It’s likely that you’ve already heard about the importance of having comprehensive insurance coverage. That’s because your commercial insurance – especially the core types of coverage in a business owners’ policy – are the key for protecting your financial future when things don’t go as planned. However, for small businesses, general liability insurance delivers other benefits that go far beyond the coverage it provides. In fact, it can actually have a major impact on your company’s bottom line.
#1 – Get Recognized as a Serious Player
For small businesses, it can be difficult to stand out as a serious player in your field. Today’s digital age has made it possible for anyone to create a professional-looking website, and it’s become increasingly common for independent contractors and part-time freelancers to call themselves “small business owners.”
It may sound too simple to be true, but small businesses with general liability insurance (among other commercial coverages, of course), stand out as “real” businesses. It shows that you’re committed to your company’s growth and its future, and it signifies that you take your company seriously – so prospects and customers should, too.
#2 – Build a Reputation for Responsibility
Having general liability insurance for your small business not only makes it clear that you’re an established company, but it also communicates that you have your customers’ best interests in mind.
There’s an unfortunate reality that comes with doing business. Things can go wrong (and likely will, at some point), and someone will be responsible for the damages. Your customers can rest assured that if you or your employees are liable, you’ll have the means to make it right.
#3 – Enjoy Broader Contract Opportunities
Even though you may not be legally required to carry general liability insurance, it’s often a prerequisite for working with larger, established organizations. Many organizations require proof of coverage (aka a general liability certificate) before they’ll work with another company. That’s because most medium and large companies employ risk mitigation strategies to minimize their exposures.
In order to take the next step in your own business growth and access larger contracts, you’ll absolutely need to have solid general liability insurance.
Let’s Talk More About General Liability Insurance for Small Businesses & How We Can Help You Achieve Next-Level Growth
At Swarts, Manning & Associates, we provide a unique perspective on all of your commercial coverage options, and we help to determine which carrier best fits your business needs. We strive to find you the broadest coverage at the best available rate. Give us a call to get started: (833) 878-2820.
Each week, Swarts, Manning & Associates covers relevant topics for your business. Stay tuned to hear more discussions about managing your insurance and industry-specific tips.
