Cowboys and Idiots | Why 90% of Business Owners Will Get Sued and How to Protect Yourself

Audio Transcription

Today we’re talking about cowboys and idiots. What am I talking about? What are you talking shop? You know, a lot of people say if, if they, if they’re describing an entrepreneur, they’ll say that guy’s a cowboy, a cowboy that has somebody who really to be an entrepreneur, you have to be kind of a cowboy. You Kinda, uh, you know, you kind of make it up as you go. You’re out there kind of a macgyvering, you’re blazing a trail, you’re blazing a trail. There’s a lot of times that an entrepreneur will be described as a cowboy. And then there’s, there’s, there’s kind of a balance though, between being a cowboy and idiots. True, you know, because an idiot is somebody who is going through life as a stupid or foolish person having a lack of good sense, judgment, discretion. That would be an idiot.

And a cowboy is somebody who kind of improvisers and finds their path. They, they climb over the wall, they go under the wall, through the wall, they’re going to find a solution. So you have to be kind of a cowboy to be an entrepreneur. But where is the balance between being a cowboy and idiots? That’s the question. So what I decided to do was to do an insane amount of research for today’s show and that way I can give the listeners 12 specific action items that you need to take as a result of the show. Nice. Here’s my little fun factoid for your chap. I’m going to start with a fun fact. This is a very fun factoid. According to Forbes, between 36 and 53 percent of small businesses, small business owners that that’s you listening right now, between 36 and 53 percent.

So if you’re in a room of 100 people, about half of you, maybe 36 percent of you, between 36 to 50, three percent of small business owners are going to be involved in at least one one, a case of litigation per year, and 90 percent of business owners will be involved in litigation at least once during their lifetime. So let me, let me try this again. If you’re out there and you own a business, you’re going to get sued. Fact, at least a third of you are going to be sued this year right now, but 90 percent of you will be sued if you’re in business for three years or more. Ninety percent, 90 percent get people 10. Yet people act shocked when it happens. They act shocked. And so what I want you to do there and Mr Listener, is I want you to go ahead and take a lot of notes today and Shep, I’m going to have you tee up the kind of insurance that you need to have and kind of did you get to kind of tee up what it is. Okay? Insurance type number one. Read us the definition and then we’ll break it down with a good story. I want to get Luke’s take on this, Matt, any questions you have? It’s going to be a great show. So here we go. Okay. Type of insurance number one, insurance type number one, professional liability insurance professional liability, also known

as errors and omissions e and o insurance covers a business against negligence. Negligence claims due to harm that results from mistakes or failure to perform. There is no one size fits all policy for professional liability insurance. Each industry has its own set of concerns that will be addressed in a customized policy written for a business

that’s from entrepreneur magazine. Okay, so let’s, let’s just say you’re out there. I want you to rate yourself on a scale of one to 10, 10 being I definitely have liability insurance and I’m good. One being, oh well chop, you know, we’re kind of thinking you go because I will now give you a story with each one of these types of insurance so you can understand what will happen in your business. I used to run a company called Dj Connection Chap as a DJ connection.com. Do you remember, I remember this. You might be thinking to yourself, what kind of liability could you possibly run into as a DJ? Oh, here comes the stories. Here we come. A dateline, dateline, Harwell and Manchin. Have you been to the Harwell and mentioned the format? I have not, no. It’s a beautiful facility. It’s located on riverside right there near like I want to say 21st and Riverside and Tulsa.

The harwell and mansion. We can put a link to it on the show notes. Have you been there before? Luke to Harwell mentioned to have back in the day. Okay. And it’s still, it’s still like this today, but it’s, it’s a, it’s a building of historical significance, meaning that the furniture, the decor, these things are historical landmarks. So therefore they can’t. The person who buys the facility can’t do massive renovations because the historical now. So it’s like part of the history of, of Tulsa for some reason you can’t make changes to it. The point being there was a um, what do you see? What do you call that thing over there with the elephants, by the, by the printer, what do you call that kind of thing where the elephants hold up the printer here in the studio, what do you call that kind of thing?

Uh, like a, like a buffet type thing, like a, like a, like a.

we’re dudes. We don’t even know if it’s a decorative table to table that you don’t set it, sit at this stuff, sits on it and then you put stuff on it right against the wall. They wanted the harwell mansion was this historical, uh, original carved wood and they had glass on top of it, you know, very, very nice. And so one of our djs decides to set up a massive thing. We call it a gig rig, but it’s a piece of equipment that houses the mixer and the CD players and the MC. This thing right here that matt sat down and next to the same of thing. Yeah. And it’s like a little metal case in metal case probably at the time weighed about 60 pounds. He sets it on the glass and the glass cracks like ice that know if you’re walking upon, you can feel the ice kind of cracking.

So he pulls it off and then it just collapses. And so I thought to myself, well that’s a fabulous piece of historical significance there and I didn’t know about because I’m, I’m deejaying, I’m in a different event, so I get a call from the event plan and they said, hey, your dj broke this piece of historical significance, you need to pay for it. I’m like, sure, how much is it ends up being like 10 grand because it’s like, I guess that he carved the wood with the actual pulling it off the metal edges, started carving out the woods. He totally just destroyed the top of it. Oh No. They had to have some woodcarver guy come out and refinish it and had to be done up to specification. And because I had insurance was not that huge of a deal. Yeah, it was like $500 and I fired the guy because he lied to me about it.

Now a better another example. Um, I had a dj back in the day by the name of Josh, I won’t mention his last name. I can say it was not Josh Smith who was a great Dj, a different guy named Josh. Uh, we had a wedding at the, um, at the Moose Lodge at 11th and Garnette there in Tulsa for a lady named uh, uh, misty, I believe it was. And if you’re out there, Ms Dot d, I apologize, but he just skipped her wedding. He just didn’t go. That’s pretty 10. So when somebody skips the wedding, I mean, I mean he kept lying. He kept texting me saying he’s not calling me and saying, Hey, I’m on my way. I can’t find it. I can’t find. He played this game for about an hour and a half and they just ghosted me. And I was already deejaying. I didn’t have any backups at the time.

And so they sued for Luke. Have you ever planned a wedding or attended a wedding before? Well, I helped plan my own and yes, I have attended several. What’s the most expensive wedding? Not necessarily couple’s name, but what’s the most expensive wedding that you guys have ever attended? I’ll go with you. If you’ve been to a wedding where there’s a lot of decor, a lot of accoutrements. You actually deejayed it. Really? Who’s wedding was it? A loveless and Jenna. Oh, nice. Okay. Where was it at? Do you remember? I don’t remember the name of the place. No to chuck. I think you recently went to a high dollar wedding. Did you know? Yeah. One point. $3,000,000. Are you serious? I’m serious. What kind of wedding do they have there? They have like it was a four day wedding that ended with a music festival. Free helicopter rides last 600 people.

There are dozens and dozens of harvey coaches. Oh, I need to stay as a real story. It was a food trucks everywhere. It was one neighborhood. Had One hundred and 50 facebook post about the wedding. The noise from seven miles away. We both knew about this wedding. Yeah. Yeah. Unbelievable. Couple weeks ago. Okay, so mad. Have you been to a very expensive wedding before? Oh yeah. Like what Gig was singing with some scenarios like I’ve been to a full million dollar wedding for the couples name. I’m looking for some scenarios. Give. Come on, give me, give me some narrative here. What you got. Oh, I remember one particular wedding where the bride paid to have her horses, like a ramp built so they could get into the building so they could stand next to her and then the entire thing was done. Kentucky Derby style. Okay. So again, this is probably a deeper issue for a deeper show.

Having been to thousands of weddings. I can tell you this, I hate weddings. I would never. I don’t want my kids to have a wedding. I will give my kids $10,000 cash, $20,000 cash. They go to the courthouse, seriously, she’d go get married, didn’t take just the 10 people you care about and let’s be trip because otherwise it’s like the mom is planning her own wedding and it’s like the mother in law or the mother is planning her own wedding that the bride happens to attend. People build it up in their minds to be such an epic event and then 60 percent of marriages end in divorce. I mean just why don’t we spend $20,000 on premarital counseling ahead of time and then so let’s stay married. That could be a thought, but the point is point is the point is I got sued because this lady had spent like 20 grand on her wedding and how long and they said it was emotional stress and all this and again, having liability insurance makes it a bad day and not a bad life.

And this was a huge thing in construction, right? We, we would see this all the time. I’m with engineers and architects and people like that. If we were on a job, if something happened, they would fall back on this type of policy all the time. So I want you to write down a number. Thrive nation on a scale of one to 10. If 10 is you are fully insured with your professional liability insurance, you’re a 10. If a one is you don’t know, write the number down. Just write a number down. Are you being a cowboy or idiot? Now you’re not an idiot if you didn’t know what to do. Right? So here’s another example. Right now we know that there is a hurricane at the time of this recording, pounding the east coast, okay, we know this and those of you out there who are curious, who don’t or who don’t know a ton about hurricanes.

A category one hurricane is between 74, 95 miles per hour. It’s going to damage trees, but it’s not gonna hurt your structure. A category two is 96 to 110 miles an hour and it will absolutely damage trees and signs. It’s not a good thing. Now, a category three is 111 miles an hour through 129 miles per hour. It will definitely damaged your structure in a rip the roof off. It’ll damage your windows. Trees a category four is up to 156 miles per hour, 130 miles to 1:56. It will completely destroy doors, windows, parts of the structure. Mobile homes are going to be blown away. It’s going to rip out all the street signs and most large trees. Now, category five is total destruction. Mobile homes are destroyed, homes are blown away. Houses are destroyed. 18 foot storm surges and flooding, and so if you live somewhere where there are hurricanes, it would be stupid to not have hurricane insurance.

