Jonathan Mayotte, Commercial Insurance Advisor with Thornton Powell, joins us to discuss ways to avoid potential pitfalls in business by surrounding yourself with trusted advisors.
Focused on protecting his clients businesses and assets, while reducing their liabilities, Jonathan works with Employment Practices Liability for businesses anywhere between the independent contractor, all the way up to 50 million and beyond in revenue. He’s even taken on some independent contractors who eventually became the $25 million revenue generating businesses.
The biggest advice he gives his smaller business client, when making the leap towards a midsized business is to plan smartly.
“The best investment that you're going to make up front is get yourself a quality business attorney; to be able to know how to properly set up your business from a legal standpoint and put some good contracts in place to protect you, your clients and your employees.
Make sure you have a good CPA, a good accountant to be able to handle the tax element. And also make sure that you have a good insurance advisor who can sit there and say, okay. Here's what you should do based on the nature of your business.”
Speaking from experience, Jonathan goes on to share a personal story of how a lapse in judgment changed the way he viewed insurance to this day.
“I was totally single and I needed health insurance and I'm like, ‘I'm a healthy 31 year old. I've never had any problems. I've never been in the hospital. I'll go with the high deductible.’ Then it was literally like a couple of months later that I ended up in the hospital.
All of a sudden I'm like Man, I've got $5,000 that I owe the hospital. Now had I gone with the lower deductible I wouldn't have had to worry about that.’”
Tune in to hear more of Jonathan’s story and how he’s protecting his clients from malicious cyber attacks through ransomware, with cyber liability policies.