On today’s Business Beat, Jeff chats with Michael Spath, client executive and small business advisor at Kapnick Insurance Group and StartupNation’s insurance expert, on the importance of small business insurance for entrepreneurs.
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Jeff: Good morning, Paul!
Well, this morning on the Business Beat, let’s talk about something really exciting and dynamic when it comes to small business. Let’s talk about insurance. Ugh, really? Insurance? Do we really need to talk about that? Well, you bet we do, if you’re going to be a small business owner. It’s mission critical and we’ve got a small business insurance expert on with us this morning on the Beat. We’ve got Michael Spath, he’s with Kapnick Insurance.
Tell us Michael, why do we need insurance? And, specifically, what type at a fundamental level must we have?
Michael: Well, the biggest thing is, and it’s a three-letter acronym, it’s BOP, it’s a business owner’s policy, and everybody should have this. And what it essentially covers you is on two sides is on property and then on liability.
If you are a retail space or you are a restaurant, you’re going to care a lot about your property, because if something happens, you’ve got to build a thing back up and the property inside of it. And every business really needs liability. The liability insurance is, I walked in here, I came up your steps. You know, if I fell down and hurt myself, I’m gonna turn around and be like, well, you know, to Jeff Sloan and StartupNation, I’m gonna own this building. You got that great office right on Woodward, I’m going to take that over.
So that’s where it comes in, is like protecting yourself in case any customer gets injured on premises or by a product. And so, you need property and you need liability, that’s the most basic coverage out there.
Jeff: Michael, small business owners pour themselves into their businesses. Their commitment is huge, and to think they could lose it all in an instant is a nightmare scenario.
Michael: If you think about that commitment, you think about that effort, you think about the resources devoted to, the time that energy that they’ve taken away from their family, from their friends, whatever, and all of a sudden something terrible happens and they lose it. That’s a devastating moment for any small business owner. And all I’m saying is that in that moment, I’m going to be the one who sits next to you and puts his hand on your shoulder and says, ‘Look, Jeff, we’re going to build this thing right back to exactly what you had before.’
Jeff: Michael Spath, Kapnick Insurance, thank you.
Our bottom line? Make sure that all of your hard work and effort that goes into your small business has the fundamental insurance coverages you need for peace of mind.
I’m Jeff Sloan, founder and CEO StartupNation.com, and that’s today’s Business Beat on the Great Voice of the Great Lakes, WJR.