? What's under that?
17:18
Have you never been explained what you're buying?
17:20
I I would ask them about exclusions specifically.
17:23
Like is there any language that's excluded here that I
17:26
should know about? For example, if you own a
17:29
business, even cyber, cyber is the perfect line to describe
17:34
this with. You could have coverage for
17:36
ransomware under most cyber policies, but the language of
17:40
the payout of a claim can be either pay on behalf or
17:46
reimbursement. So it's not that there's not
17:49
coverage. There's coverage.
17:50
But on a pan behalf the the insurance company pays the
17:55
ransom and all everything involved on your behalf.
17:58
The reimbursement language means you, the insured has to pay for
18:04
it upfront and then submit for a reimbursement from the carrier.
18:08
Both have coverage right? But which one do you want?
18:11
Which one is it worth paying maybe an extra 200 bucks a year
18:14
for right depending on behalf? What, what a great reminder and
18:19
this, I'm going to throw this right back to our listeners
18:21
today, is that just because what I'm hearing you say is just
18:24
because you have coverage doesn't mean that you have the
18:28
right coverage. And I see this all the time with
18:32
life insurance where someone says, oh, I'm paying 60 bucks a
18:37
month and I think that it's $100,000.
18:39
But to your point, what are the exclusions?
18:42
What are the what are the terms and conditions of this policy?
18:46
Before you get in, know what you're buying.
18:49
And the same thing goes to insurance when it comes to your
18:52
property, your auto and your business and.
18:56
Your business. What?
18:59
OK, so it it sounds like shameless plug for you, right?
19:04
You need to have a good attorney and I'm talking to, I'm talking
19:08
specifically to those of you who are, who are thinking, OK, so
19:11
you may be in a nine to five today.
19:12
You may be making sixty $80,000 a year, but you have big dreams
19:16
and you need to know who needs to be on your team, Who are the
19:19
people, what is essential? Well, everybody says you need to
19:22
have an attorney and ACPA totally get that.
19:25
And you need a good insurance broker.
19:28
And the the the big names aren't always the best names.
19:33
Just because you see them every other commercial doesn't mean
19:37
that they're going to adequately protect you.
19:38
What's the difference between an Allstate and an independent
19:42
broker? So Allstate State farms, those
19:45
types of agencies are what are known as captive and they can
19:48
only represent 1 carrier. They can only represent those
19:52
products independent agents like myself, like Ashley are.
19:56
We get to choose who we work with and who we represent, and
19:59
we can provide options. Yeah.
20:01
So we're not married to it's kind of the same thing as like
20:04
the financial advisor that is married to a bank or Merrill
20:09
Lynch, let's say versus an independent advisor that can
20:12
that's not committed to minimums of business that you know, I
20:16
don't have minimums. I get to, I get to offer you
20:19
what I believe based off of our conversation is the best
20:21
solution for your for, for your circumstances.
20:24
So that, that's the freedom of, of working with an independent
20:27
agent. And we, we're not the ones that
20:29
have the Super Bowl money budget, right to, to run the
20:33
commercials. And, and also with the large box
20:37
agencies too, there's a lot of misconceptions of like, you
20:40
know, that you need to be with those alphabet houses.
20:42
And the reality is, is that there's a lot of turnover there.
20:45
There's a lot of you're, you're a small fish and in a ginormous
20:48
pond and working with an independent agent that's local.
20:52
I mean, we're the people that are going sponsoring your kids
20:54
soccer games, right? Like we are in your communities
20:57
and we're you're not, you're a big fish in a small pond with
21:02
us, you know, so the service is different.
21:03
The the attention is different. It is.
21:05
You're the first person people call when.
21:08
They right. And and to your point, I 100%
21:10
agree with unfortunately, we're not, we're never put on in that
21:13
category with the attorney or we're always like last resort.
21:18
Oh my God, my insurance. I need this right.
21:20
So I would encourage the listeners to consult with your
21:26
insurance advisor the same way you chose your attorney, right?
21:30
Or your doctor. Maybe you probably interviewed a
21:32
couple of attorneys before you. You, you picked 1, you know,
21:36
just know what you're looking for and, and, and make sure
21:38
that, that it feels good and that they're comfortable, you
21:41
know, answering your questions. Yeah.