Therefore he would be an idiot. Are you being a cowboy if you live in a hurricane prone area? Yes, but I’m not saying you shouldn’t live in a hurricane prone area. I’m just saying don’t be an idiot about it. Don’t be an idiot. Richard Branson lives on necker island and they just got devastated by a hurricane years ago, but dude had a deep volt where you could go in a concrete place so that they knew they wouldn’t die. He knows he’s going to get hit by a hurricane at some point, and if you read the story, he had a concrete bunker in every single person who lives here who worked at his at necker island. All the staff, including himself, they would all be dead if he did not build that concrete vault. So as the, as the storm category five pummeled necker island, he was fine. He’s a cowboy. Yes, but he’s not an idiot. Now, insurance type number two, what do you got? Workman’s compensation insurance. My favorite bill to pay every month, right? It’s expensive. All right, so once the first employee has been hired, workers compensation insurance should be added to a businesses insurance policy.

This will cover medical treatment, disability, and death benefits in the event an employee is injured or dies as a result of his work with that business, even if employees are performing seemingly low risk work, slip and fall injuries or medical conditions such as carpal tunnel syndrome could result in a pricey claim.

It was so funny. What is so funny? It’s so hilarious. Is that employees, many employees all the time try to play the game like they got hurt at work. So let me give you an example. We had a person who worked at the elephant in the room while back for three to four days Max, three to four days, three to four days standing, cutting hair. They then called her chiropractor and said they hurt their lower back as a result of the unfair, the unjust, the intense, the, uh, the work environment where we make them stand. Now we’re cutting hair. I don’t know. Can you sit down while cutting here? Is that a possibility? Do you have your customer sit on the floor? Cross legged and Houston counts pillow, I don’t know. But anyway, they actually went to the chiropractor and they got a large bill because they kept going all the time and then they presented the bill to me and said, I’d like to know how you’re going to pay for this, what?

This is true. This is real and this because people do this kind of crap and that’s why you have workman’s comp insurance. So I’m asking on a scale of one to 10, 10 being the most and one being the most confident you can be 10, you say, I am 100 percent confident I have enough workman’s comp insurance 10. And the one saying, uh, I don’t think I have that. How would you rate yourself today? Thrive nation? Because you want to make sure that you’re confident that you have enough workman’s comp insurance. There’s not a lot of podcasts about this. Not a lot of shows about this, but this will absolutely destroy your business. Chubb, when I worked on the construction crew back in the day, I worked doing a poured concrete in Minnesota. There was not a week that went by that we did not have a pretty intense injury and there was not a year that went by where we didn’t have a near fatality every year.

All the time people, things happen every year because you’re pouring concrete. There’s a crane involved. I remember one day I was on the construction crew working in the pit in Minnesota at like 10 in the morning. Okay. The crane goes up, it goes up and as it goes up, it’s containing these large aluminum forms. They wrote a song about this. They didn’t know what, what goes up. Oh, oh. Home headed to ground robot at that point. The point is this, this, this, this, this, this massive form is aluminum. Forty to 80 pounds. It is being a. These things you hoisted you, you put them together using pins in wedges and it holds them together. Then you pour the concrete into the forms, into the mold, and then when it, when it dries you, you pull the forms off and you have a concrete wall. So my job was to insert the rebar in the right spot and to the holes.

That’s all I did all summer. Well anyway, this thing goes up and every single time it goes up, somebody says crane up. Yup. And they make sure it’s locked up before it goes up. So they always say, is it locked in and say it’s locked and then it goes straight up and then we’d get out of the hole. Right. And this is like a. This is like a 40,000 square foot hole. Okay. We’re like in a building mansions and we’re in the. We’re in the basement, right? Yeah. Would be basement. This thing goes up and all of a sudden one comes falling down on me. It’s terrifying. And it was muddy. Otherwise I’d be dead. Yeah. Literally, if it wasn’t money, I’d be dead so it could just fall down. I can’t get off because there’s like at least 400 pounds on me. Oh my gosh.

She’s. They just kept falling Poopoo, but it fell flat and there’s only about 10 feet up and I just kept getting jammed the mud. I was almost like suffocating under that. That would be so scary. And then ricky was like, dude. And I’m like, I can’t breathe because I’m stuck under these forms in the mud and they’re just throwing them off me. And then I. But I seriously would have been dead if it would’ve not been muddied. Yeah, would’ve been a parking lot or. So we had a guy had a rebar one day, a chunk of it got cut off. They were cutting it and I guess it just flew off and I got caught into him like a spike in his side. Um, we’ve had a guy, a almost. We got one guy cut his toe off using the saw. We had one guy, we had a guy cutting rebar and shooting sparks into gas barrels that we had that I’ve had that happen and they did luckily here to light pinion wood.

I do not, but a guy by the name of tracy through his hammer across the construction site, hits the guy who’s shooting sparks into the gas barrels, hits the guy super hard in the leg. The hammer like gets kind of clawed into his leg. That’s the only reason we all didn’t blow up. That’s the last of the Mohicans issue. But he throws it and just hits the guy in the leg and he said, what dude, you’re going to blow everything up me crazy. So again, Workman’s comp on a scale of one to 10, 10 being, are you confident? One, are you not? Now insurance type number three choppers is what? Life Insurance. Oh, tell us about why this is insurance that pays out a sum of money either on the death of the insured person or after a set period. Okay. On a scale of one to 10, I’d ask you out there.

10 is, uh, you know that you’re covered. You’re good. Uh, that’s, that’s great for you, right? One saying, I’m not covered. I probably am in a really bad spot. And here’s, here’s how you know how much insurance you need after you die. How many weeks do you want your surviving spouse to wait until they have to work? You want them to wait a week or two weeks as an example, let’s say you make $80,000 a year. Now let’s say you make what’s, what’s, what’s been very practical? Let’s say that you make $40,000 a year. Chip. Okay? So let’s do the math. If you make $40,000 a year and your youngest child is one. Alright, so let’s take $40,000 times 17 because I’m assuming that you would want your surviving child to have income until they graduate high school. We’re not being like aspirational. We’re just being realistic is how much life insurance do we need?

Six hundred and $80,000, right? That’s how much you need. If you made $40,000 a year and if you plan on dying and you want your kid to just not have to 17 years later. Yeah, now again there’s inflation. Now you take that number times. Okay. Did you take the number times one, point four? Because it’s three percent a year and it compounds. So inflation’s insidious. I mean that’s why approaching a million dollars, $960,000. Now if you said I want college, I want to make sure college is taken care of. I mean all of a sudden you can realize, wow, I need life insurance. So on a scale of one to 10, if 10 is you have enough life insurance and one being you don’t have, you don’t have enough at all, I want you to rate yourself. How confident are you that you have enough life insurance today?

Now I have a stories that could be, be sorta a negative here, but they’re true. And I think if I don’t share this with you, I would be doing you a disservice. So here are my two that I have this how we have to learn people. I was working years ago as a consultant, a sales consultant for an insurance company right here in Tulsa. And uh, they had a client who is a firefighter and he also likes to ride motorcycles. And uh, one day he comes into the office, says, Hey guys, how you doing? Boom, boom. Hey, why don’t you just paint a bill, dropping something off, whatever it was. And then he pulls out of the parking lot and dead. His bike are done. It is. So the problem is he left, died, it happened pretty quick. It was like, I want to say dad on the way home from that.

So it was sometime that day he died after we, we saw the guy. So the insurance agent who’s involved with this particular client, um, immediately their spouse calls and says, Hey, I got to make sure that, you know, there’s a lot of emotions there. And people immediately think to themselves, I wonder what the life insurance is, right? They usually think about it after the death, not before, usually right after somebody died. They go, Gosh, I wonder if we have life insurance. And they checked. And the Insurance Agent who I was coaching at the time, um, had brought it up to the guy and he had said, I don’t need it. I’ve got it, I’ve got it through my wife’s work, I’ve got it or something. And he didn’t because people are too busy watching the voice or American idol or, or you know, are going to now to the gathering place downtown Tulsa.

The people cannot, they don’t have enough time, there’s no time to think about these things. So they didn’t have any. And so the lady could barely afford to pay for the funeral because the average funeral is $25,000 and she began working right away. True Story. Another example. These are just ones I can think of that are hot tea top of mind. There’s one guy in Tulsa, very respected. I doctor had a very nice building, had a very nice income. Same exact scenario with him. However, it didn’t involve the insurance company I was working with, but his surviving spouse called me when I was working with fears and Clark real estate to see if we can help her sell this really nice building that was like 80 percent paid for as soon as possible because they had no income coming in man, because he was the one who ran the clinic and she didn’t know how.

She’d never been involved in the company and all the employees, they’re great people, but they can’t be an optometrist. They can’t be an eye doctor. And so she ended up having to sell this commercial building for like twenty cents on the dollar just on the threshold of foreclosure after a year of not being able to make payments because Bruno, it was mostly paid for. Most of their net worth was tied up in the building. The bank would not let her pull equity out and that’s what happened. So again, if you’re out there today, on a scale of one to 10, 10 being the most I am, yes, I am competent. I have enough life insurance and one being not confident at all. Give yourself a score now, insurance type number four, chop. What do you got?

