THE ART OF BUSINESS AND INSURANCE
When you think of all the things that go into the art of successful business, you seldom think of Insurance. In fact, few people even like the subject.
Insurance though can play a pivotal role in your business success. Not having the right insurance can be a roadblock. With proper insurance coverage in place, you differentiate your firm in the market place. You not only protect your company, but also make it easy to do business with you.
The gig market place moves quickly and is highly competitive. Having insurance in place gives you a leg up on securing opportunities. This might take the form of a choice lease, winning a contract or attracting the right strategic partner. In short, proper insurance shows you have your act together.
Not all insurance though is created equal. The simple general liability policy (bodily injury and property damage) may not fully protect you. This is especially true if you are a designer, consultant, recruiter, project manager, coach or programer. You also need professional liability that protects you against claims for financial damage.
Often you will join other firms in pursuing opportunities. It’s important to make sure they have the proper coverage in place. They can evidence this by a certificate of insurance (one that ideally names you additional insured).
Success in business is often in the details. Knowing insurance basics are part of the art of business.