21:43
All right, so let's let's talk about cheap policies versus best
21:47
policies because I know this is going to trigger a lot of people
21:50
because price shopping is a thing online and you're looking
21:53
for the cheapest insurance. But heads up, two things that
21:57
I've learned, and I'd love for you to speak into this, a cheap
22:00
policy on the front end could be something that over time they
22:05
might sell you something cheap, but then in the next 90 days
22:07
raise your rate. So you're that person, you're
22:09
like, Oh my God, I thought it was going to be X amount per
22:10
month. And then I just got it raised.
22:12
What happens? Well, that's they're going to
22:14
hook you in with a cheaper rate and then over time they're going
22:16
to raise it. So there's one thing to
22:18
remember, but also you're not getting the best coverage.
22:23
Sometimes you're getting bare minimum coverage, which really
22:26
isn't good at all. So in Vegas we have state
22:28
minimums and they're crap. It also whether it's your
22:33
personal assets or your business assets, right?
22:36
Like people forget that it's not just protection against like a
22:43
claim, not it's not just a car accident that these insurance
22:47
companies are covering when you're purchasing your auto
22:48
insurance. It's also your defense when you
22:52
own a business and you're buying cyber liability insurance,
22:56
right? The mentality of that's never
22:58
going to happen to me because I'm too small.
23:00
No, it happens to us all the time because we're so small
23:04
because we don't they, these cyber criminals know we don't
23:06
have the infrastructure to have an IT team.
23:09
So they practice on us before they go after the targets.
23:12
The thing is that we don't survive to tell the story,
23:15
right? So, and that scenario of a cyber
23:19
claim, it's not just fixing the data problem, it's your defense.
23:24
It's any regulatory fines. So when you're thinking about
23:27
insurance, it's not just the immediate expense that you think
23:31
of naturally a car accident, well, bodily injury, right?
23:34
Or am I sent someone to the hospital?
23:36
That's covered? Far more than that is covered.
23:39
If that thing explodes and goes to court, your attorney fees are
23:43
covered. Imagine hiring an attorney for
23:46
any, any sort of a negligence or accident.
23:49
How much does that cost you? So I, I just, I, I want to
23:52
encourage the listener to use insurance as a tool, especially
23:59
in business. It's not just an expense on a on
24:02
AP and L it's not just a line item.
24:05
It can be a tool, especially if you're in the government
24:07
contract space, especially if you're in construction or in,
24:11
in, in places where your insurance can open a door and
24:15
get you a big job or, or or doesn't, right?
24:18
That's right. So it, it's it when you, when
24:21
you, we all got to pay it. And no, there's that we all
24:24
don't want to pay it. Understood.
24:26
But when you, when you look at it from a different lens and you
24:31
realize that it can be a mechanism to grow a business, it
24:36
really does change. And and you should be working
24:38
with an insurance agent that does more for you than just sell
24:40
you a policy, right? There should be some risk
24:43
management conversations. There should be some some
24:45
advisory type conversations. Not just I need to save $400.00
24:50
this year or I'm moving. All kinds of people are
24:52
listening to this. My audience primarily are
24:54
thinking about all the things and growth minded.
24:57
So we're not thinking about just where we are, but we're thinking
24:59
about where we're headed. And what I like to do is pull
25:02
all of my professionals together and say, OK, let's look at this,
25:05
look at where I'm at today and make some decisions based on
25:09
where I'm going and then check in every single year, OK, where
25:12
are we at? Do we need more?
25:14
Do we have enough? Because I don't have candidly
25:18
$3,000,000 sitting in the bank today, right?
25:21
And most people don't. I carry GAP Insurance until my
25:26
car's paid off. All these things you need to
25:28
think about because you think it's never going to happen to
25:30
you, and then it does. And so to your point too, Lisa,
25:34
when you said about like if you're in corporate and you're
25:37
thinking about maybe going out on your own, all that stuff,
25:39
even if you're in corporate and you stay in corporate, when I
25:42
hear that someone say, oh, I don't need to buy life
25:44
insurance, I have it through work.
25:46
No, Yes, you do. Because when you leave work or
25:49
you change jobs or you decide to go out on your own, that life
25:53
insurance policy ceases to exist.
