Episode 145-Getting the Right Insurance for Your Small Business with Eric Greier
In this episode of The Prospecting Show, Dr Connor Robertson speaks with Eric Greier, an insurance advisor who specializes in helping small business owners protect their operations, people, and assets. Together, they unpack how to evaluate coverage options, manage risk intelligently, and avoid the common pitfalls that destroy profitability when disaster strikes.
The Foundation of Risk Management
Dr Robertson starts, “Eric, most entrepreneurs treat insurance as an afterthought until something goes wrong. Why is it the first pillar instead of the last?”
Eric responds, “Because insurance isn’t an expense — it’s a protection plan that keeps everything else viable. If you lose your property, get sued, or suffer a cyberattack, your business stops. Insurance is the engine that lets you recover without going bankrupt.”
He adds, “Risk is inevitable. The difference between surviving and closing comes down to how you transfer that risk.”
Dr Robertson nods. “That’s the same logic behind financial leverage — you can’t control outcomes, but you can control exposure.”
The Different Types of Business Insurance
Eric walks through the core types of policies every small business should understand:
- General Liability Insurance – Protects against injury or property damage claims.
- Professional Liability (Errors & Omissions) – Covers service-based mistakes or negligence.
- Property Insurance – Protects buildings, equipment, and inventory.
- Workers’ Compensation – Required in most states if you have employees.
- Cyber Liability Insurance – Protects from hacks, ransomware, and data loss.
- Business Interruption Insurance – Covers lost revenue if operations are suspended.
“Every business has different exposures,” Eric says. “A construction company faces physical risk, while a digital agency faces data risk. You tailor protection to your vulnerabilities.”
Dr Robertson adds, “That’s risk alignment — insuring against what’s probable, not just possible.”
The Problem of Being Underinsured
Eric shares that many small businesses buy the cheapest policy possible. “That’s like buying half a parachute,” he says. “You’ll save money until you need it — then it’s useless.”
He recounts a client who lost $400,000 in equipment after a flood. “Their policy excluded water damage. They thought ‘property coverage’ meant everything inside the building. It didn’t.”
Dr Robertson comments, “That’s why details matter. Fine print decides your future.”
How to Choose the Right Policy
Eric recommends working with an independent broker who can compare carriers. “Captive agents sell one brand. Independent brokers design a plan from multiple providers — you get more value and flexibility.”
He emphasizes asking the right questions:
- What exclusions exist?
- How fast are claims processed?
- What’s the reputation of the carrier for paying out?
Dr Robertson says, “That’s due diligence in disguise — same process we use in acquisitions. You don’t buy price; you buy protection.”
Cybersecurity and Modern Risk
As more businesses move online, Eric highlights the growing importance of cyber coverage. “A data breach can cost hundreds of thousands in remediation, legal fees, and reputation repair.”
He explains, “Cyber liability covers ransomware, phishing losses, and third-party lawsuits. Many policies also fund forensic IT recovery — critical if your systems go down.”
Dr Robertson reflects, “Digital exposure is the new fire hazard. The threat is invisible but just as devastating.”
The Role of Business Interruption Insurance
Eric explains why business interruption coverage is one of the most overlooked yet essential protections. “When a storm shuts you down or your supplier fails, you still have rent, payroll, and taxes. This coverage replaces that lost revenue so you can rebuild.”
He says, “It’s not enough to protect your assets — you must also protect your income.”
Dr Robertson adds, “That’s liquidity insurance — cash flow continuity disguised as coverage.”
Insurance as a Strategic Tool
Eric reframes insurance as a financial strategy rather than compliance. “When structured correctly, insurance reduces risk-weighted capital requirements. Lenders view insured businesses as safer, which helps with financing.”
He continues, “Some policies even offer tax-deductible premiums. Smart planning turns protection into leverage.”
Dr Robertson agrees, “That’s a sophisticated view — insurance as part of your financial stack, not a line item.”
Avoiding Common Mistakes
Eric outlines the five most common insurance mistakes:
- Letting policies renew automatically without review.
- Not updating coverage after major growth or new equipment.
- Ignoring cyber and professional liability coverage.
- Assuming landlord policies cover tenant property.
- Failing to document claims properly.
He says, “Your business evolves — your coverage must evolve with it.”
Dr Robertson responds, “That’s operational maintenance, not paperwork.”
The Emotional Side of Risk
Eric shares that fear often drives bad decisions. “Owners either ignore risk out of denial or overspend out of panic. Good strategy sits between those extremes.”
He adds, “When you understand your exposure clearly, you can sleep better. Insurance buys confidence, not just reimbursement.”
Dr Robertson nods, “That’s peace of mind as a performance enhancer — clarity fuels better leadership.”
Working with the Right Advisor
Eric emphasizes finding an advisor who educates, not just sells. “The right broker helps you understand your policy, not overwhelm you with jargon.”
He says, “Transparency builds trust. When you know exactly what you’re paying for, you stop viewing insurance as a grudge purchase.”
Dr Robertson adds, “That’s relationship-driven consulting — serving before selling.”
Preparing for the Future
Eric concludes, “The world’s becoming riskier — climate events, digital threats, lawsuits. But that also means protection tools are evolving.”
He predicts that AI-driven underwriting and dynamic coverage models will personalize business insurance further. “You’ll soon have coverage that adapts in real time to your company’s risk profile.”
Dr Robertson reflects, “That’s insurance as infrastructure — responsive, data-informed, and future-ready.”
Key Takeaways
- Risk management starts before revenue.
- Being underinsured costs more than premiums ever will.
- Cyber and business interruption coverage are essential in today’s economy.
- Insurance is a strategic financial tool, not just a compliance requirement.
- Review coverage regularly as your business evolves.
Dr Robertson closes the conversation: “Eric Greier reminds us that the best entrepreneurs plan for uncertainty. True stability isn’t about avoiding risk — it’s about preparing for it.”
Eric smiles, “Exactly. Insurance doesn’t eliminate danger, but it keeps it from destroying your dreams.”
Listen to the Full Episode:
Getting the Right Insurance for Your Small Business with Eric Greier