SPEAKER_00 0:00

You know, when you max out those liability limits, which a lot of times it's 500,000 is the maximum you can get, then you can purchase both a commercial umbrella policy or a personal umbrella policy.

SPEAKER_01 0:19

All right, everybody. Welcome to another episode of Connections That Matter, where we talk with normally Northern Colorado's best networkers, but we are going multi-state. I got one of Wyoming's best networkers, but she does network quite a bit in Colorado as well, Michelle Gould from the Gould Agency. Welcome to the show.

SPEAKER_00 0:38

Thank you.

SPEAKER_01 0:38

Well, uh, thanks so much for coming on. I've really enjoyed getting to know you, Michelle. And um, I, you know, in northern Colorado, people are driving from maybe Windsor to Fort Collins. You drive a whole big region of areas. So tell tell us a little bit about you, your agency, and your coverage area.

SPEAKER_00 0:57

Okay, well, my agency, the office is located in Casper, Wyoming, but I cover multiple states, uh, Wyoming, Colorado, of course, and um surrounding states, uh South Dakota, Nebraska, Idaho, and then Arizona, because I have a few snow birders that are in all the states. So um I have connections in um multiple towns. Um Northern Colorado have family in Colorado.

SPEAKER_01 1:29

So well, how do you how do you build the referral ecosystem in Casper and then Cheyenne and then Fort Collins? How have you built relationships?

SPEAKER_00 1:38

Um, I've joined uh various networking groups. I do um uh events through like Chamber of Commerce. Um I belong to Wyoming Women's Networking. Um there's ladies in there from all towns. Um Networking in Action is how I got connected with you. Um also uh realtor associations, mortgage associations, sponsoring various events and just getting involved in the community is mainly how I do it.

SPEAKER_01 2:11

So really cool. Um and driving around, uh what how do you I'm curious of the drive time? And uh, you know, are do you listen to podcasts? Are you jamming out to music? Uh, how are you handling all the the road time?

SPEAKER_00 2:26

Yeah, well, I'm a little bit of a nerd. I I like listening to talk radio podcasts, um, books, um, kind of use it as a time to expand my knowledge and things I'm curious about. So, and I occasionally jam out, but there you go.

SPEAKER_01 2:43

Well, with so much time on the road, um, and obviously somebody who insures motor vehicles and you know you see some different things. I know in northern Colorado traffic is getting more congested. Um but how has auto insurance changed uh over the course of the last couple of years?

SPEAKER_00 2:59

Well, as everybody probably knows, it's increased significantly. Um and um it is due to a few factors. Um more drivers on the road, more accidents. Um also Wyoming and Colorado, we have a lot of wind and hail claims which contribute to that. And um unfortunately a lot of uninsured drivers, which um increase costs because um we're the those of us that carry insurance kind of pay for those who don't. So right. Yeah.

SPEAKER_01 3:35

Um yet uh for those who don't have uninsured motorists, um what are what are some statistics? I don't know. I've heard some things, so I don't know if they're real, but um, you know, what is the likelihood that the person driving next to you is not carrying insurance or underinsured?

SPEAKER_00 3:52

Um I suppose I don't have the actual statistics, but I know uh there is an epidemic of uninsured drivers in Colorado in particular. I know that uh the um highway patrol is focusing on uh targeting uninsured drivers trying to increase the number of drivers that are insured. Um my stepson actually works for the highway patrol. So um I don't actually have the statistical numbers though, but uh I'd say this odds are pretty good.

SPEAKER_01 4:26

Well, the one thing uh if they're working with you, they're covered the right way. But how do you advise people to set up their policies so that they have the right uh minimums, even if I want the cheapest rate?

SPEAKER_00 4:37

Right. So primarily you you want to protect your assets um and because if you don't have the right liability limits, liability is what covers another party's damages if you're at fault. Yeah. Um it could open you up for a lawsuit, uh, either from the person that you damaged or from their insurance company. Uh so look at um the assets you want to protect equity in your home, uh retirement savings, your current income, anything that a judgment could be placed against, and make sure you're carrying enough liability to protect that. Um and then also just thinking about the cost of a new vehicle. Nobody purposely has an accident, I don't think, but if you total a brand new Tesla, a brand new, you know, F-250, F-350 truck that are here, yeah. I mean, you could be looking upwards of a hundred thousand dollars. Sure. Yeah, too. So just several factors to consider.

SPEAKER_01 5:44

Well, I think as business owners too, uh, you know, you own businesses. You uh you might have work vehicles or you might be on the work clock when you're when you're doing those kind of things. Um does the insurance change for business owners? Does it update? I mean, how would you advise us? Is it like umbrellas in addition to the liabilities?