25:55
Yep, you need so, so then you, you could have gotten that job
25:58
at 25 and now you're 42 and you're leaving and you've
26:01
already survived breast cancer and guess what?
26:03
It's going to be nearly impossible for you to get
26:07
insurance on your own. You have it in that scenario
26:09
because it's a group like there's, it's so complex,
26:12
there's so many layers to it. And so I'm, I'm on the same team
26:16
as as you of, of, you know, having the right people around
26:19
you can literally make or break your business.
26:22
Yeah, your business and your life.
26:23
We're going to shift focus and we're going to talk about you.
26:28
We're going to more about you. From launching your own firm to
26:32
becoming one of the top percent of agents nationwide, what are
26:35
some of the pivotal moments that transformed your money mindset?
26:38
That's that's I, I would say it's constantly transforming and
26:45
what I think I want. I first of all, I never I never
26:51
stop and celebrate like the achievements, right.
26:54
So I think that that plays into a part of the go go, go.
27:01
And I I really, really need to celebrate the wins when it comes
27:07
to even my finances, right? And like even personally and the
27:11
business, I don't do that enough.
27:13
And I think that I actually think that that would probably
27:16
help me achieve more if I did, if I took a moment to stop and
27:19
and say, wow, man, you made it see like good job, right?
27:22
So that's one thing that I actually struggle with.
27:26
It's never enough. But I opened this business
27:34
November of 2019, but not one client with 0 clients.
27:39
And then you know, March 2020 came around.
27:43
And so I, I think that surviving that first year in business and
27:52
the insurance business is a great business to any of your
27:54
listeners. If you're looking for a business
27:57
to, to grow and to enjoy residual income, it is a great
28:01
business. It's insurance is something
28:03
that's needed. People might as well buy it from
28:05
someone that they like, right? It's you know, it's, it's, it's
28:09
a great, it has created many, many, many, many legacies in
28:14
this country, right? But I would say that that really
28:18
the, the, the money mindset, it's something that's constantly
28:22
shifting for me as far as like how big of a teen, I don't have
28:26
any children. So I always feel like I that's a
28:29
caveat because most people work super hard because they have
28:32
children, right? And they need to leave a legacy
28:33
and they need to send them to college and save for the
28:37
grandkids. I don't have children.
28:40
So sometimes I ask myself like when is enough enough?
28:45
Because who are you doing this for?
28:46
Where are you going to leave it? Right.
28:48
Yeah. So, you know, it's it's
28:51
depending on the day. I guess I would say it's, it's I
28:55
know that I want to create a, you know, the day that I do exit
28:58
this business, it's because I have a number in in mind revenue
29:01
wise where I want to be in the multiple I want to sell it for
29:04
and I am that doesn't change. I love that you have your eye on
29:07
the price and I wish more business owners would do that.
29:11
Really think for yourself. What is what is it that you're
29:14
reaching toward? Because more and more and more
29:16
and more is a trap. It, it's, it is, it is.
29:20
And honestly, to be very candid, it is taking a toll on my
29:24
health. It really has.
29:26
And I think that even though I have this idea of where I want
29:31
to be when I exit, I think that's also a mistake that most
29:34
business owners are probably women, because I don't think
29:36
that people, we, we don't have the same level of education in
29:42
this business world than the others.
29:47
But I really do believe like it it, you have to accept the fact
29:52
that there's going to be an exit of your business, whether it's
29:54
forced or sold. But you could pass away.
29:59
You can get sick and have to sell on an emergency.
30:02
There could be a a partnership and the partner buys you
30:05
whatever. So many, there's so many ways
30:07
that your business can end that if you think about the exit
30:13
during the present time, I think it shapes your decisions
30:16
different. I agree, I agree.
30:18
I'm in that conversation right now 'cause as a consultant, my
30:21
entire brand revolves around me. And so now I'm thinking, OK, how
30:26
do I grow and sustain and at some point exit this entire
30:35
work? That body of work that I'm
30:36
doing, I'm in the process of now reimagining it.
30:39
So it's not just me, right? Yeah.
30:42
But it's so important because if it is just about you, like you
30:46
said, at some point something's going to happen and it may not
30:49
be your choice. Right.