Insurance type number for home based business insurance. Many professionals begin their small businesses in their own homes. Unfortunately, homeowner’s policies don’t cover home based businesses in the way commercial property insurance does. If you’re operating your business out of your home, ask your insurer insurer for additional insurance to cover your equipment and inventory in the event of a problem.

Now, I don’t know, Matt, you’ve been on the planet long enough. You’ve probably seen this. Luke, have either one of you guys seen somebody pretend to have got hurt at work. Have you ever seen this happen? Have you been on the earth long enough to have encountered somebody who you know or somebody who pretended to have some ailment, some issues, some disease, some sickness that they would pretend to be hurt or injured to keep them from going to work? Have you ever seen this before? My neck, my back. Have you seen this? Have you seen this? Of course, yes. You have? Yeah. Matt, have you ever seen this in the day to day? Yeah, but not bad enough to know. How old are you right now, Matt? Twenty five. Okay, so this is. This is what’s awesome. If you ever passed the threshold and you move into owning a business, you get to see the world.

How it really is through security. So right now you guys are right now you get to be kind of a bubble boy because no seriously because you do a great job at your job, but once you get promoted where you’re managing everybody you will. You will see we have great people in our office so it’s a little bit different culture, but here’s the deal. Years ago I was running a company called Dj connection and our house was at 91st and Lynn Lane and I knew that we had a big house and our office was out of the House and I thought. And a utopia kind of utopic mindset, hey, I could have my home and my office, same place minimize, obviously commuting. I can get more done. I can have a home office. So all the employees who worked there at the time were really good people.

I feel like I could trust them. I felt like I could trust my customers, had really good customers, right. Because Chuppah good customers, right? Let’s go ahead. Good employees, people. I thought I could have them intersect together, you know, it’d be happy place, you know, you go just probably like week three or four of having a Home Office there at 91st and Lynn Lane and we’ll call it porn gate. But I, uh, you know, get to work early as an. I wake up early because I’m at my house and I go down the hallway and I just see a dude having a great time watching porn at my house, which is my Home Office. And then that’s, then that story that, that narrative, that dynamic would usually happen once a month with somebody. Something because it was at my home now. So now I, I saw, you know, I’m like aware of it.

I’m like, okay, that’s great. Um, that was a real thing. Also, I had people stealing things out of my home so they would actually go in my home. I’d watch them. They would actually not lock the door and they would come back after hours in steal things out of my home, freaking jerks, and so that was weird. The other thing that was weird was customers now that knew that I had a nice home started playing games because when you’re a local Dj, people don’t think you have any money. Right. But when you have a massive house on some land people, now you’ve seen the Lynn Lane House. I mean it kind of looks out over broken Arrow there. It’s, it’s a prominent house there. And so this lady, I watch her out of the window do this because you could look at there is a sky bridge connecting the house to the office.

I see her do this. She parks her car like a Ford Taurus or some kind of, you know, like a Ford or Chevy car. She looks around. Does the wow face. Wow. I’m not getting a watch her. Then she gets close to my front door and she goes for the fall, but nothing tripped her and she just starts yelling. I run out there like, what’s going on? She says, Oh, you put the third step, you need to, you need to market. I tripped and just this whole thing about how I didn’t mark my step. Guess what? That lady does sue right in immediately because I had home based business insurance. I had a bad day and not a bad life because I’m a cowboy or idiot. So on a scale of one to 10, I’d ask you to rate yourself. 10 being yes, I have insurance.

One being no, I don’t. I pro, I promise you this is going to happen to you because chuck, we said the very beginning of of today’s show, 36 percent to 53 percent of you listening right now. If you’re a small business owner are being sued, but 90 percent of you are going to be sued. And some people say, don’t speak that out for my business. Don’t speak to everybody. Okay, fine. Do you take that with you better? Wake up before you get smacked up. I mean, you better know what I’m saying. You know what they say? You know what they say? Okay, so now I’m just being real. You have got to wake up. Okay, now insurance type number five, chip

personal auto insurance on one of my favorites in Oklahoma, the average automobile injury accident costs the losing party and average of 400, over $400,000. The average, the average cost, the losing party and average of $400,000. And although your house is protected with a homestead act in many states, your wages can be garnished to pay damages if you are uninsured.

Now, this is a true story that is terrible. Today’s all about true terrible stories because I want to help you, Mr Thriver, Mrs Thriver and help you make sure you don’t get blindsided by life. A, somebody I know fairly well. Um, I was driving and they said, hey, could you drive my kids home because I have to go over here with the other kids. You know, if you have like a lot of kids you might take to your kids over here, get a divide where your kids go over there. So they said to their dear friend friend, could you drive my kids for me? They didn’t ask me to ask. So this person I know fairly well, I wouldn’t call him a friend, I called him an acquaintance, a very nice person. They said to their friend, could you drive my kids home? And the friend said, sure.

Well the friend is texting while driving and runs underneath a semi and long story short, multiple deaths. I’m horrible. Things happen and that’s bad. It’s not good, it’s not good. And uh, the thing is, is even though those kind of things have happened at close to a decade ago, the morning of one losing your best friend, then losing your kids, then having some of your kid’s injured for life that can net remains. Now, thankfully the person who I know fairly well, um, did not sue and slash or press charges against their friend however they could have and they would have one. And so if you are negligent while driving a car. So here’s an example. Um, I was driving my car. This would be probably six months ago. Luke, I was going to the gym early in the morning to workout with you, maybe like eight months ago.

And I’m driving. I was over there towards downtown Ba, broken Arrow at like 3:30 in the morning and you know, like at 3:30 in the morning, it’s either they’re really ambitious runner or it’s the drunk guy law. Right. A combination. And you’ve seen, there’s some kind of. There’s occasionally some shady characters just kind of hanging around downtown. Kind of drifting? Correct. Well, some guys kind of drifting around and I don’t know that the whole thing he’s wearing like black and he just darts in front of the road now. At the time he darted in front of the road. Thankfully I was focused. I hit the brakes and I got a hummer going about 40 miles an hour downtown, broken arrow. And I got within like where we’re looking at each other. Oh Gee, I could see his eyes and he, he’s one of these guys who didn’t try to sprint once.

He saw me coming. Like he’s one of these guys who’s like freaked out when he saw a car crossing and he just let her in the headlights and he just stops. And I thought to myself, I didn’t really process it until on the way home after working out, but I’m like, I could have killed that dude, right? That happened to me last week. Really? Memorial I look up and I think what is happening and this guy on a skateboard is coming into traffic. Like just smile. What in the world is going? I want to explain this to the listeners out there. So you get this idea. There are people out there that do this on purpose, right? They actually will want to pretend like they got hurt. And so the dude who I almost hit, you know, I, I feel like it was a plan because I didn’t hit him, but I could tell you that kind of character, this happens in Russia all the time.

You can watch youtube videos for hours if people clumsily falling onto a car trying to make a claim. Right? So what I ended up doing is I end up going in reverse and I drove back down main street in reverse so we couldn’t get my license plate. And then I went a different way. True Story. Because I know these kinds of people, like he did the whole following thing, I never even hit him. So he, this whole following thing and he’s like, you know, I’m just under people that do that stuff all the time. And if you’re out there listening and you’ve ever been in a collision where you’ve hurt somebody, I’m telling you that the way that works in Oklahoma, and I’m not sure your state works in Oklahoma because of the homestead act, they can’t take your home, but they can garnish your wages forever.

So that means if you injure somebody, they could then take out of your paycheck forever. If you lose. So let’s say you make 40 grand a year and you lose, they could just take five grand a year out of your check forever as restitution until you pay the person back. It’s unbelievable. So I’m just telling you on a scale of one to 10, how confident are you? Do you have enough automobile insurance? How confident are you? How much? Now? Commercial Auto insurance is the same as personal. They’re both auto insurance, but this one is really dangerous if you have employees that drive on behalf of your, of your company now at Chubb, have you ever seen how people drive a rental car? A. Yeah. They tear the living crap out of it. Have you ever watched NASCAR? Yes. Have you ever met Nascar? P people that drive rental cars, like they’re a nascar.

Have you seen this? Have you ever been in a car with somebody doing this? So they’ll rent the car from enterprise and they’ll sign the thing. They’ll say. They’ll say, do you want to pay an extra $50 for the insurance? And they go, yes, I do have the Seinfeld Seinfeld episode. Would you like the insurance on that car? Yeah, because I’m going to beat the living out of this thing. People just, they just absolute with work cars, they will drive as fast as possible in any way. I noticed. The only way I know to solve this is you can put a gps unit on the bottom of your car when you have an employee, a driven vehicle, and you can tell your employees, hey, we monitor the speed and if you go more than five miles over the speed limit, we’re going to deduct it from your paycheck and there’s actually shows how hard you brake and there’s a way to do that. A lot of pharmaceutical companies will do that now. A lot of plumbers construction, but needless to say, if someone’s driving your company vehicle and they hit somebody, guess who’s liable? Job, not the person driving the vehicle.

