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Looking for another “value-add” to promote to prospective clients?  Believe it or not, if your firm is properly insured, you already have another valuable sales tool.  Sounds far fetched, you say?  It isn’t at all.

In most cases, before an underwriter will offer coverage for a project, they require proof of insurance for everyone involved.  As such, there is a growing trend toward requirements for proof of insurance as a pre-requisite in RFP’s.  This is the first opportunity.

Competitive Advantage

When you are responding to an RFP and can include proof of insurance, you have made the clients job one step easier.  They don’t have to ask for it or follow-up while you attempt to put coverage in place or track down paperwork.  Frankly, I look favorably upon anyone who can make my job easier and I would suggest that in this fast-paced world we live in, we all look favorably upon those who are proactive.

Image

The second benefit to those who are proactive in acquiring insurance, is image.  Certainly it creates the impression of being a “good corporate citizen”.  This must be further substantiated through best practices and professionalism, but this is a good indicator to a prospect that doesn’t know your firm well.  As business owners,  we know that we must create value in our personal or corporate image in order to sell to others.  When you insure your business, it says to others that you have something of value.  You are serious about your business because it is of tremendous value and by insuring it properly, you convey that image to your client.

Financial Security

The third benefit is that you increase your client’s financial security.  Despite the fact that you are buying insurance with the intent of protecting your firm, there is direct benefit to your clients in a number of ways.  To begin with, financing for a project often requires proof of insurance before loans will be dispersed, and in order to get insurance in place insurance carriers frequently require proof of insurance from all who are contracted to said project before they will offer coverage.  It also affords the client the peace-of-mind of knowing that, should something occur that is covered by your Errors and Omission or Commercial General Liability policy, an insurance company will respond rather than having to become embroiled in a bitter legal battle to recover losses from a private citizen or firm.  And, it confirms to your client that if a difficulty occurs with a completely separate project your firm is involved with, they are less likely to be adversely affected by it because your insurance company will respond, better enabling you to complete their project without interruption.

There are all too many reasons to insure your business to protect yourself.  But, there are also many ways to spin this into a direct selling feature to your clients to gain maximum benefit from your insurance investment.  When one adjusts their perspective slightly, they see that, in addition to protecting your own business, insurance can give you a competitive advantage, increase the financial security you extend to your clients while enhancing your professional image.