30:51
And that all goes. That all goes because
30:53
entrepreneurs are risk takers. But where is your ass on the
30:57
line that you need a backup or a safety net underneath?
31:04
And so many entrepreneurs just ride the line.
31:07
And this whole conversation is about, are you protected?
31:11
Are you adequately protected? And yes, there are some massive
31:16
shifts happening in the industry, but good protection
31:19
still exists. Good protection still exists.
31:23
So, loaded question for the Palisades fire.
31:28
Even for these hurricanes that happened in Florida the last
31:31
several years, When someone isn't insured, is it their
31:36
fault? My answer might be a little
31:38
biased honestly because I know I know as someone that is on this
31:44
side of it, how many times I have to remind someone of a
31:47
payment. I mean, I, I have someone
31:51
dedicated to 4-5 sixth reminder to make their monthly
31:57
installment. So I mean, I without know
32:02
obviously everyone's circumstances is different, but
32:06
I do I do believe that there is a burden of responsibility on
32:10
the consumer to know your situation with insurance, make
32:16
sure that your bills are paid right.
32:19
Like, so is it? It's truly not that someone
32:22
can't get insured. Correct.
32:24
It's more so that either they're they're toeing the line of risk,
32:29
they didn't pay attention to the details, they didn't know what
32:33
they didn't know which it you know, it happens, but it's, it's
32:37
the due diligence of the homeowner of the business owner
32:41
to make sure they're covered and protected and that that still
32:45
exists. Now, if you don't want to pay
32:47
it, I get it, but it doesn't mean that there isn't coverage
32:51
out there for you. Correct and and you know the
32:54
consumer that has had 3-4 claims difficult in Florida if you have
33:01
a water claim if you have a second water claim very
33:03
difficult or nearly impossible to afford to get homeowner's
33:08
insurance it's. Different though because you can
33:11
get insurance but it's but the affordability is different.
33:14
Correct. So there's so many scenarios
33:16
when it comes to that, but I, there's people in my space that
33:22
won't, that won't remind their, their, their, their insurers
33:26
that they have payments because we're not your personal
33:28
assistant. No, it's not our responsibility.
33:31
No, I do it because I feel like it's part of my, the service
33:35
aspect of, of, of why the bunker exists, right?
33:39
Like, I understand what it's like to run a business.
33:41
I understand that sometimes, you know, a bill will fall or
33:45
there's a change that was made that wasn't, you know, anything
33:48
can happen. So we do it.
33:50
That is my decision. But ultimately, if you want to
33:56
control your destiny when it comes to your finances, be
33:59
responsible. Yep, and don't leave it to in
34:01
the hands of an insurance company that you're a number to
34:04
cause that's at the end of the day, we're all just numbers to
34:07
them, right? That's right.
34:09
You know so and that representation matters, right?
34:13
Yep. Choosing your insurance agent
34:14
matters. That's why you would go to an
34:15
insurance agent and not buy it online.
34:18
Yep. I'd rather, I would personally
34:21
rather pay more to have the relationship and the coverage so
34:27
that I can call with questions and someone's got my back.
34:31
And as business owners, we need people who have our back.
34:34
And I remember my dad, my dad's best friend growing up, Kit
34:37
Bell, Shout out to Kit. He's no longer with us.
34:39
He was our insurance agent. We could always go see him,
34:43
always call, you know, change things as needed.
34:46
And insurance was something my parents always said, hey, don't
34:49
be overinsured. Don't be insurance poor, but
34:52
always have insurance. So with that, let's talk about
34:56
the future of insurance because it seems really shaky right now.
34:59
I mean, the whole future, the future of the country seems like
35:02
it's on the rocks right now. But where is insurance headed in
35:05
the wake of all of these changes as an industry?
35:08
Technology is always a threat in our space because it's a legacy
35:12
agency and slow to adapt. So that's number one #2 for the
35:20
insurance industry as well, which if any of your listeners
35:22
are considering a second career, the the retirement rate that's
35:28
happening. We can't find people fast enough
35:30
because this is not a sexy industry.
35:32
No, it's. Not and it's a difficult
35:34
industry for the first three years.
