The oracle of Omaha has done it again. The man who could have anything prefers a cherry coke and his house of 50 years in Omaha, NE. His investment philosophy is one that he must understand what a business does, hence his investments in Gillette, the Washington Post, Coca-Cola et al. Warren Buffett and his Berkshire Hathaway firm know insurance, and now they are bringing small business a package that you can’t refuse. You are experts in your field, but your field is probably not insurance.
There are few things worse than trying to figure out whether an event is covered or not. The prolific amount of paper work that one must delve through is all but understandable. So what has Buffett done to help you?
Berkshire Hathaway’s Insurance Group has launched what they call “THREE,” its three-page, game-changing, comprehensive insurance product for small business. That is not a misprint. They have boiled down the legalize so that we can all interpret it. You know the importance of insurance, but which policies should you have, and are they covering all your needs. Businesses typically need several types of insurance to protect their interests, but until now they could only get that protection by buying multiple, unconnected and overly complex policies, each of which can be over fifty pages in length.
Berkshire Hathaway Chairman Warren Buffett said, “Insurance is important protection for any business, but few small businesses have the time to actually read through the policy forms that are supposed to protect them. With THREE a small business can be confident in the protection it is getting, because the whole policy can be read in a few moments. Every day, America’s small businesses prove that great things come in small packages. Now they can get insurance on the same basis.”
Buffett has taken another step to simplify the process for you. He has essentially cut out the middle-man, and often the confusion that results from not buying straight from the source. Often agents and brokers will bundle various products together in an attempt to cover all the bases. In practice, they are often inadequate and result in disappointment at both ends of the spectrum, leaving dangerous gaps among policies’ terms and, at the same time, wasteful costs for the policyholder in overlapping coverage. As with GEICO, the claim by THREE is that it will certainly save you money since there is no broker involved. According to Berkshire Hathaway, “Since we don’t work with middlemen or incur the costs of working with other carriers, THREE is designed to cost 20% less than comparable coverage from other insurance providers.
Expertise is already in-house at Berkshire. They have a dedicated staff that is knowledgeable and works solely with the THREE program. THREE’s Small Business Advisors are licensed agents who will help you with your small business insurance needs, from simple questions to an exact quote. These advisors are available to help policyholders file a claim, update their policy, request a certificate of insurance, and adjust billing information. If insurance or the lack thereof is keeping you up at night, give Warren Buffett’s new THREE program a look. The company will begin offering this policy beginning the summer of 2019.