You as an owner. So this is a fun question. On a scale of one to 10, how confident are you that you have enough commercial auto insurance and I have good stories for you on this one. Hopefully Dateline Dallas, Texas, a Dj who was Tommy’s deejaying and event and he’s coming back from the event and he decided to not shut the tailgate on his truck and he had a four and a half foot tall jbl speaker. He’s driving. I’m near the Anatole Hotel, which is, I’m in Dallas, Texas, over there by the World Trade Center building, the Anatole Hotel, the Hilton hotel. He’s driving back from an event and the speaker comes hurling out of the car. He’s driving 60 or 70 miles an hour. It comes out and it he does not stop, so he just keeps driving. It is flipping tumbling through the interstate and a lady in her minivan has to spin, spin.

She spins out of the way to avoid it spinning. Now she’s facing the wrong way with incoming traffic on the shoulder. Guy Does not stop. Our Dj does not stop. He’s driving faster now because he’s doesn’t want to get arrested and that is what happens almost all of the time. The second speaker comes hurtling out another. It’s like a dukes of hazzard. Long Story Short, I am so lucky that through the grace of God, nobody got killed, but the lady had some serious back issues and stuff and guests who they came calling because somebody followed the guy down the road and wrote down the number and guess who they called? Clay Clark. That’s right. Oh yeah, because I’m the owner of the business. That’s right. So I’m telling you on a scale of one to 10, how confident are you? Do you have enough commercial liability insurance now? And sometimes it’s

not the, even the employee’s fault, right? I remember one time, uh, had some guys hauling like, I want to say 150, 20 foot two by twelves. They were super heavy, super long boards. Both of the straps broke, two eggs, strong wind gusts, and all of these massive boards went flying all over the highway. Cars were wrecking, there was nothing that the guys could have done. They did everything and just things happen. So you have to be protected.

What you got to understand is that you are for sure going to be sued as a business owner. Absolutely. Jump what? I have so many fire extinguishers. If there’s a fire, you want to put it out. And I’m a crazy person just saying like I mowed the lawn. My son, my son was in low in the lawn on my son’s mower. My son mowed the lawn all the time. How hard could it be? I got this, I run over some leaves. Next thing there was an epic fire in my front yard under the lawnmower. He’s all in. My wife is, you know, my wife knows this, but Andrew was down here. I’m trying to change a, it’s to cover for an outlet. Yep. Now let cover. I’m putting the cover on and I guess I had screwed into deep into the wall and I guess it went through a wire.

He knows it blows the power down here and this was, I think Andrew had only been to the man cave twice yet. He’s like. And these were his first two interactions. I’m just, I’m just a dangerous guy. It’s like the wild west out here. Well it’s because I don’t know, I feel like actually that tell you, hey, did I tell you about yesterday? I didn’t know you to what? My wife wanted to go to the gathering place bikes. Okay. So I said, cool, let’s load up the bikes and let’s drive down there and we have to go there with anybody else’s there. I don’t want to go there. So anyway, so we got there. I did all my editing and stuff ahead of time. We got there and got like 7:30, whatever, and when I got there to the gathering place, I somehow had popped the tires onto the bikes.

Oh No, no. Yeah. I don’t know how to do. That’s what I do though. So what I do, I’m very griswold, Ian. I don’t even know how I do it. I have like a super power I see is waldy and that’s a good word. Have you ever seen a Christmas vacation? That’s me. That’s just, that’s the best story about my life when he’s on his way to the end of the house, the opening scene, right? Vacation. That’s amazing. That’s right. Yeah. Yeah, it’s absolutely me. I don’t know how I do it. I. So if you’re out there and you’re saying I’m just a clumsy person, I mean you got to get insurance. Now let’s talk about the next event, next kind of insurance there. Chuck umbrella insurance. Oh, nice. Umbrella insurance.

Okay. And umbrella insurance policy is extra liability insurance company to get it. That goes beyond the limits of the insurance home, auto or watercraft insurance. It provides an additional layer of security to those who are at risk for being sued, for damages to other people’s property or injuries caused to other people in an accident. It also protects against libel, vandalism, slander, and invasion of privacy. Luke and umbrella insurance policy is very helpful when the insurance owner is sued and the dollar limit of the original policy has been exhausted. So if, if the, if the lawsuit goes over here, coverage and your in your policy, the added coverage provided by liability insurance is most useful to individuals who own a lot of assets or very expensive assets and are at significant risk of bags out nine out of 10 people.

Right? So here’s the deal. If you own a business on a scale of one to 10, rate yourself, do you have enough insurance in the area, have umbrella insurance, or do you not? One being no. 10 being yes. Say it’s a pass or fail today. Pastor, if you don’t give yourself up, uh, you know, of seven, don’t, don’t, come on, come on, come on, man. You know, I’ve been trying to, uh, build a pool for a while. Now a little while, and I’ve been discovering that I’ve been asking people the wrong question, Matt, so Matt, this is what I’ve been doing. I, I, I have been asking people. I say, do you know of this company? And if they know the person right, then I’ll say, do you know I’ve been asking this question? I’ll say, hey, I’m looking to build a pool. Do you know of this company?

And I’ve discovered that 100 percent of the time when somebody knows that person will go, yeah, they’re a great guy. Yeah, I’m not asking that question. The question I’m asking is, would you use them to build a pool? Then they go, yeah, yeah, they’re great. Then when I get a quote from them, they say, I said, hey, listen, this person’s quote is like two times more than somebody else’s, or this person has missed every appointment. When they’ve met with me or this person. They made a line item list of all the expenses that don’t add up to the total this car. And they go, Oh yeah, they’re actually pretty terrible. I’m like, why didn’t you tell me that round one? Please, because people don’t ever want to say anything bad against somebody else, right? Because they’re so worried about being liable. You see what I’m saying? Oh, the liability. I’d hate to slander. I hate to be. I hate to be honest because being honest is is it puts me on mood, so I’m just telling you, you’ve got to have umbrella insurance. Now, insurance type number eight, job. This is Matt’s favorite

liability insurance liability insurance is insurance that provides protection against claims resulting from injuries and damage to people and slash or property liability insurance policies cover both legal costs and any legal payouts for the insured

would be responsible if found legally liable. Luke, have you ever had somebody get hurt at the hub, Jim ever? Oh yeah. What kind of. What kind of pain? We’re going to injuries. Give us some good ones. Well, leg fell off that one time. We actually had a lady who I didn’t know how to preexisting issue whereby she would go into seizures that random and she decided to bench press a lot. She decided to go into a seizure on the treadmill and so broke her face and skinned it out. I’m pretty, pretty intense. So that’s. And then she saw you. She did not. She did not thankfully. But um, that would have been a situation where that could have happened. We’re in such a sue happy culture. I see people celebrate suing people. Let me give you example of a super shady, a story that’s funny and it involves people in my family.

So this is great. Okay. Had a family member and they’re sitting there at my kitchen table, chip and this person’s like in their forties and they’re jacked. I mean super fit, yoked. And I’m going, God, this guys jacked. This guy’s just peaceful as can be. He’s talking standing at my counter in my kitchen counter. This guy he must have going on. I mean to have the kind of time needed to get that jacked and to be 40 and act like you got no care in the world. This guy has to be doing well. Must, he must be doing well. So I said to the guy, how are things? And he goes, Oh man, it’s going good. I said, well, that’s great man. What are you doing for a job these days? What kind of, yeah, you have your own business now or what kind of job?

Because I know they got like four years ago, didn’t have a job and wasn’t really in shape and now he’s jacked and he’s like, back in the day he was talking about hustling, trying to make money. He’s trying to start a business. He just, just trying to find a good job, a career because he’s like late thirties and he’s really wanting to find a way to provide for his family. And now he’s 40 and he’s, it was almost like one of those guys from those Youtube infomercials where they’re trying to sell you click funnels and multilevels. I mean, this guy, he just has that kind of oral. It sat talking. Lucky he was Australian, might, you know what I mean though? Jack just said, I’m thinking to myself, there’s got to be something such as, well, what are you doing for a job now? And he goes, well, here’s the deal.

I, um, filed a sexual harassment lawsuit against my boss at the gym I worked at and uh, I want, and I said, you want. He goes, yeah, I can see the coolest thing, man, is because she was her word against mine and like there was no way for her to prove it. And so I sued her for sexual harassment and I won a ton of money and I, and he like a lot of money, like almost seven figures money. Was He actually sexually harassed? No. Oh. And he openly bragged about it. He’s like, see? He goes, dude, it was awesome. I go, well, like, what did you say? He goes, well, she always dressed like, you know, in workout gear, always wearing like a sports bra and yoga pants, you know, there’s people, there’s people, the gym that dressed like that. She goes, you know, she always would dress like that.

And so it Kinda. And then had, had, like in the past, she’d been divorced multiple times and she used to be working the, you know, she used to work as a dancer or something. So it was really easy to sue her. And so I won, it was awesome. It’s a huge chain that everybody out here with no. And the company was like, you know, getting their name dragged through the mud and he, he, he was like, I’m going to go public with this or you’re going to pay me a certain amount he want. He got a big upfront settlement and a dude bragged about it. It was terrible. Yeah. I mean, I know people do this all the time. I know people very close to me I’ve met that are no longer close to me that have sued their way through college. Like they actually would fail tests and they would sue the college for discrimination against the kind of tests they were.

