WJR Business Beat

WJR Business Beat with Jeff Sloan: Small Business Insurance is Mission Critical (Episode 266)

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.

Tune in to the Business Beat, below, to learn what types of small business insurance you should consider to best protect your company:

Contact Michael Spath with any of your insurance questions

Tune in to News/Talk 760 AM WJR weekday mornings at 7:11 a.m. for the WJR Business Beat. Listeners outside of the Detroit area can listen live HERE.

Are you an entrepreneur with a great story to share? If so, contact us at [email protected] and we’ll feature you on an upcoming segment of the WJR Business Beat!

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.

Previous Article
buying a business

4 Important Questions to Ask When Buying a Business Right Now

Next Article
communication skills

Master These 5 Communication Skills to Help Scale Your Business

Related Posts
Read More

A Beginner’s Guide to Business Success in the Metaverse 

There’s no hiding from it: The metaverse is coming, and it’s on track to disrupt the world of business as we know it. Championed by newly rebranded Meta (formerly Facebook), the metaverse will be a network of 3D, 360-degree immersive and interactive micro-worlds. These digital spaces are where we will buy products, consume media,  learn...
wjr business beat
Read More

WJR Business Beat: Top Marketing Channel in 2022? Email (Episode 351)

On today's Business Beat, Jeff Sloan talks about why small business marketers in 2022 believe that email is the top go-to channel to use. Tune in to the Business Beat below to learn more:   Tune in to News/Talk 760 AM WJR weekday mornings at 7:11 a.m. for the WJR Business Beat. Listeners outside of...
Read More

4 Reasons to Consider Outsourcing Your Sales Support

Sales representatives are responsible for boosting the company’s profits, and it can be a daunting task. Because of this, sales support takes some of this burden off their backs. Having sales support may not directly improve sales, but it has a positive impact on operations. Additionally, representatives can concentrate on improving their performance. The roles...
Read More

Entrepreneurs: How to Focus Ruthlessly and Win in 2022

New and aspiring entrepreneurs often fall victim to impatience and imperfection. When something’s not working perfectly to their standards (or worse, fails), they take it personally and don’t know how to move on to better iterations after the setback. But that’s what startup life is all about. To win, you have to learn how to...