As I am certain you can confirm, there are a significant number of Contractors (potentially your competition) operating without Insurance. Unfortunately, many prospective clients do not consider this while reviewing proposals - they are just looking for the lowest price.
Using the example of an Electrician, if the Prospect does elect to hire an Uninsured Contractor they will be assuming a tremendous amount of risk. From the Small:
- An Electrician damages a flat screen TV while carrying a ladder in the house
To the Devastating:
- A house fire caused by a wiring mistake
This is why your Certificate of Insurance (COI) can help you secure more business. You can point to your General Liability Coverage which proves your clients are protected if they hire you.
Your business may have never had a claim, but mistakes can happen. The difference is, you are a True Professional, if the Prospect elects to hire you and a claim occurs, they will be talking with your Insurance Company adjuster within 24 hours who will send them the money necessary to handle all repairs and/or replacements.
If they hire an Uninsured Contractor, an Insurance company will not contact them and recovery from an Uninsured Contractor is highly improbable.
If you are operating without Insurance - get it. You can surely recoup the investment with additional business. Not to mention, at the time of a large loss I’ve witnessed an Insurance Policy become the biggest asset a person or business has!
If you'd like more information about Insurance for your Business or a free Insurance Proposal:
Do you understand what I am going for with that photo? Even though your bid is a bit higher, she's considering what you are telling her, and it sure looks like she's going to make the right decision. Aren't Stock photos the best?!
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