I’m, I’m being serious though. The bias. Say what’s that? That’s a thing. Everything’s a thing. Yeah. You just go for anything, man. People sue all the time. It’s crazy. And so, you know, again, if you go to college and you claim that you have a type of mental illness that was caused by the way your teacher taught or a learning disability, I mean they pretty much pass out degrees now you, you got to do is enroll step one to getting a degree, enroll step to just have some, some sort of anxiety or some issue and just show up chump. You’ve gone to college with people that never went to class. Oh yeah. Yeah. You just show up. Just like you just said, you can pretty much like an attendance reward. It’s almost like a,

that is a deeper statement I think. Then you realize I um, got my cousin, my best man at my wedding, one of my best friends, a rusty. He told me whenever I was going to school, he’s three years older than me, said, hey, if you want to graduate, just go to class. Literally just go to class. So I did, no matter what, stay up late, go to bed whenever I went to every single class, got two degrees in four years because I,

you know, St, cloud, state and time, Oklahoma State Okmulgee where you look where you and I went. Yeah. You know, they, they, they really pride themselves on having a high graduation rate. That’s what they’re all about. They’re all about like 90 percent of our students graduate and are, if you remember some of those graphic design classes where they let you take the test as many times as you needed to pass with the book opens with the Book Open. What job ratio? No, I was told by one of the, the teachers, I said, so you’re here to teach, right? Because it didn’t feel like I was learning anything. And uh, you said, you know, no, my job is to facilitate this class. Like, neat. How do I get paid to be a facilitator? Can I facilitate one of my favorite classes I went to at a, at a very, very expensive college that we didn’t have all education yet, but the teacher was there.

We’re starting to flirt with it. It wasn’t possible because of the bandwidth and the download speeds and all those kinds of things, but they had these video courses and they would just hit play and the teacher would hit play and then peace out and they would facilitate. They would say their job was to facilitate, um, or had a classes and classes where you’re paying to learn about the new testament or old testament and they would have a teacher’s assistant da who doesn’t even know what he’s talking about. Teach the entire class. You guys ever have that situation? Yeah, it happened all the time. And C level business classes, economics, your pen and let’s talk about macroeconomics. Hey Dude. Hey, they’re from up north, back. You’re having a student who doesn’t know the subject, teaching you the subject. It’s just awesome. So what am I talking about?

What I’m talking about here? I’ve taught. I want to get into this though. It is so important. If you’re out there today and you’re saying, gosh, I am making money. Finally, my business is finally off the runway. I’m making money. You have to be fully insured on a scale of one to 10, rate yourself 10 is 100 percent confident that your insured one is. You’re not. Okay. Rate yourself today. Now I’ve got a story for you about landscaping. Alright. I had a company back in the day, Landscaping Company that I was coaching and every week, I’m not kidding, every week because they had a lot of houses, they were mowing lawns for every week. One of their guys would run over a rock with a weed eater or the mower and that rock would be turned into like a projectile and it seemed like once a month they would break a window.

Um, and, and so again, it’s just a thing where you’ve got to have insurance for that kind of stuff. It’s just going to happen. It’s going to get expensive if you don’t. Now also in my own personal life, I was hired to be a landscaper and I was 16 in Minnetonka. I worked for my uncle bill and I was working on Judy gleason’s house and Judy gleason had a mansion looking out, looking out over Lake Minnetonka Lake Minnetonka. For those of you who are from the Tulsa area, it’s a luxury area, but it’s in the heart of Minneapolis, so it’s a lake and it’s a city, a town, these luxury lake houses, but people live there all year. It’s not like you go, like in Oklahoma, a lot of people go to the lake for the weekend. These people have mansions where they live on the lake. It is just gorgeous. And um, people commute around through the boats.

Uh, there’s a famous story back in the day, the Minnesota Vikings had a, they called it the Ed, the pirate ship, but it was basically they harassed a bunch of cheerleaders on the, on the ship and it ended up bad enough in the news. But the point is people will, people will get on because it’s like a, the lake has always different fingers and it’s kind of connected through waterways and passages. And so judy gleason’s building this beautiful house and she has a 1960 something cherry red convertible Mercedes. And she was super generous to myself and the guys I was working with and she said, guys, we’re building this huge retaining wall and I’m not exaggerating guys at the time it was like a half million dollar retaining wall. So it’s like this crown that goes around the back of the House that looks out over the lake and she built this crowns that you wouldn’t see neighbors.

So this is unbelievable. It’s kind of what I want to do with my backyard. It’s just huge. Awesome. Retaining. Well, huge boulders. And we had a guy named Bob, ironically enough who ran the bobcat nice. And he was really nice guy. And then myself and bill and some other people whose names I shall not mention. Our job was to facilitate moving the boulders into the right place. The bobcat would get it up to a certain point and then the five of us would physically shove in the right spot. And I were putting in, um, there’s some kind of drain tile you put in first to make the water runoff. And there’s just was quite a building, retaining walls. Very elaborate. And so we’re getting this wall built and uh, she says, guys, my house is your house. If you ever want to have a beverage, water, whatever you need, just please take your shoes off.

I don’t mind. Um, I’m in and out of the house a lot. Please feel free to have, you know. So the guys, you know, over time they begin to be casual, comfortable, more comfortable, beginning to be less respectful. And one of the guys is like, dude, we have to drive that car dealer before one time, before the end of the summer, we have to. And I said, no, no, no, no, no, dude, she leaves the keys in the ignition, man. I go, no, no, no, no, no, no, don’t. So long story short, one of the guys gets in the cars. Now, if you’ve ever driven a Mercedes and a manual Mercedes Chubb, have you ever driven a European sports vehicle? European luxury vehicle? Maybe? I think so. I don’t know. You know, their transmissions different then. Especially manual manual is very different from automatic obviously. Oh yeah. But on the Mercedes it’s something weird we have to like pull up on the shifter.

My Saab was like that. You have to pull up before luke. Do you know about what I’m talking about? Yeah. And the reverse is where first gear over and there you go. Up into the left. There it is, right? That’s right. So homeboy puts it in what he believes to be first and then a new and doesn’t go on it, but he gives it some gas and it’s a powerful vehicle in it. Projects backwards over the retaining wall to get stuck. Oh No. Like this. And you hear it teetering and I’m not, I’m not exaggerating. The actual retaining wall was probably 15 feet tall and then it goes down straight down for 15 feet. And then he had this immaculate green grass. And so what happened is as the cars going back, he gets out of the car because he doesn’t have to stop it.

So it gets out of the car because he’s going back. This is probably 40 feet back. So he hit, he goes backwards, but he goes, oh, I wasn’t there, but he’s thinking, I’m sure like, oh no, gosh, sweet tries to stop it. Can’t stop it, puts it in neutral, gets behind it and tries to push it and stop it. Can’t it runs over his leg. Oh No. So he’s laying on the ground with the car on his, the tire of the car is on his leg snapped. Oh Hey. He’s hanging onto the retaining wall. So he doesn’t fall off. His leg is pinned underneath the car. Petering and he and I’m in the front. I’m in the backyard and he’s in the front yard. I’m in the back and he’s like,

you

know, and just want me to just screaming and I’m going, I’m not. I don’t remember. Like it was yesterday. I thought to myself, I did not run. I thought he, I, I know what has happened. I know because there’s just this guy who I know is also the guy who attempted to do a flip while skiing and broke his leg athletic, but try to attempt to actually do a flip over a massive mogul. Like he could do flips, he’s brave athletic guy and he could do flips and he thought, I guess I could do flips wall and he can just do a running flip. Yeah. And he’s that Kinda guy. Well, I got to get enough air. I could do a flip on skis. Well, he does the flip on the skis. The skis go into the ground, breaks a leg, right leg. Long Story Short, I know this guy know this make and model. I know these thrill seekers and so I’m going freaking freaking a come on. So I walked back. There it is the grossest thing I’ve ever seen. Ah, bone sticking out whole deal. And I’m going, come on billy, come on. Just under. I mean it was, it was a deal where you just go.

So now the adrenaline’s going. He no longer is feeling the pain as much as he just like, where are we going to do? I’m like, there’s gonna be three steps we do here. Okay. Step one is like, don’t help me. I’m like, listen, I can’t help you and lift you up. I can help you. Now listen, if I lived up the car, it all, if I try one, I can’t. If I do, you will fall off the cliff and die. We don’t want that. It’s 15 feet. You’re gonna fall on your head. If I let you stay here, you’re also going to die. Step three, if I call the paramedics, they’re going to get here and go, what the crap. And they’re going to have to call a crane and he’s like, get the bobcat. No true story. So I called nine slash 11, boop, boop, boop, boop, boop.

Ambulance shows up and they go, dear God, they’re like, we got nothing. So I’m not kidding. I’m not going to call a freaking low grade commercial crane. And by the way, there’s not a lot of crane companies that are available on call. It’s like a, it’s like pop a lock or some kind of. Yeah. So this freaking like crane, like on entre on like a tank. Turrets shows up and it’s poop and it has to lift up the car and as it does it, it’s like you can just hear the twisting metal smashing him. Even just destroying the car, because they’re lifting it up from the bottom. They got hooks on the car. It’s just destroying the car. They pull him out. He’s like, man, I didn’t want. I got. Anyway, they take him to the hospital. His legs never the same. I had to go through physical therapy.

