4 Ways to Grow Your Business with General Liability Insurance
General liability insurance will protect your business, but it may also be good for business. Find out how.
How To Grow Your Contracting Business
You might know that it’s a good idea to buy insurance to cover yourself in case of accidents or lawsuits, and that’s true. But did you know that buying the right general liability insurance can actually help you build your business, grow trust in you work and even help you get more customers? Good insurance can be the foundation of your success. Here are four ways that insurance can help your business thrive.
1. Companies with good reputations
In the business world, your name is everything. Clients ask each other for recommendations, and word of mouth is the best advertising around. When you have good general liability insurance, you make your good name even better. Valid, solid, general liability insurance provides potential customers proof that you’re responsible. It makes potential clients feel safe and willing to trust you with their critical home repair job or massive home remodeling project.
When customers are choosing between businesses, they are more likely to choose the first business, and reduce their risk in case of an accident. A valid certificate of insurance is a way of reassuring your clients that you take responsibility for your mistakes. It’s a document, virtual or electronic, that shows that you have coverage, and provides some details of that coverage. Every customer knows that accidents can happen, no matter how careful you are. Up to date liability insurance expresses that message better than a thousand words.
2. Build confidence
When you’re just starting out as a business owner, it’s natural to feel nervous. You want to branch out into new fields and expand your business to work on big, high-paying jobs. But you also worry about whether you have the resources, skills, or experience to complete those jobs successfully.
You can think of business insurance as your own personal set of training wheels. When you know that your general liability insurance is up to date and fully comprehensive, you’ll be better able to focus on the task at hand, making sure every customer is happy with your work. If the insurance company has your back, it gives you the confidence to stretch yourself. You’ll feel able to put in a bid for that huge building project, or to propose your business to a hard-to-please client, because you aren’t scared to try.
3. Construction Bids
Imagine hearing about a large project in your area that’s about to open for bids. A call for bids has gone out from one of the biggest construction companies, and it’s for exactly what you do. You know could knock this one out of the park with your combination of resources, hard work, and knowledge. It could be the project that seals your reputation.
There’s just one problem. Projects of this size won’t even look at your bid unless you have a valid, up to date certificate of insurance that covers your business and can add the site as an additional insured. Without that, no matter how many glowing customer reviews you can show or how many successful builds you have to your name, your bid just won’t be taken seriously.
Thankfully, that’s not a problem at all, because you make sure that you always have the right insurance for your business, your equipment, and your workers. You know how to get a new copy of your certificate of insurance, with an additional insured, and you place it on the first page of your bid. Nothing can stop you now.
4. Grow your business
Once you’ve chosen the right insurance policy for your business, and paid your premiums, insurance is something you can set and forget. The reason you have insurance is to stop you from spending mental energy worrying about the ‘what ifs’.
Good business insurance sits in the background and protects you from the things that might go wrong. You have enough to think about without having to plan what you’ll do if someone injures themselves on your worksite, or an employee accidentally treads on your client’s heirloom tomatoes. With solid general liability insurance behind you, you can focus on making your business thrive.
Just make sure you pick a policy you can pay for monthly, so you’re not stuck with a large payment once a year. Some insurance companies will offer that option for no extra fee, while others will charge for it. It’s worth asking about when you buy your policy.