Why Insurance Strategy Is Critical for Growing Businesses

Insurance isn’t just a requirement—it’s a strategic tool that protects your business from unforeseen risks. But many business owners overlook it until it's too late. That’s why working with a trusted advisor is crucial to ensuring your coverage evolves with your business needs.

📽 Watch the full conversation with Jeremy Roberts below!

Jeremy Roberts, founder of J.C. Roberts Insurance, joins the Bender CFO Podcast to discuss how business owners can optimize their insurance coverage, avoid costly mistakes, and plan for the unexpected.

Why Business Owners Need an Insurance Advisor

Too often, business owners treat insurance as a set-it-and-forget-it process. But as businesses grow, so do their risks. Regularly reviewing and updating your insurance coverage is essential.

Key reasons to work with an insurance advisor:

• Your business evolves – New services, employees, or equipment may not be covered under your current policy.
• Cost savings opportunities – Shopping for better rates annually can prevent overpaying.
• Contract compliance – Many businesses unknowingly sign contracts with insurance requirements they don’t meet.

Common Insurance Mistakes Businesses Make

Many businesses unknowingly leave themselves exposed to risks that could have been avoided. Jeremy highlights two major mistakes business owners often make:

1. Not Communicating Business Changes to Their Insurance Advisor

If your business expands, adds services, or changes locations, your insurance policy may no longer be sufficient.

➡ Solution: Keep your advisor in the loop about changes so they can adjust coverage accordingly.

2. Waiting Until Renewal to Review Coverage

Many business owners only review their policies when renewal time comes, which often leads to rushed decisions and missed opportunities for better rates.

➡ Solution: Review your policy throughout the year to ensure you're fully protected and getting the best value.

How Contracts and Insurance Go Hand-in-Hand

Many businesses sign contracts without realizing the insurance requirements they agree to. This can result in unexpected costs or compliance issues.

What to Look for Before Signing a Contract

• Liability requirements: Some contracts demand coverage limits far above standard policies.
• Cybersecurity clauses: If you handle sensitive client data, you may be required to carry cyber insurance.
• Property insurance updates: Commercial landlords may have specific coverage demands that affect your policy.

➡ Best practice: Have your insurance advisor review contracts before signing to avoid surprise expenses.

Why Insurance and Financial Planning Go Hand-in-Hand

Insurance is a critical component of a comprehensive financial strategy. Partnering with an advisor who collaborates with your CFO, attorney, and accountant ensures that insurance decisions align with broader business goals.

How Insurance Supports Financial Strategy:

• Cost Control: Managing premiums while maintaining adequate coverage.
• Risk Mitigation: Protecting business assets and reducing liability.
• Strategic Growth: Ensuring policies support expansion without unnecessary costs.

"A strong insurance strategy is about more than coverage—it’s about protecting your future growth." – Jeremy Roberts

Take Control of Your Insurance Strategy

Don’t wait until it’s too late to review your insurance coverage. A proactive approach can save money, reduce risks, and ensure compliance with contracts. If you're looking for expert financial guidance to complement your insurance planning, Bender CFO Services is here to help.

📅 Schedule a consultation today to ensure your business is financially and strategically protected!