Horrible deal. Judy comes back, her car is a bent, like it’s Taffy. I get just like your prize possession. She’s super cool. She did nothing wrong. And then guess what? My buddy did. Sue’s, he sues her. Oh, what a terrible guy. Right? It’s awful. I talked to his family. I said, are you kidding me? They go, well, she’s at liable. We don’t have any insurance. We don’t. We don’t have the money for this. And that’s what people do. It’s that moral justification. Crap. It’s we don’t have the money for it so somebody else should pay for this or are bad decision. So she just stroke a check for 50 grand or whatever it was instead of being sued. But she had the money. If she did get sued, but she didn’t have the money, she didn’t have the insurance for liability at her house. You see, because it was her house.

She has insurance for her business, but not for her house yet. Kids jumping up, jumping on your trampoline, yet kids on your trampoline. Let me tell you, what about the kid. Let me tell you what the kid who breaks his on your trampoline than sues you. That happened neighborhood I lived in. Uh, was it silver Silverwood? There was a kid. He’s slipping around, boiling, bubbling. One falls off. His parents don’t have insurance. So he sues the neighbor. Yup. People do this. Craps. On a scale of one to 10, 10 being I have liability. One being I don’t you think about this, it’s so easy. You’d spend a little bit of money and you get mental freedom. I mean, how much, how much is your peace of mind worth?

Oh my God. It’s so good. It’s worth so much. It’s just a story to pile on that I remember. Um, when you’re a little kid for me, I don’t remember. You know, a ton of stuff as a little kid, but I remember one distinct conversation that my parents had with one of my friend’s parents in the neighborhood. I was probably six years old and I had a dirt bike. Oh, and a go kart, dirt, dirt bikes by the way. Our Su machines do exactly. And so they were discussing the topic of the dirt bike and my buddy’s dad looks at my parents and goes, if my son wrecks that dirt bike on your property and hurts himself, I will sue you for the cost for the day or you know, to cover the legal bills and everything. Right. And my parents are just kinda like, really well, okay, well we’re not hanging out anymore. Like no more play dates, but that’s people’s mentality.

And let me tell you where I would probably take the side of your neighbor and that discussion. Um, is it like my kids, I am very protective about my kids. Yeah. And this is a scenario that happened to me. It didn’t happen to my own kids, but I haven’t. I have an uncle who is crazy. Yeah. Legitimately crazy. I’m not kidding, like he is like bizarre, crazy, but he’s really good at one skill so he’s made a lot of money, but he’s crazy. He’s legitimately probably with the best salesperson I’ve ever met, but I would describe him as Kramer. Gotcha. I mean, I mean if you watch the movie, I think the show Seinfeld Kramer’s pipe based on him, but you’ll talk to him and you’ll say, hey, how’s it going? And he’s like, Oh man, great. I actually, crazy, crazy story. I went hot air ballooning yesterday, fell out because he’s, he’s very good at sales.

You understand if you’re good at sales you can make a lot of money. You don’t have to be that smart. This guy is just really good at selling one thing and he’s done it forever. She’s like, Oh man, I was hot air ballooning and I was with this girl I’m dating and the craziest situation. I’m like looking out over the observational kind of looking out over the basket to see and I’m kind of messing with her and I guess I got her off pounds and she almost fell right out and I’m like, dude, what? Anyway, so he takes, he says he, my mom and dad dropped me off there, but they, they didn’t know he was crazy and they dropped me off at his house and he says, uh, clay, you ever seen the movie terminator? And I said, no. He goes, terminator two. It’s really good.

It’s awesome. You ever seen him? No, I’m not allowed to watch these movies. And he’s like, let’s watch the movie. Your parents aren’t here. Let’s watch it. Have you ever had wine? I go, no. He’s like, oh dude, you gotta have some wine. I don’t mind. So it’s a boxed wine. I’ve never had wine. True Story. Never had wine, never seen terminator. Never seen a movie where there’s cursing, never seen these things, but he’s like, hey, let’s go get some food. So we hop on his motorcycle after swimming in his pool. I have shorts on, no shirt. He had shorts on. No, no, and he’s no shirt. Both of us have no weeds, have sandals and shorts on and he’s going through traffic at north of 80 miles an hour weave in between cars to impress me. This is also the man who has a Delorean and who wrecked it by.

He was riding too close to a, uh, behind a moving truck and runs right underneath. It almost dies. Crazy person almost was at 88 miles per hour. So my parents come to pick me up and we’re pulling in on the, on the motorcycle shirtless. My Dad’s like, what are you doing? What are you? And he’s just like, what do you mean time? What’s the big deal? So my parents finally calm down. We’re watching the family movies, guys, here’s the deal. Once I put the movie in, your parents aren’t gonna stop it. So we gathered the family around to watch terminator and he’s got on vhs because he would illegally copied them. Yeah, of course. Because he’s so crafting naturally. So he’s the guy who. So he’s like, what’s watched? So we’re all gathered, was probably 15 people all gathered around to watch terminator after he’s been serving me whine all day.

My parents have no idea that I’ve been serving, having wider, probably had three glasses of wine. And I’m like, you know, not 12 years old. I’m, I don’t know how old I am. So we’re watching till we cue it up. The whole family was gathered around. He’s got this Gore made popcorn and he’s got the, you know, the fancy. He always has the pop and the can or the bottle, the coke coconut, the bottle. I mean, this guy’s like, he always has the fancy premium. Everything on his leather couch, white leather, looking out over the pool. He got the hot tub at the sauna. He’s got it going on and motorcycle. And he hit my dad’s rage has just subsided. We’ve all gathered. He’s been teeing up, guys, you’re going to love this movie. Like, well, what is it? He’s like, guys, I’m just going to love this movie.

And he’s telling me it’s terminator. He hits play and it is a video of my aunt’s vagina birth. It’s the wrong tape. Her Vagina with whatever that yellow stuff they spray on. It is. I believe it’s iodine. I’m not sure if it’s a baby coming out. It’s their birth video. That’s a real thing, right? People has. And whether he thought it was funny or he was confused about what video it was, everyone was like, turn it off and that was the terminator for real. And he’s like, I hated that relationship. I don’t know how to do it. I don’t know how not to turn up. I can’t. I can’t. He’s like, just turn it off. And it’s a huge screen tape. Massive ones. The big thick ones. The big toe can’t turn it off. Unbelievable. That guy is a walking liability. So what happens is he could have killed me that day.

Easily. Definitely served alcohol to a minor. And here’s what happens is a lot of parents want to be the cool parent. So the kid comes over to their house, right? Right at this am, I have a cousin who does this crap. It makes me crazy. The parents will say, I don’t want my kid riding a dirt bike. And they’ll say, well, your parents aren’t here. Right? You can ride it out. Right. And I’m not kidding. I have cousins that do this crap. It’s why don’t talk to him anymore. And they’ll let the other kid ride the dirt bike after their parents have explicitly said no. Or they’ll serve alcohol to a kid when their parents said no, they’ll smoke pot with the kid when their parents said no, they do all these crazy. I used to have one guy, one of my friends growing up, his dad used to watch the show time porn at night, openly in front of everybody.

I mean his wife’s there. He just openly watching it skinemax, wherever it was. He just sit there and watch. He actually, not kidding, for Prom, he actually wanted to know if we wanted condoms. He asked me, he goes, hey, if you guys want to spend the night here, we have a lake house I can get you. And he’s like, he and his whole thing is he. He goes, we’re going to do it anyway. You might as well do it at my house. I got wine. No. Have you ever met parents like this doesn’t have that mentality like they want to be their kid’s friends to the extreme. We had a guy that worked for my dad a long time ago and he came to work. I remember one day on a Friday is all pumped and happy. My Dad said, what’s going on, you know, bill or whatever, and he goes, man, my son is turning 18 this weekend.

I’m taking him up to the lake and who are we going to do an eight ball together for like for the first time been thinking about this for 18 years. Man, I’m so excited. My Dad was like my wife and I deejayed a, my wife and I deejayed at girls. Sixteen year old birthday party at Grand Lake and the mother hired a completely new stripper for her 16 year old daughter. I have also seen the other scenario where I dj for a 16 year old guy and they hired a stripper for her for him and my wife was my wife. You can ask Vanessa. My wife was actually at those two events were there. I’m glad you came for a bunch of high school kids. It’s like 10:00 and 16. You’re like, happy birthday in a lady comes out nude. It’s crazy. That is crazy. That is why people are not.

People are nuts. You got to have insurance. You got to have insurance. You also got to be looking out there to make sure that your kids aren’t hanging around idiots. Exactly. You gotta. Make sure you gotta. Watch the watch. The parents have parental idiots. Now, insurance type number nine. What is it? Product liability insurance, your business manufacturers, products for sale on the general market. Product liability insurance is a must. Even a business that takes every measure possible to make sure its products are safe, confined itself, named in a lawsuit due to damages caused by one of its products. Product liability insurance works to protect a business in such a case with coverage available to be tailored specifically to a specific type of product. Have you guys ever heard about the, uh, the bluebell incident with the ice cream? Oh yeah. It’s terrible. Now here’s the deal.

I really don’t care about that and I would still eat some blue bell ice cream. I’m the Kinda guy. He’s killing for it. No. Yeah, I mean because they’re, they’re. They’re a massive company and every company has made a mistake. Every company, there’s no these. A lot of people that don’t own businesses don’t get it. If you don’t own a business, it’s easy to like throw rocks at a big company. You Go, oh my gosh. The United Airlines employee, they dragged off a person off the plane by their hair. What a bad culture they have. Get Out of what a bad guy that was. I guarantee it’s not in their handbook that says if a customer talks back to you on an airplane, drag them off the plane by their hair. I mean, that’s not in the handbook. They don’t have a culture of. I mean it come on.

