185: Are You Risking Everything? The Insurance Your Business Can't Operate Without

Many business owners purchase insurance without truly understanding what they're buying or what critical coverage they might be missing. Host Kirsten Howe addresses this knowledge gap by welcoming Dean Myers, owner of Core Insurance Agency, to reveal the fundamental insurance coverage every business owner needs before opening their doors. Dean, who specializes in errors and omissions insurance for lawyers, accountants, doctors, and professional trustees, breaks down the three critical pillars of business insurance: workers' compensation, general liability, and property insurance.

 

As the first installment of a multi-part series, the focus centers on the absolute basics that form the foundation of any solid business insurance strategy. Dean demystifies workers' compensation requirements in California, explaining why it's legally mandatory even for part-time employees and how the no-fault system protects both employers and workers. The conversation explores the role of general liability insurance in protecting against third-party claims, encompassing a range of incidents, from slip-and-fall accidents to product liability issues. It explores the comprehensive coverage of property insurance, including business interruption and extra expense provisions. Whether you're a solo practitioner considering your first employee or an established business owner reviewing your coverage, the discussion provides crucial insights into protecting your business from day one.

 

Time-stamped Show Notes:

0:00 Introduction

2:12 Meet Dean Myers, founder of Core Insurance Agency and specialist in professional liability coverage.

3:04 Listen in to learn about the three non-negotiable insurance pillars every business needs, plus why California law demands workers' comp coverage even for your first part-time employee.

5:04 Workers' comp is identical across all carriers by law, but the "no-fault" system means injured employees can never sue you.

7:06 Did you know? Injured workers typically receive only two-thirds of their salary because insurance companies aim to incentivize their return to work.

9:27 Office workers pay vastly different premiums than construction crews, and your claims history can earn you substantial discounts or painful penalties. Here’s what you need to know.

10:02 Pro Tip: Insurance companies often offer free risk management consultations that many businesses overlook, potentially missing out on significant premium savings.

14:20 Next, Kirsten and Dean discuss understanding the difference between premises coverage and products liability, which can help you avoid accidentally choosing the wrong protection.

15:51 Property insurance covers everything from meteor strikes to water damage, but the real goldmine is business interruption coverage.

17:31 Business interruption pays your lost revenue and employees' salaries when disaster shuts you down, plus covers temporary facilities while you rebuild.