If you’ve been building your business for any length of time, you may have noticed that it is sometimes difficult to onboard new clients. Running your own company may be a dream come true, yet beginners and seasoned business owners alike run into this same problem. Sometimes business is slow, and sometimes new customers just seem hesitant to work with you. The best way to overcome new client hesitation is to present your company more professionally. And one of the best ways to do that is with business insurance.
Business Liability Insurance
This is a type of insurance that helps protect your business when specific things go wrong. It includes coverage for several different types of risks your business may encounter on a daily basis, including bodily injury, property damage, and advertising injury.
If a customer or third party claims physical injury or illness because of your business, the bodily injury section of an insurance policy will help pay for the associated medical costs. Likewise, if a third party believes your company is at fault for damaging their property, your insurance policy will help there too. It pays for court costs in the event of a lawsuit, for example, or settlement costs when agreements are made. It also pays to defend you if someone claims your advertising was harmful to them. Maybe they believe you infringed their copyright, or slandered them in your advertising.
Regardless of what the claims may be, having insurance to protect against them instantly makes your company more professional and appealing to new clients. A roofing contractor who carries roofer insurance is much more likely to win projects than one without, because the customer knows there is protection in place for a myriad of potential issues.
Business Auto Insurance
Another commercial coverage that helps lend more professionalism to your company is auto insurance. This is particularly helpful for general contractors and tradesmen, independent salespeople, photographers, catering companies, and more. Any business that involves travel to and from job sites, transports client materials, or otherwise uses a vehicle for business purposes can benefit from this coverage.
Personal car insurance does not normally cover accidents that happen when you’re using the vehicle for business reasons. If your company vehicle is involved in an accident, commercial insurance takes care of many different things. It can pay for the emergency care for accident victims, including employees that may have been passengers. It can pay for property damages if your driver was at fault. It can pay for repairs to your company vehicle if the at fault driver didn’t have insurance, or didn’t have enough to cover the extent of your damages. If you’re using a private car for company purposes, that type of insurance policy can help pay for similar things if an accident occurs.
There are many other options for business insurance that will take your company to a whole new level.
- Contractors can get insurance bonds that make them allowed to work in a specific town, county.
- Coverage is available that adds protection for completed work, so if something is wrong with your products or services in the future, the insurance helps pay for problems that arise from that.
- Rented and Leased premises coverage protects the building and property that your company rents or leases, and is sometimes required before the landlord will approve your application.
In each of these examples, the business insurance mentioned is designed to protect your company as well as your clients. It protects you buy taking care of problems that could be quite expensive to pay for out of pocket. It protects your clients by ensuring them they’ll be cared for if something bad happens. And giving clients that peace of mind is the key to winning their business.