35:35
It's a lot of sacrifice. It's a lot of hard work and
35:38
sacrifice for at least two to three years, the year 4 till
35:43
Infinity. If you're doing the the, if
35:46
you're a good insurance agent, you know your stuff talked, you
35:49
know, technician wise and you can create relationships 'cause
35:53
this is a relationship business. You're, you're good.
35:57
You would have more business than you know what to do with if
35:59
you can get past the first three years because you don't have a
36:02
book of business at that time, right.
36:04
So it's a little difficult, but I would say the, those are the
36:08
biggest threats that are coming towards us.
36:12
I mean, the insure attacks that are coming in the, the websites
36:17
that are telling you get 6 quotes fast, No, they're not
36:20
giving you quotes. Those are data mining companies
36:23
that you're giving your data to. And then you're going to have
36:25
nine agents calling you harassing.
36:27
Don't just don't do that. Don't fall for that.
36:31
But I would say that those are the two bigger, bigger things
36:33
for our space. Obviously catastrophes are
36:36
growing and, and I mean, there was an earthquake in Georgia
36:40
maybe about 2-3 weeks ago that my uncle lives there and he felt
36:43
it in the Blue Ridge Mountains. I mean, that's when, when was
36:45
that? When was that a thing?
36:48
Are insurance policies in Georgia equipped to handle an
36:51
earthquake? Probably not.
36:52
Probably not. So that creates a whole other
36:55
thing, right? It it that the the natural
36:57
disasters and catastrophes will always be something that the
37:01
insurance industry will have to pivot with.
37:05
Just because you have insurance doesn't mean you're adequately
37:08
insured. Just because you have an
37:11
insurance agent doesn't mean that person is looking out for
37:14
you and your best interests. Insurance is a very personal
37:18
conversation. And the question for you today
37:22
to my listeners is do you have what you need when the thing
37:26
that you think will never happen does?
37:29
And I hope that that's a wake up call and a thought provoking
37:33
conversation that we can continue to have here on the
37:35
Real Money Podcast. So as listeners, let us know
37:38
what it is that you want to know more about.
37:41
We can break this, we can break this conversation down into a
37:45
ton of detail. We wanted to spare you the
37:47
details today because we wanted to talk about what what risk
37:50
really is, what it really means, and also how to find the right
37:54
insurance agent for you and you. Do you insurance people more
37:58
than just Florida or are you Florida specific?
38:02
Yeah, I'm licensed in a couple states.
38:03
I'm licensed in California, South Carolina, but I can't.
38:05
It's an easy thing. And even if someone was to reach
38:08
out to me and I couldn't do it, I have a ton of friends.
38:10
That's right. Are really, really great agents
38:12
that I could refer them to. I, I have to say, I really love
38:15
that about you and Ashley in particular is that you have
38:18
these great, this great community of insurance agents
38:21
where it can be very competitive and cutthroat, but you all
38:24
really like, support each other and share the love because
38:27
listen, there's 300 million people here in America alone.
38:31
We can all do this work together.
38:33
I will say that I got it. The the reason I am in finance
38:36
today is because I got it an e-mail from Farmers Insurance
38:40
when I was job searching that said I could make $400,000 a
38:43
year and it perked my ears out and not you know what look.
38:49
At you. Look at you, Yeah.
38:50
Did you ever charge insurance or no?
38:52
I never went that route. I ended up joining my friend's
38:55
financial firm, but that was the that was the thing that piqued
38:58
my interest enough to go. Shit, people in insurance make a
39:01
lot of money. They, it's so funny too, because
39:05
I sit on the board of a local association here.
39:07
We're trying so hard to get these kids out of college that
39:10
they all want to go the stock market route because it's sexy.
39:14
But this industry is very, very generous relationship wise.
39:19
I mean, friendship wise, yes, you can create an incredible
39:23
living. It's definitely a good industry.
39:26
And so I, I really, really encourage people to at least
39:29
give it a shot because you can, you can grow professionally,
39:32
personally, it's, it's worth it. I love it.
39:36
All right, before we jump into the the rapid fire round, which
39:38
is really fun. It's kind of a this or that
39:40
conversation. I know me too.
39:42
I love games. OK, what are the things that
39:45
people must know right now when it comes to their insurance?