SPEAKER_00 6:06

Yes. Um, and well, you can get a personal umbrella and a business umbrella. Um, depending on how your vehicle is titled and how you're using it, if you're a business owner, you may have to have a commercial insurance policy if the vehicle is titled in the name of the business, or you're using it for business activities, it's advised to have a commercial policy. And then in addition to, you know, when you max out those liability limits, which a lot of times it's 500,000 is the maximum you can get, then you can purchase both a commercial umbrella policy or a personal umbrella policy that will pick up the difference if for some reason damages exceed your underlying limits.

SPEAKER_01 6:51

So well, I'm curious about networking uh because I I see people in these networking circuits like the people in Fort Collins, Loveland, Windsor, you'll see them around all the different groups, and then uh it seems like they don't pass Berthaid. The Longmot uh is kind of its own ecosystem, and then you get Erie LaViette. Um Wyoming's obviously a different ecosystem. Do you have different strategies for different circuits, or do you pretty much roll the same strategies no matter where you're networking?

SPEAKER_00 7:21

Um I think kind of similar strategies, just getting involved in the um find a way to get involved in the local either networking groups, Chamber of Commerce I mentioned, um, just try to learn more about each community that that I network in um and get to know the business owners, um, try to figure out ways I can support them.

SPEAKER_01 7:44

So yeah, really cool. Uh and I was I love the the list of all the the places you're network, the home builders association, women's groups. Where have you found the most success, or what do you love about all the different ones?

SPEAKER_00 7:59

Um I think um I've found success a lot in the association groups like the uh mortgage association, realtor association. I think probably because it's you know adjacent, everybody buying a house usually needs insurance because they have a mortgage. Yeah, they need to get to the closing table, right?

SPEAKER_01 8:18

The lenders don't want to lend unless they're insured.

SPEAKER_00 8:20

Yes, but it's also advisable to have home insurance regardless. Real questions. Yes, and then um just other groups that um you know that I can like I don't offer health insurance, so um partnering with people uh professionals that offer health insurance or Medicare insurance. Uh a lot of times people don't know kind of the differences in who sells what insurance. So uh finding people I can um partner with when I get those questions. And sometimes I'll get questions about home and auto insurance, and they refer over to me. So um just kind of reciprocal finding people that we can um exchange when needed, or when someone has a claim, having people like roofers and um to refer to, or plumbers, whatever the situation calls for.

SPEAKER_01 9:13

So well, let's unpack one of those relationships, the people that um you have a consistent pipeline of referrals for, or you receive referrals from. Um pick somebody that you've developed developed a relationship. I'm curious, like how'd you meet them? How do you keep that relationship strong? And what does that look like on an ongoing basis?

SPEAKER_00 9:32

Yeah, well, the one I I thought of, I I have a few, but the one I thought of is a uh mortgage lender with Legacy Lending Group, um, and her name's Laura Edwards Iverson. Nice. And I actually uh invited her son who's in Cheyenne to the networking in action group. He started working with her. But um I originally when I started an insurance, I had a captive agency, which means I just sold for one company, and I started to realize that um I was helping a lot of her clients already, so I just um went in and to her office, introduced myself, um, got to know each other, we've done a few lunches, but um um now um we've just kind of built a relationship where she automatically refers her clients to me. A lot of them call me, most of them do. Um, and I may or may not be able to help them, but I always try. And so we've had a relationship now for gosh, maybe seven or eight years. And then to keep it going, um I try to go out and visit her once a month, um, drop into her office, invite her to a lunch. Um we belong to a couple of the same uh association groups like uh Northeastern Wyoming Realtor Alliance. So we see each other at those meetings, and then um I've gotten to know a lot of people through being involved with her. So sure.

SPEAKER_01 11:02

Well, I'm curious how you win the relationship because you're not there's there, you're not the only insurance agent in town, right? So uh if you're saying sh I'm the one that she consistently refers, um what it what was that kind of initial spark where that pipeline started to flow? Like what did you do to win those first couple of deals?

SPEAKER_00 11:22

Um I think responding quickly uh to her clients and to her when she's needing something. And then when I became a broker having more options where um I can a lot of times offer better rates with great coverage. Um and um just I think the the key is just being responsive and staying engaged. So yeah.

SPEAKER_01 11:48

Well, yeah, I'm curious, like at some level the products they're the it gotta be the right fit for the clients, but also you're a big part of that process and that making sure there's successful transactions and there's no drop in communication within. So what talk to me about the communication that you do with the referral partners. What does that look like and how would you advise another um business professional if they're trying to create referral relationships?

