InSuri’s Tom Pegues Gets Real About insuri

Now more than ever small businesses everywhere are realizing the importance of company insurance and risk management. That’s why Tom Pegues launched InSuri in July 2020. InSuri is an innovative subscription service that allows small businesses and startups to understand their risk profile without having to rely on insurance brokers. With a subscription, business owners will receive access to in-depth custom analyses by expert risk managers, live Q&A advice and support, and a premium on-demand library of videos and resources.

To learn more about what his company is doing to help during these trying times of COVID-19 and how to choose the right insurance company for your brand, I talked with Pegues about everything you need to know. Check it out below.

Jay Block: The insurance industry is a tricky field and typical consumers don’t understand the complexities. With your combined 60 years of experience in the field, what have been some of the biggest misconceptions that consumers face?

Tom Pegues: The biggest misconception for business owners is that insurance companies can never be true partners, meaning that you pay them each year and when you need them, they aren’t around.

That very often feels like it’s the case, but in many instances, it’s a sign of a fundamental mismatch between the kind of coverage a business needs and the kind of coverage they actually have. That’s something we help with.

When I advise clients, one of the things I talk about is the importance of choosing insurance companies based on their financial stability, their reputation for paying claims when required, and the quality of the company’s employees. Those are good things to watch out for because insurance companies that don’t score well on these criteria often aren’t going to be fully there for you when the going gets tough. As a risk manager, I steer people to companies with excellent track records because you need a true partner when things are going wrong.

Jay Block: How have you at InSuri been able to bring value to your customers?

Tom Pegues: We bring value because we know our clients, their business, and their risk profile – and we see around corners for them. We know the challenges that keep them up at night. We act as a true partner for our customers, helping them manage their whole business from a risk management perspective. Plus, with this current pandemic, we’ve just about seen it all and know how to truly protect our customer’s business and livelihoods from the standard risk that the business faces.

Jay Block: Like every industry, trust is a crucial component of success. How have you been able to earn the trust of so many clients?

Tom Pegues: Trust is earned, and we earn the trust of our clients by being direct and honest with them. Sometimes that means having hard discussions, but there is no room in risk management to beat around the bush.

We’re more likely to say something as direct as, “This is what’s wrong, this is why it’s happening, and if you want to save your business you need to take care of it now.” Our purpose in taking this kind of approach is ultimately to empower business owners to protect themselves and their livelihoods.

Jay Block: How has COVID-19 impacted the insurance industry?

Tom Pegues: COVID-19 has exposed weaknesses across the insurance industry and in virtually every type of insurance. For instance, business interruption insurance traditionally is triggered by a physical peril to the business – but what about during a pandemic? And how does worker’s compensation coverage play out as businesses reopen and someone gets sick? The industry is still sorting out critical questions like these, and we will see some significant changes in how insurance works and what is covered moving forward.

Jay Block: What do you think the biggest change in the insurance industry that will emerge in America 2.0?

Tom Pegues: To properly protect against the many, multifaceted risks posed by COVID-19, there will ultimately need to be government backstops put in place, like there was for terrorism insurance after 9/11. That’s an important cornerstone for how the industry can deal with the repercussions of this pandemic and prepare for other situations like this that could arise in the future. Insurance companies should be lobbying for those backstops and business owners should talk to their carriers about how they can help with that as well. Business owners should also discuss their needs with carriers so that carriers can be as informed as possible as to what they should be lobbying for.