39:49
We talked about a lot, but let's just high level it for them.
39:51
What do you have? What do they have to know right
39:53
now? So first I would look make sure
39:56
that your carrier has a good rating and you know you can
40:00
check that. A and best rating does is the
40:03
most respected you want an A rated carrier to be insured with
40:07
because that is based off of their financial stability first
40:10
of all. Second of all, your limits.
40:13
Look at your limits. If it's just if you only have
40:16
what the state requires, I guarantee you that it's not
40:18
enough. Umbrella policies are not for
40:22
only rich people. Don't forget it's not just about
40:26
the assets that you have in the bank.
40:28
If you have AI don't know speaking for Florida, right, OK,
40:32
in Florida they can't touch your primary home.
40:35
But if you have a secondary home, if you have some money in
40:38
the bank all up for grabs at the time of a lawsuit with involving
40:43
an accident, a car accident and those attorneys, they are
40:46
ruthless. They will go after every penny
40:48
you have put an umbrella. They're not expensive.
40:51
They're not. I think that's also one of the
40:53
biggest misconceptions is that people think it's so expensive.
40:56
It can be if you're a bad driver.
40:57
And unfortunately when you have young drivers that are
40:59
inexperienced, yes, but that's when you need it the most.
41:03
If you have toys, if you have ATVs and jet skis, the amount of
41:08
horrific accidents that happen on these toys you need to have
41:12
because it doesn't matter if it's your sister or your, your
41:16
friend, their child gets injured.
41:19
They're coming after you. Yep, you need to protect
41:22
yourself and it's not as expensive.
41:24
So I would say the majority of people need umbrellas and and
41:29
really just check on on those limits.
41:31
You want to make sure that you have enough limits.
41:32
You want to make sure that another common exclusion,
41:37
depending on where you live, you know the breed of dog that you
41:39
have. Some of these insurance
41:42
companies have unacceptable dogs that they will not insure.
41:44
They will not give you liability coverage on your home if you
41:47
have a certain breed of dog. Did you buy a dog in the last
41:49
year? Have you told your insurance
41:50
agent? Those are the series, those are
41:53
the, the conversations that a good insurance agent should be
41:56
having with you. And that would be if if you
41:58
haven't had a conversation about your limits changing, your
42:01
circumstances changing, even outside of that.
42:04
Like I, I don't do personal insurance anymore, but when we
42:07
used to, I would have conversations about estate
42:11
planning. If you have two, three
42:13
properties in the state of Florida, they're not in a trust.
42:16
They're going to probate. Your family's going to have to
42:18
fight the state for years to get all of your hard work back.
42:22
Yeah, talk about that. Your insurance agent should be
42:26
referring you to these professionals that can help in
42:29
the asset protection. It's not just paying a policy.
42:32
So if if those conversations have not been had, think about
42:36
it. Try to find a new one.
42:38
That's right, find a new one. And this is exactly why I love
42:40
working with women, because women tend to take these
42:44
conversations deeper, farther, faster, and look at the whole of
42:48
your situation and make sure that holistically you're good.
42:51
Now, I'm talking to my avoiders right now.
42:53
And if you're an avoider, you know who you are.
42:57
Putting your hand, burying your head in the sand and pretending
43:00
like these things don't exist is only causing more stress for
43:04
you. You cannot bury your head in the
43:07
sand. Let's open up the conversation.
43:08
Let's have it now and let's make sure that all of your assets,
43:13
all of your income, combined with your insurance policies to
43:18
make sure that you can sleep well at night.
43:19
And I will tell you, having my estate planning done, having all
43:23
of my insurance, having Ashley on my side as my insurance
43:26
agent, I sleep better at night knowing I have an umbrella
43:29
policy. I sleep better at night knowing
43:32
that my kids adequately protected.
43:34
There are a lot of myths in this industry.
43:36
Make sure you know the difference between what is a
43:38
fact and what is a friend telling you something.
43:41
And the only person that's going to know that are people like
43:44
you, Ciara, where you've got all these certifications, you're in
43:48
the conversations, you're going to conferences, you're up to
43:51
date, the real deal. It's definitely the Facebook
43:56
groups of I'm paying. My friend told me that they have
43:59
everything insured for $129 a month.