SPEAKER_00 12:12

Um I just um tell them, you know, what I do, how I can help them, what products I have to offer, and then I guess follow it up with, yeah, follow through on it. Yeah, follow through on it. Um and um I I'm not sure. I think I think it's just consistency. So can uh consistently uh working the relationship.

SPEAKER_01 12:35

So well, one question I get asked a lot is like, how do you how do you uh pick your people? Um so if you're going to like a home builders association or mortgage, there's multiple mortgage lenders in the room. You got one that's super loyal to you, but you could be a resource for multiple different lenders. So how do you how do you kind of balance that of like who you're who's number one on your list versus who's on the list uh for you?

SPEAKER_00 13:01

Well, uh of course I'll take referrals for many wonderful. Right, right. But yeah, but when I'm like in a meeting or go out and visit, I I just approach multiple people. Some people you have a better connection with than others. Um sometimes you learn they're they're needing the help, they're needing a resource, or uh they might try you just to see what you have to offer. But um I just talk to everybody. There you go.

SPEAKER_01 13:29

Well, I think it's like the power of like being in the rooms and being consistent. Um, you know, people want to do business with people that they see consistently, and that's a there's a lot of people network for a season and then they're gone. Um and so if you see those people that are trusting, that goes a long way. Um so what are some of the goals? What are uh what do you what do you kind of foresee in the future of insurance or if somebody is gotting a business that they're trying to expand and grow, like what kind of coverages would you recommend that they get?

SPEAKER_00 14:00

Um for a business? Um Yeah. Okay, for you definitely need definitely need your general liability insurance no matter what kind of business you're in. Um and um then based on the the type of business we'd specialize it. Like uh this morning I wrote a policy for a coffee shop. He's a new business owner coffee shop, so we made sure um he had coverage for his business personal property. He's renting the space, so doesn't need building coverage, but he needs coverage for all the stuff in the building. Um for signage outside the building, um employer uh liability, uh cyber coverage, which is one maybe people don't think about um data breach, you know, all the uh credit cards and things getting hacked these days if if he was being held liable for something like that. So we just kind of looked at um everything that his business might need, um food containation, they're handling food products. So um basically I just sit down with a business owner, we talk about you know, do they own the building, not own the building, how many employees do they have, um what type of business are they in, what type of operations do they do, and then we tailor the coverage um based on what the business is.

SPEAKER_01 15:29

So I think there might be some people watching right now and they're like, uh I don't know if I have the right coverages, or because there's a lot of specific writers and policies, and uh, you know, you might have been covered the right way a year ago when you bite the policy, and now your business is expanded. But if somebody is like wanting to just get a review or check things out or um see if you might be able to offer them a better rate or better coverages, how do they get a hold of you?

SPEAKER_00 15:57

Uh well they can call me. Um my direct line's 307-285-2527, and that rings right to my cell phone no matter where I'm at. My computer's always with me. Or email me at michelle.gould at goosehead.com.

SPEAKER_01 16:13

There you go. And that 307, uh, you know, so for Colorado people, um Wyoming people love Wyoming uh environments. So um, you know, like I guess talk to me from a Colorado business owner to a Wyoming business owner. If I'm bringing in a 97 though, or a 303 into the 307, um is that a big deal or am I just making that up in my head?

SPEAKER_00 16:37

Um it's not a big deal. I guess I guess only if it's a big deal for you, but no, it's not a big deal for me. And in fact, I have uh I have an agent partner here in Colorado. I I write quite a bit of commercial shirt insurance here in northern Colorado. Yes.

SPEAKER_01 16:53

Well, there you go. I think you know sometimes people think of like, well, I'll keep it in Colorado, but Cheyenne is super close, uh Laramie's super close, um, there's some big opportunities to maybe tap into some new markets um and then network with great people like you. So Michelle, thank you so much for coming on the show, coming on the connections that matter, and uh, we look forward to seeing you around Northern Colorado and Wyoming.

SPEAKER_00 17:17

All right, thank you.

SPEAKER_01 17:18

Hey all, thanks for watching. I love networking and building relationships with other Northern Colorado business leaders. So if you want to come meet some of these podcast guests, meet me, or meet some other amazing entrepreneurs in Northern Colorado, I would love to have you attend one of our next events. Uh, go in the podcast description. There's a way so you can see our upcoming schedule. And maybe you could be a future podcast guest as well. Thanks.