#30 Business Insurance Essentials with Kristin Lonergan and Aaron Florez

What if your business faced a catastrophic event tomorrow? Would your insurance truly protect you? According to shocking statistics, around 40% of small businesses never reopen after a disaster strikes. This sobering reality formed the cornerstone of our eye-opening conversation with commercial insurance experts Kristen Lonergan and Aaron Flores from Champion Commercial Insurance.

The discussion revealed critical blind spots that most business owners have when it comes to their insurance coverage. Property sublimits, business interruption planning, and liability transfer through contracts emerged as three areas where businesses frequently remain dangerously exposed. As Kristen candidly explained, "If you take your policy and flip it over and start reading from the back, that's where all the damage is." Most business owners never examine these crucial exclusions until it's too late.

Both experts emphasized that insurance should never be treated as a commodity purchased solely on price. Instead, they advocated for building a relationship with your agent that borders on uncomfortable intimacy. "Your insurance agent needs to know more about you than your spouse knows about you," Kristen advised, highlighting that this level of transparency enables proper risk assessment and mitigation. Aaron added that accessibility and communication should be non-negotiable expectations from your insurance provider, especially as your business evolves.

The conversation also explored how inflation impacts insurance premiums, the value of customized insurance audits, and why certain industries—particularly those with large auto fleets or extensive roof square footage—face mounting challenges in securing affordable coverage. For business owners preparing for renewal negotiations, the experts recommended being proactive 90-120 days before renewal and having frank discussions about risk management strategies.

As lending requirements continue to evolve, having comprehensive insurance coverage isn't just about protection—it's increasingly becoming a prerequisite for accessing capital. Don't wait until disaster strikes to discover the gaps in your coverage. Connect with insurance professionals who will be strategic partners in your business planning and growth. Your business deserves more than minimum coverage; it deserves a champion.

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