It’s an isolated incident and if they struggle, stabbed them. Right. Next thing. Because if that kind of logic made sense than all of us will be guilty by association because of our families. So Blue Bell though, they served ice cream and somebody got sick. I think somebody actually got very, very sick. I don’t, I don’t remember if there was a fatality involved with it or not, but what happened is, is people sue. So a Georgian, Sharon Pearson, they filed a lawsuit in Fort Bend County alleging that George Ingested Listeria, um, and he ended up getting a form of a live stream that really caused them a lot of anguish and pain and he won a $200,000 judgment. And that’ll happen. Now again, do you want to go out of business? You have to have a bad day or a bad life because you want to have a bad day. Just the Pi Insurance.

If you don’t have a bad life, don’t. That’s pretty simple. I mean, I want to have a bad life. I’d rather just risk it. I don’t want to be. I don’t want to be just a cowboy. I wouldn’t be an idiot. I mean, come on man. Don’t buy a home on the coastal areas. And when, be shocked when a hurricane hits, you get hurricane insurance. I mean, you’ve got to plan for these things. I think a lot of times people are optimistic. Yeah. You have to be optimistic to be an entrepreneur. Yeah. I think people are optimistic, so optimistic. In fact, they think that everyone will get sued, but they won’t

or that the is not going to happen to you or the product’s not going to fail because it’s your product or yeah, you. You got to be optimistic, but you also have to be. What does the Andy Grove, the founder of Intel, he says, only the paranoid survive.

True. True. Now again, the question is on a scale of one to 10, 10 is you’re confident that you have insurance for your product enough. Well enough product liability insurance and one being you’re not. All right, write down a number. Don’t give yourself a seven. Every. We’re in a culture of sevens, aren’t we? Sevens? People love to give seven, so when you’re face to face, they’ll give you a seven. When they’re on the Internet, they give you a zero, a c plus here and done that. Okay. This is a. This is an example, I went out to dinner last night with my daughter and the waiter says to me, waitress says to me how was the food? And I said, it was great because it was great. There you go. Now I went out to dinner a couple months ago and I went to a place that’s very expensive and the waiter says to me, how was the food?

And I said, the food was not great. And he says, oh, okay. Um, what can I do? I just wanted you to know you asked me the question and I’m just telling you I’m. The food was not good. And I, when did you know that? And the manager came up and said, sir, I’d like to comp your meal tonight and just refunded. And I said, well, if you want to that’s okay. I’m, I’m just, you asked, you asked the question of was it good? And I said no because it wasn’t. And the guy goes, yeah, we’ll comp. They took care of it. I didn’t go on yelp and slam him. Certainly not going to mention the name of the restaurant on the show. I didn’t go on Google and bash the guy, I told him and actually afterwards I went out after the meal and I wrote a positive review about the business because I didn’t say they’ve had a bad mistake.

I said, great ownership night. Dearest Chuck e cheeses, but you have to do that though. You have to ask people, right? You have to ask people, hey, how happy are you with the product? But a lot of people don’t tell you they’re dissatisfied. No, no, no. They don’t tell everyday. Just tell everybody else and that’s what we going to product liability insurance because eventually you’re going to find out via the form of a certified letter. Oh, it’s fun. When they send you a letter, the green, the green letter that comes in here, it is certified mail and you got a guy knocking on your door or the little sticky note because you weren’t there. I’ve got a certified delivery for her. I’m Mr Clark here and then you open it up and you find out they weren’t happy. O and o insurance type number 10 shop is what? This is important business interruption insurance.

If a, if a disaster or a catastrophic event does occur, Yup. Businesses operations will likely be interrupted during this time. Your business will suffer from lost income due to your staff’s inability to work in the office manufacturer products or make sales calls. This type of insurance is especially applicable to companies that require a physical location to do business such as retail stores, business interruption insurance compensates a business for it’s lost income during these events. So, okay, as an example here for you, um, in 2000 in, was it two, three years? We three or four? Um, I had my dj gear stolen out of the trailer that was parked in our secured parking lot, uh, where there are security cameras and it was stolen by one of my employees course who happened to be an FM Dj for a local station right here in Tulsa. And to this day he still djs in Tulsa and you can find them at a local club near you.

And I love to mention his name, but I can’t because this thing called liability. But, and I actually went, I actually called the police and I actually took them to his house and I went with the police to his house at his house. We saw my equipment right there, but I couldn’t get it back because I didn’t have the serial numbers. True Story. Unbelievable. So the gear was stolen, but because I had insurance, I had a bad what? Tay? And not a bad life. Yes. Because I’m a cowboy and idiots. Here’s cowboys or idiots, right? I mean, as a kid, a lot of times as kids, people play games and they role play and they pretend like, hey, I’m an Indian. Hey, you’re a cowboy. Cowboys and Indians. It’s probably not a politically correct game now. Now it’s like, Hey, I’m a cowboy and idiots

I’m an indigenous person. Hey, I’m a. I’m a man of the cow. Hey Man, I’ll play the part of a man who wears a hat or cowboy hat. Cowboy right now I’m right down. That’s offensive. Now I’m a hookup. It’s not calling a cow man. I’m A. I’m a person who was fond of herding cattle. So you’re a cowboy. No, I’m not a cat person. I don’t know. Wear a cowboy hat. So you’re, you’re, you’re a cowboy. Non. So what year at cal human. Right? And so now we play. We play humans that wore cowboy hats and indigenous people. But think about this cowboys and idiots. I’m asking you today, are you being a cowboy or idiot? You weren’t an idiot up until you knew this, but if you know this and you don’t take action today, there is something psychologically so wrong with you.

I don’t know what it is. You gotta you gotta take. So on a scale of one to 10, 10 being the most confident that your insured, one being not. You know, it reminds me of December 23rd of last year. You remember that? I do. We were in the man cave. We were in the man cave. I believe we were in here recording. We were recording. That’s true. And I get a text message, I check it and we find out that the ceiling had collapsed at our downtown elephant in the room. Men’s grooming, lounge store on the eve of Christmas Eve, the 23rd. True. And so you and Steve Currington were first on the scene. You guys were great dudes and you went out there and you went out there. Who else was it? You and Stevens. What else did someone else go? You were there. I don’t know, I just remember me and Steve and there was some, uh, Justin was there, some elephant in the room went out there and it’s like rain.

It’s like snowing inside the building, melting snow, ice into the building, destroyed all the wood floors. Just. Yeah. And uh, we had to continue doing business stuff, right? So you didn’t need to shut it down when you had to coordinate off, get it cleaned up. I do everything possible to make sure that businesses will not ever be shut down a day. So we were still open, but I had to put a bag over the gaping hole that separated the, uh, not the outside of the building from the inside. Right. What would you call it? A roof where you could see the sky. We kind of cover that up. We had to have fans in there. We got en suite, we stayed in business, but if the power was out, what can I do? Right. So business interruption insurance, do you have it on a scale of one to 10, 10 being like, yeah, I’m competent.

I have it in one being confident. I don’t feel safe. You know, I can’t afford insurance. You want people to say I can’t afford it. Well, I would argue you can’t afford not to. Can you afford to not be in operations for four days? Now you say, well, clay, who needs insurance and who doesn’t? If you have something to lose protected, that’s pretty simple. Now, if you don’t have something to lose, who cares? I’m just being real. When my wife and I were starting to Dj business, uh, I had a 1989 hand painted Ford escort and a Mazda Mpv with 200,000 miles on it. I had not a dollar to my name. I was a dj and I was earning money, but all the buddy went back into buying more equipment. Right? And until, I mean, I had good income coming in. I had a lot of income coming in, but I was buying a lot of gear, a lot of gear.

So if you sued me and you took everything, I wouldn’t care because I had nothing. So you could zoom in, you can take everything from me. That’s fine. I got me then. Oh, here you go. That’s the frustrating part about being a business owner. A lot of times, um, you need to sue somebody because they really did screw you, but they got nothing and you can’t win even if you do, when it happens more often than not because typically shady people know they have nothing to lose. It’s, it’s, it’s weird how that happens. It’s really scary. Fighting somebody who has nothing to lose in any, in any situation. I’m telling Ya. I mean that’s what made a world war two so crazy. Fighting against the kamikaze is. Do you guys ever heard the stories of the kamikaze? Yeah. Oh yeah. Let me tell you their plan any time before.

Let me tell you that the DDD Japanese a plan for making the torpedoes more accurate during World War Two. This was what they did. They said, here’s the deal, a Nagasaki, Comodo, a whatever your name is working, I’m gonna, have you hop in the torpedo and then you’re going to steer it to the destination so we have better accuracy. These are going to be torpedoes, we can steer. And they’re like, okay, okay. So, uh, uh, now, now that we can steer the torpedoes, now what happens when we, when we get to a destination, they go, you blow up. And they’re like, well, what happens if we missed the destination? They say, Oh, well you, you, you, you suffocate. And you drowned at the bottom of the ocean. You know, you just suffocate because you only have enough air in there for about 10 minutes. So you hop in there, hopping there, buddy face down, and you had to lay for, you had to lay down their face down.

