Stop Treating Insurance Like A Check-Box
Most small business owners buy insurance once and forget it. But as your business grows, so does your risk — and the policy that made sense at year one probably isn’t doing enough work now.
I sat down with Amy Loh from State Farm Bellevue to talk about what real risk management looks like for founders at the growth stage. If you’re still treating your insurance as a tick-the-box exercise, this video is a must-watch.
In this episode:
- Three coverage gaps most small business owners don’t know they have
- How to use insurance to protect against internal fraud
- Why you should be re-evaluating your coverage every 1–2 years
Amy brings a practical, no-fluff perspective on what actually protects a growing business.
CFO Insight:
Small business owners often underestimate their true risk exposure. It’s easy to assume that if the business is small, the risk is low — but the opposite is frequently true. Small businesses are particularly vulnerable because they typically have less oversight, fewer internal controls, and less sophisticated systems. And when something goes wrong, there’s far less financial cushion to absorb the impact. A loss of inventory from fire or theft that’s a minor blip for a large corporation could be devastating for a small business.
Insurance is one layer of your financial risk management strategy — but it’s not the whole picture.
A comprehensive approach to financial risk management also means understanding your internal control gaps, your cash flow vulnerabilities, and where your business is exposed operationally and financially. That’s something an insurance agent can’t assess for you.
If you’ve never had a senior financial expert take a hard look at your business end-to-end, our Financial Health Diagnostic is designed to do exactly that. It includes a prioritized risk register — ranked by likelihood and financial impact — along with findings on internal controls, fraud risk, and process gaps. It’s how we find what you don’t know you don’t know.
And if internal fraud risk is top of mind after watching this episode, download our free resource: The CFO’s Guide to Small Business Fraud Risk Assessment & Prevention — a practical guide to identifying and closing the gaps that leave small businesses most exposed.
Follow The Series:
This is part of an ongoing series of conversations with experts who help business owners build stronger, more resilient companies.
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