Why Insurance is an Important Decision for Business Owners
When it comes to owning a small business, there are many details to consider in order to keep your business running effectively. One of the most important choices a small business owner can do for their business is purchase insurance.
Eric Lindberg is our go-to insurance professional here in Portland. Eric has been with Country Financial for over 14 years now, serving both Oregon and Washington. He has helped many small business owners come up with the best policy for their businesses.
We recently had the opportunity to ask Eric about the importance of insurance for business owners:
1) Please share the services you provide and whom you serve.
At Country Financial, we offer automobile, motorcycle, homeowners, renters, life, disability insurance to individuals in both Oregon and Washington.
2) What makes Country Financial different from other insurance groups?
Many insurance groups do not offer the personal service experience that Country Financial offers. I work with all of our clients on a one-on-one basis to create customized solutions based on their needs and desires. I respect the goals of my clients and want them to be able to trust and rely on me to help them with their financial needs.
As a small business owner myself, I understand the busy schedule most business owners have. To make the whole process easier, I meet with my clients individually according to their schedule and what works best for them. It is my priority to understand their needs as best as possible in order to propose the policies that will work best for them.
3) We often hear we need to have life insurance. Why is it so important for business owners and executives to invest in life insurance?
Protecting the future of their business is priority. If something were to happen to a business owner and they didn’t have life insurance, the business could fall apart rather quickly without enough capital to keep the business operating. By investing in life insurance, business owners can ensure the business they worked so hard to create stays in business while the owner or partner position is filled.
Further, think of your loved ones. Many business owners have a family that also depends on them. You have the ability to protect your family from financial hardship by purchasing the right life insurance plan that helps to bring in income in the unfortunate event of a life accident.
Many times, I will receive a call from someone wanting life insurance after their health has changed for the worse. However, people should get life insurance now – when they are healthy because it saves them money and offers more possibility of coverage.
5) What should business owners be asking when investing in insurance?
Insurance is a foreign concept to many people and when choosing a policy for your business, you need to understand what you are getting.
Some of the most important questions you should ask an insurance agent are:
- How much experience do they have?
- Do they have clients similar to you?
- What is their average response time?
In regards to the policy you choose:
- What kind of coverage do you need?
- How long do you want the policy for?
- What is your financial situation?
- Is your income going to be growing?
- What assets and liabilities do you have?
6) How can you provide peace of mind and what services do you offer to solopreneurs who work from home?
Being insured under the policy that is best for you gives you peace of mind that you have the right coverage in the event something happens to you or your assets. Home and auto insurance are both pieces of your financial well-being. Talk to your insurance provider to get their input on what coverage they recommend for your policies considering your home-based business.
When you are working with an insurance company and agent that cares about you and your business, you can rest assured that they are proposing the best policy according to your needs.
7) What can you recommend to entrepreneurs or executives should take into consideration when they do a lot of travel for work, whether by car or another mode of transportation?
They should contact the insurance company who they have their auto insurance through to see what kind of insurance they have while renting a car. You may also want to consider life insurance coverage if you have dependents.
In addition to Eric’s thoughts, we also suggest finding a trustworthy mechanic like our friends at Everett Street Autoworks to be sure maintenance is regular.
If you have questions for Eric regarding insurance, contact him to see how he can help.
Get in touch with Eric:
Call Eric at (503) 203-1420