It’s like the size of a coffin. You’re holding onto the wheel and you’re steering right into. It’s like you’re laying down doing a plank or something and like you’re working out. It’s like you’re watching tv, you know, wetland land face, face forward and you’re steering it. And then if you miss because you don’t want, then you’re like, and you die that way. And here’s another plan they had. They said, here’s the deal, we’re going to go bomb Pearl Harbor, but because we want to make sure we make the most damage possible, we’re not going to give you enough fuel to come back. So we want you to crash into the enemy. So we need you to shoot at the a boats, you know, shoot at the naval vessels, shoot the shoot the Americans because they’re not ready for it. They’re, they’re, they’re asleep, they don’t know were coming.

We’re going to fly over there. We’re gonna fly. And then you, you have, you have two options. You can put it in your guns and you just shoot your machine. And then if you, if they don’t kill you, and we find out that you, uh, you know, the, you retreated, we’re going to kill you, like we’re going to find you were going to kill you. So if you, if you, um, are held hostage, just understand in our culture, we’re going to come kill you. Now to make it easier for you, you are instructed to just steer, right? You don’t even try to dodge them, just go right in and crash into him called kamikazes and we never fought people like that, but they had nothing to lose. They don’t care. They don’t value individual human life at the time they didn’t care and so this is a huge problem.

You’re going to have people that are going to steal from your company and they don’t care. They don’t care about going to jail. That’s right. They don’t care. They do not care. They don’t care. We had a guy, he used to work with us, just a few breaths right a year ago who used to make up elaborate stories as to why he couldn’t come to work and every time that I would catch him I’d say, hey you, you, you didn’t go to the hospital. You come on, you know, let’s just get it out there. You know you didn’t do it. He goes, well, you can’t hate me for trying. Right. That was his response all the time. Yes, I can actually. And then whenever he would get doing something, like one day he stole all of the ice drinks, like he just left the office like seven ice drinks that we have our clients, just stupid.

And I’m like, dude, did you take what amounts to $10 of ice drinks? And he’s like, well, I gotta be honest with you. I’m at home, we don’t have a lot of beverages. And so I, uh, uh, was going to reimburse you. But he always would say, I gotta to be honest with you, it just, I’m telling you, if you’re a business owner, you cannot go out there with blinders on thinking you’re not going to get sued or robbed or screwed or screwed up the statistic we had. The Fun factoid, we start off with a fun fact. Delayed one. This is from Forbes, from Forbes 36 to 50. Three percent of small businesses are going to be involved in litigation this year. And 90 percent of business owners are going to be sued at some point. Chuck, what is the next type of insurance we need my friend health insurance.

Oh, why health insurance is a type of insurance coverage that pays for medical and surgical expenses incurred by the insured. Health insurance can be reimbursed, can reimburse the insured for expenses incurred from illness or injury, or pay the care provider directly. My daughter, Layla was climbing on a retaining wall, fell off and like ripped her lip open a Havana, got her finger stuck in a locked door that we didn’t have the keys to crazy. Nah, just terrifying. I don’t even, I don’t even remember how we got out of that situation. I don’t remember. I honestly to hold her whole commode and freak out and I don’t. I don’t remember though if we had to like call someone who then came and opened the door. I mean it was like the craziest long drawn out terrible thing. It’s making mom. We’ve had five kids. So we’ve had kids in Icu, you know, the intensive care unit.

Um, my wife’s had a miscarriage a multiple times. Um, I had food poisoning one time in Dallas. Is that during the DJ? Then I figured, oh boy. So I just had a bin where I kept all my equipment under the table and I would just vomit into the bid while Dj and Dj at the whole show. It was crazy. We don’t know. When I got back to the hotel, I started running into this the thing I like to call mud, but it just could not stand. The guy that worked for you at the timer. It was a no, I couldn’t stop the flow. I couldn’t stop the flats the worst when it’s both directions on the toilet already. And it was hard bathtub next to you. So anyway, it kept happening and I had lost, I think it was 10 pounds of water weight or something.

That’s like all of it. I mean it was bad because I mean I got to a place where I looked, I looked awful. Yeah. And so we went to the hospital and uh, I go then they run you through a bunch of tests and the preliminary tests, they thought I had all the signs of having spinal meningitis. That’s good. So they made me do a big old spinal tap. The big needle where they go in the epidural thing or whatever it was, it’s like a spinal tap for their testing to see what’s wrong and it was the worst pain I’ve ever felt. I passed out and I got. I think Vanessa could type. I think it was a $7,000 bill. Of course. It’s actually seems low. Yeah, but I’m saying is you gotta have insurance. You got to do it. You got it. Whether you agree with the politics or not.

With the affordable care act, everybody can have insurance. Just get insurance. Do it. GotTa do it. I can’t do it. I’m too busy. I’m watching the voice tonight. Something is going to happen to you or your loved ones, so you better get health insurance. Why would you not do it? I know why people don’t do it. It’s because too busy watching the voice because there’s singers on there. It’s a season of American idol now. Season 400, 800, 88 of American idol. I mean, we’ve got to people. It’s so funny how people know a lot about Kim Kardashians. A lot about Kanye west. A ton. About Matt Lauer even more information right now about Cardi. B, people know a lot about Nicki Minaj. They know a lot about trump tactic. They know a lot about Bernie Sanders, but nothing about getting their own health insurance. They’ve been arguing, you know, this is.

This is a crazy story I heard they’re doing some studies on people since the affordable care act passed because now that it’s available, like the people that were fighting for it so much, do you know that a lot of people still, even now that it’s available to people who are fighting for a universal healthcare never went out and got it. It’s just crazy. I mean, it’s like I’m too busy. I’m watching the voice. Okay. Now the final type of insurance everyone needs to have is what chip that’ll be business property insurance. Yeah. Insurance that protects the fiscal property and equipment of a business against loss from theft, fire, or other perils. That would be business, property insurance. So as an example, I’ll contrast the two example of the two scenarios, whether you’re being a cowboy or an idiot. Um, last year I was sitting with a client talking to them, we’re having our meeting on a Friday.

I’m talking to them, they do not seem stressed at all. And I said, hey, there’s a tornado last night, did it not destroy or this week did it not distress? I thought I heard it completely destroyed one of your stores. And he says, yeah, it did. And I said, so it’s gone. Yep. Not stressed out at all. Matter of fact. True Story. Yeah, totally destroyed, no stress at all. So I said, are you all right? What’s yours? What’s your planning is? Oh, it’s fully insured. We’re good. I’m deploying the staff to different locations. It’s all good. No stress at all. He actually came out ahead financially, totally destroyed his buildings, able to reprint, renovate it and rebuild it because he had insurance. Right now I’m sitting there meeting with another client the next week who sells insurance? Who was in the big tower? 40 four. That was destroyed. Or on Sheridan?

Yeah. Yeah. And he is out of business. Not good because all his stuff was completely destroyed. And He, a guy who sells insurance, didn’t have insurance because Yolo, the irony watching American idol. So I encourage you kind of sad if you’re out there today, rate yourself on a scale of one to 10 with that business property insurance, 10 being I have insurance, I have enough, one being I don’t have enough, and I’m asking you rhetorically today, are you being a cowboy or an idiot? And what I’d like for you to do is if you would like to just encourage you to take the challenge today. Okay, go to thrive time show.com, forward slash cowboys or idiots. That’s thrive time show.com, forward slash cowboys or idiots. And when you go there, take the assessment, fill out the form, and we’re going to send you a score back.

We’re gonna rate the health of your business on a scale of one to 10 in this area. And then I am going to recommend an insurance provider or two that I have used that you should use. I will recommend a vetted insurance company that you can call. That’s their job. I’m not an insurance agent. That’s not what I do, but you can meet with them, they will sit down with you and they will help you figure it out, whether you are being a cowboy or an idiot, but take the challenge. Do it today. Do not delay. Go to thrive time. Show.com, forward slash cowboys and idiots. Now, for those of you who say, I can’t remember the Url, I’m so busy, I actually bought cowboys and idiots.com, so if you will just go to cowboys and idiots .com. If you go there, Devin just bought it on Friday, go to cowboys and idiots.com.

Take the challenge. I’m telling you, this is going to change the game. Smell a book title. Cowboys in this is. This is a powerful idea. You cannot be an idiot. Also to demonstrate the power of what it, what it, uh, would it be an idiot? Feels like or being a cowboy. I have a video from Fox that I will put on the show notes today where you can watch the impact of a category one hurricane destroying a house. You can watch the impact of a category to impacting a house at three or four or five, and you can realize that’s what the people are feeling right now, who are in the way in the path of the hurricane. That’s what they’re. That’s what they’re going to experience. That’s what that’s what it feels like, but how good would it feel to know that you are abandoning your home and all of your possessions in it because it was because it was a category five hurricane, pelting the coast speculation.

You’re leaving and you know that you’re fully insured. How good would you feel knowing that now? How bad would you feel? You know that more Oklahoma when the tornado devastated moral Oklahoma? Yeah. Did you know that? Like a third, a third, please put that on the show notes. You can look that up. A third of the people in the tornado did not have insurance to cover their home. A third. You’ve got to have insurance. Well, clay, but I can’t afford it. Unplug the cable, man. Get a second job. Do whatever you gotta do, but do not be an idiot. It’s good. It’s good to be a cowboy. There’s cowboys and there’s idiots. Who are you going to be a cowboy or an idiot? Chuck, without any further. I do three, two, one. Boom.