44:01
No, why are we taking advice for anything in Facebook groups like
44:05
that? Come on.
44:07
We're past that. And honestly I would say the
44:10
same thing now with the AI conversation.
44:12
Right? Like yes, we all get life advice
44:15
from from chachi PT but that shouldn't be the only decision
44:18
you know or the only factor. You, you educate, you consume
44:22
you, you educate yourself. But then go to a professional to
44:25
clarify what you've read or you're understanding it
44:28
correctly. Help me make the decision.
44:31
Guide me to what you think is is what I need.
44:34
AI cannot do that. Bottom line, you get what you
44:37
pay for. In everything right in life, not
44:40
just insurance. That's right.
44:42
OK. You ready to have a little fun?
44:43
Yeah. All right.
44:44
This is a light hearted conversation.
44:46
I love either or and this and that conversations and questions
44:49
because they just get me thinking.
44:50
So the first one I have for you is Insurance Nerd or Risk Rebel.
44:55
I'm insurance nerd. Yeah, yeah.
44:57
I'm not. I'm not.
44:58
I'm not very risky, no. Hurricanes or cyber attacks?
45:02
What keeps you up at night? Hurricanes.
45:06
Hurricanes. Early mornings or late nights?
45:10
Turning into early mornings I I'm I, my brain is exhausted by
45:13
the end of the day. So I'm I'm a 530 girl now.
45:17
Me too. Welcome to the 530 Glass I.
45:19
Love it. Delegate or DIY?
45:22
Oh, I am also working very hard on the delegation piece.
45:26
I read Who Not How by Dan Sullivan.
45:29
It changed my life. So delegate it's it is a way
45:33
better way of life. Yeah.
45:35
I love it. I love it.
45:36
White walls or black walls? White.
45:40
White OK personal growth book or true crime podcast.
45:45
Personal growth all the way, yeah.
45:48
Love it. I love it.
45:50
So great conversation. Thank you so much for joining me
45:54
today. How can people get to know you
45:56
and learn about the work you're doing with the bunker?
45:59
Yeah, so I'm on all socials. I'm on Instagram at Bunker your
46:03
risk. I'm on LinkedIn.
46:05
LinkedIn is probably my preferred platform.
46:08
Siara Gravier, I'm there my websitesbunkeryourrisk.com and
46:13
yeah, I'm I'm, we have a YouTube channel where we're doing a lot
46:16
to try to like you. You know, I really, I and I've
46:21
stumbled across this wording this year.
46:23
You know, how it changes, right, The more you think about it and
46:25
you think and you think, and, and I really am trying to
46:28
insulate my insurance with the right professionals.
46:31
Because when the professionals are working, helping the
46:35
business owner work towards this, towards the right goal and
46:38
the same goal and we're all helping them row.
46:42
I mean, isn't that what this is about helping people achieve
46:44
their dreams? Oh, you know, being a part of
46:46
someone achieving a business, you know, that's a big deal.
46:49
And I, I take a lot of pride in that and it makes me happy to be
46:52
able to be on someone's team to help them, you know, change
46:55
their legacy. It's a big deal.
46:57
We've got more female business owners and more coming than ever
47:00
before, More money coming woman's way than ever before.
47:03
We get to figure this out together.
47:06
And thank you for being a part of the real money community for
47:08
that reason. Yeah.
47:09
Thank you, this is fun. Yeah, it was.
47:12
All right, everyone, This is my final episode this season and
47:15
I'm so, so grateful to have the had this conversation with you.
47:19
Ciara, thank you so much for being with me today.
47:21
Thank you to the Real Money community.
47:23
We'll be back in the fall with some new episodes, new
47:25
conversations. Hit her up on social media, let
47:28
her know what questions you have.
47:29
Let's keep the conversation going.
47:31
And we'll see you in the fall with a new Real Money
47:34
conversation. See you then.
47:37
Thanks for listening to Real Money.
47:38
If you enjoyed this episode and would like to help support the
47:41
podcast, please subscribe and let us know what you love about
47:45
the show. Your feedback is invaluable as
47:48
we continue to empower women to take control of their financial
47:51
lives. Until next time, keep thriving
47:54
and remember you deserve real money.