As a business owner, you’re naturally wired for action—not necessarily for planning what happens when unexpected life events strike. In our latest episode of the Stride 2 Freedom Speaker Series, insurance specialist David Fain from MCM Insurance joins host Russell Benaroya to explore why insurance isn’t just paperwork—it’s peace of mind, financial resilience, and future-proofing your business.
Why Insurance Matters More Than You Think
David shares a deeply personal motivation for his work: when his mother was diagnosed with Lou Gehrig’s disease during his college years, his father’s foresight in purchasing a long-term care insurance policy meant the family could focus on caring—not scrambling for funds. It wasn’t an abstract statistic anymore—it was real, immediate relief at a vulnerable moment.
This story underscores the emotional and practical value insurance brings to business owners: it’s about preserving your family’s security and the business you rely on.
Three Types of Insurance Every Business Owner Should Understand
- Life Insurance – Think of it as “buying time.” If life throws you an unexpected curveball, this payout can help your family and business stay afloat.
- Disability Insurance – What happens if you’re unable to work due to injury or illness? This policy is your income safety net, preventing you from falling behind on crucial obligations.
- Long-Term Care Insurance – Medical insurance often covers short-term needs only. For extended care, the costs come out of your pocket—unless you have this protection in place.
Barriers Business Owners Face Around Insurance—and How to Overcome Them
Business owners often delay insurance planning because:
- They’re juggling so many priorities they “just don’t have the bandwidth” to sit down and strategize.
- They update ownership structures (new partners, family members, key employees), but neglect to fund the agreement—so there’s no financial backup if the unexpected happens.
David explains that it often takes a legal or accounting review—when documents are being updated—to prompt clients to ask, “If everything changed tomorrow, do we have the right measures in place?”
Common Surprises About Insurance
Many business owners are relieved to discover:
- Insurance is far more affordable than they think. The cost doesn’t vary based on where you buy it—pricing is set at the carrier level.
- Advisors don’t cost more. Working with someone like David doesn’t add to your bill—it simply offers clarity, efficiency, and a smoother process.
- Competitive markets drive better pricing. If multiple carriers are vying to insure you, the prices can actually be quite favorable.
How David Fain Helps Clients Navigate Insurance
David’s approach is refreshingly human:
- He speaks insurance in plain English, keeping complex jargon out of the conversation.
- He encourages business owners to start with the problem at hand—then evaluate all possible solutions, with insurance often as the safety net.
- He works collaboratively—with permission only—to guide clients through choices that align with their values, families, and business goals.
Insurance in the Modern Age: What’s Changing
The insurance industry isn’t known for fast innovation—but two notable changes are underway:
- Digital underwriting: No more shutting your day to get medical exams—it can now happen seamlessly online.
- Self-service policy tools: Some carriers let clients explore and purchase coverage directly, on their own timeline.
Why Now Is the Time to Act
David reminds us that life evolves—new partners, changing ownership percentages, and business growth all demand regular check-ins on insurance needs. Reviewing your agreements today ensures that everything is aligned with your present—and your future.
Quick Takeaways
- Tell “What if?” stories—both personal and financial—to make planning more compelling.
- Make insurance part of your regular legal or ownership review process.
- Reach out to a trusted advisor who can translate insurance into clear, useful action—not jargon.
- Keep an eye on evolving options—digital underwriting and online policy platforms are making insurance more accessible than ever.
Conclusion & Next Steps
If you’re a business owner—or advising one—remember this: insurance isn’t an expense—it’s an investment in continuity. Starting early, asking “What if?”, and choosing the right coverage can protect not just your business, but the people who depend on it. Schedule a legal or advisory review today and let that be your invitation to secure your future.
Who should I interview next? Please let me know.
In this Freedom Speaker Series episode with David Fain, you will learn:
- How to utilize insurance to increase confidence in your security and financial future
- The difference between various type of insurance policies business owners should consider
- How to prioritize the options between these insurance policy options
- Why it’s so important to consider protecting your assets from day one
We are fortunate to have David available to spend time with us on this edition of Stride 2 Freedom. If there is a speaker you’d like us to interview, let us know. Stay well. Stay safe. Stay healthy.
Show Notes and Links From Episode:
David Fain LinkedIn
MCM Insurance
Episode Transcript:
Podcast: The Value of Insurance for Business Owners with David Fain
