Risk Management Strategy Outlined at Small Business Solutions Hub

On Friday, April 17, the Springfield Area Chamber of Commerce hosted the second edition of the 2026 Small Business Solutions Hub series. The event, Beyond the Policy: Managing Risk, focused on how businesses can manage risks through insurance coverage and legal strategy.

The event began with a networking lunch sponsored by USI Insurance Services, followed by presentations from Mia Rivera, Commercial Insurance Provider at USI Insurance Services, and Pablo Valentine, Partner at Hershner Hunter LLP. Audience members had the opportunity to ask questions to the speakers during presentations.

Four Major Lines of Insurance Coverage
With a background in advising small and mid-sized businesses on insurance, Mia Rivera began the conversation with an overview of four major lines of coverage — property coverage, general liability, workers compensation, and professional liability — that businesses should utilize.

Rivera highlighted how property coverage accounts for the physical building and business personal property, as well as the lesser-known option of business income and extra expenses.

She also explained how general liability coverage can be used to cover financial losses from injury or property damage claims resulting from operations or products. The base for this insurance can cover incidents such as a customer slipping and falling in a store, with endorsements available as policy add-ons depending on business needs.

The final two major lines of coverage that Rivera outlined were workers compensation and professional liability. Regardless of fault, workers compensation covers the medical benefits and wage replacements for employees who are ill or injured due to workplace conditions. She noted that professional liability is especially applicable in industries where mistakes in executing services can be very costly.

Three Overlooked Lines of Business Coverage
Rivera recognized that certain insurance options are often overlooked by businesses, though they are essential to risk management strategy. This includes crime coverage, employment practices liability insurance (EPLI), and cyber insurance.

She explained that crime coverage is used to cover internal issues like theft and embezzlement. Businesses can also add EPLI as an endorsement to general liability policies for legal rights cases, such as wrongful termination and discrimination lawsuits.

“As your business grows, you’ll want to partner with a broker to review your risk management program and make sure that it’s meeting your current operations.” 

– Mia Rivera, Commercial Insurance Producer, USI Insurance Services

Due to the rise in cybersecurity attacks, Rivera emphasized the importance of cyber insurance to cover costs from data breaches and similar incidents. In response to audience questions, Rivera explained that cybersecurity insurance can be added to a general liability policy or be a stand-alone policy, with the option to add an umbrella policy for additional coverage.

Limited Liability Entities
The conversation shifted to the legal strategy behind risk management as Pablo Valentine presented on limited liability entities, written contracts, and employees.

Valentine outlined key considerations for businesses when structuring an organization, including differences between limited liability companies and corporations and what coverage the entities provide.

Limited liability companies do not protect against personal actions, as exemplified in the medical industry by malpractice suits. He highlighted that individuals can also be held personally liable and two entities can be treated as one organization through piercing the veil. To avoid this, businesses should document decisions from strategy meetings and maintain separation of entities.

Written Contracts
Valentine noted the importance of written contracts to protect businesses from risk. Contracts should provide a thorough, accurate breakdown of agreement terms. By developing contracts with a lawyer, business owners can make informed decisions and avoid creating poor quality documents.

“There is a real difference in the mindset between owning a business and working for a business, and it’s important to keep that in mind. Part of that is being comfortable with risk and making informed risk decisions.”

– Pablo Valentine, Attorney, Hershner Hunter LLP

Insurance and Legal Strategy
Valentine emphasized the connection between insurance and legal strategy in managing employee risks. For claim-based coverage, tail coverage protects businesses from claims filed after a policy is cancelled for incidents that occurred while the policy was in place.

While switching insurance plans or changing coverage, he noted that businesses should be aware of when policies extend to to avoid a gap in coverage. After an audience question, Valentine discussed how common it is for businesses to realize risks are not covered by insurance following an incident.

Both presentations demonstrated the importance of proactively developing risk management strategy in collaboration with insurance and law professionals to protect businesses.

Thank you to the event sponsors!
Small Business Solutions Hub is a free event series offered to members thanks to the generous support of Chamber sponsors and community partners. Thank you to the title sponsor, Kaiser Permanente, and the lunch sponsor, USI Insurance Services. Additionally, thank you to the Small Business Solutions Hub partners: Chambers Construction, Eugene Area Radio Stations (EARS), Hershner Hunter LLP, Insights Research Lab, Kaiser Permanente, OCCU, Springfield Utility Board, and WaFd Bank.

The full recording, “Small Business Solutions Hub – Beyond Policy: Managing Risk,” is available below and will also be housed in the Chamber’s Small Business Solutions Hub library.