Business Insurance is more than an asset protector, its competitive advantage! Call it an elementary topic but some people intend to save nickels by avoiding insurance altogether but the savings is often not worth the loss of opportunity.
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Competitive Edge in Contracts and Partnerships
When competing for contracts or partnerships, having appropriate insurance coverage can give a business a competitive edge. Many clients or business partners require proof of insurance to protect their own interests and ensure that potential risks are adequately covered. By only working with clients that don't you forfeit the most lucrative opportunities.
Some landlords require business renters insurance for small stores and offices making your business responsible for certain types of damage. By having the necessary insurance policies in place, a business can meet these contractual obligations and gain access to valuable opportunities that may be closed off to uninsured competitors.
Having insurance makes a business more appealing and trustworthy in such situations.
Business Insurance Builds Trust
Insurance can enhance a business's reputation and build trust among customers, partners, and stakeholders. It demonstrates a commitment to responsibility and risk management, assuring clients that the business is prepared.
You know, the Better Business Bureau (BBB), that nonprofit organization focused on marketplace trust, they found that businesses that have the right insurance coverage often get higher ratings and scores for customer satisfaction. It makes sense when you think about it. Having insurance shows that a business is ready to handle unexpected situations and truly cares about looking out for its customers. It's a sign of preparedness and commitment to their best interests.
How Much is General Liability Insurance?
Employee Protection and Morale
Insurance coverage, like workers' compensation or health insurance demonstrates commitment to the well-being and safety of employees. This can enhance employee morale, attract and retain talented individuals, and create a positive work environment.
79% of employees would rather have new or additional benefits instead of a pay increase, & their favored benefit was healthcare insurance According to Glassdoor’s Q3 2015 Employment Confidence Survey
If you were looking for a job would you work for the uninsured company or the insured company?