Episode 5: Construction Insurance In Depth (with Warren Spiwak)
In the fifth episode of the Quit Getting Screwed podcast, Insurance specialist Warren Spiwak joins Karalynn to break down and hash out the complexities of Construction Insurance. Understanding the complexities of acquiring and navigating insurance for a construction project is no simple feat. Still, Warren has dedicated much of his professional career to the endeavor and is the perfect party to shed some light on the topic. Join Karalynn in learning Warren’s suggestions and the intricate details of finding, attaining, and utilizing insurance within the construction industry.
Warren has a background in blue-collar work. “My dad owned an air conditioning company called Castle Air Conditioning. I was very much taught at a very young age by my father that if you want to make a living and you want to be successful, choose an industry that people need,” he comments on his upbringing. With this principle instilled in him early in life and the perspective he gained from seeing his father’s work behind the scenes, Warren decided to go into insurance in 2002. He’s been working in it ever since, making this his 19th year of practice. He also comments on his father saying not to go into Air Conditioning repair, despite having learned quite a lot of the business working with him in the summers.
Warren dives into the discussion, leading with his paramount suggestion: Use targeted insurance for everything you need to insure. A problem he says he sees all too often is contractors trying to ensure their projects through the same carriers they insure their home or car with. Warren warns that people without understanding the construction industry, or a construction site can never properly ensure your projects or materials.
“What I mean by that is, if you’re selling home and auto 99% of the time and consulting people on their personal lines, when you meet a painter, for example, you don’t realize what you need to dive into. Are we talking residential or commercial? Are we talking about new construction or remodeling?” Warren follows, clarifying his perspective. Karalynn echoes his thoughts with affirmation, suggesting that one wouldn’t want the same lawyer who wrote their will to be the one defending them in construction litigation in the same way.
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Warren talks about the power and importance of referrals and how the best way to find top-tier construction insurance is by following referrals from others in the industry. He says it makes up most of his new client acquisition, in fact, due to his understanding of insurance in the industry. Warren says something he sees folks overlook consistently is exceptions within insurance policies. “So, when you look at an insurance policy, if it’s excluding residential, and you’re a roofer that does homes, that’s a problem. If you look at the exclusions and see that it’s excluding commercial buildings over four stories, you need to know that,” he chides, reinforcing his enthusiasm for finding a construction-specific insurance professional with whom to work instead of just any insurance agent.
Insurance is such a multi-faceted element and is convoluted, even more so in the world of construction. Fortunately for our listeners and host alike, Warren has the esteemed and extensive experience needed to illuminate the perplexing topic. Insurance doesn’t have to be confusing, so long as you have capable professionals who understand it in your corner. In addition to these points, he also dives into the differences in retail and commercial carriers, contractor-specific insurance, and more. Karalynn learns a great deal, and you will too.
Listen to Episode 5: Construction Insurance In-Depth (With Warren Spiwak) and find the answers to your most pressing questions about construction insurance, where to find it, and how it works. Warren’s comprehension and hands-on experience with construction insurance make this episode unequivocally valuable for the betterment of your business. The Quit Getting Screwed podcast features exceptional industry-affiliated professionals with incredible advice and professional experience to share with you and your team. If you want more information about what we do or a full episode transcript, you can find us at subcontractorinstitute.com. We’re also on Facebook, LinkedIn, and Instagram, and the book is available on Amazon.