Clients typically insist that suppliers carry different types of insurance to protect the client from damages. This can include general liability insurance, auto insurance, workers' compensation and occupational injury insurance, and errors and omissions insurance. Know what kinds of insurance you need to adequately protect your business.
- Clients typically insist…that suppliers carry different types of insurance…to cover the client from damages.…Auto insurance is just like…your normal auto insurance policy.…Clients may ask you to list them as an additional interest.…This doesn't extend coverage to them…or allow them to make changes to your policy.…It simply means they're informed of policy changes…so they can ensure your policy is in effect.…Worker's compensation and occupational injury insurance…covers your employees if they're injured.…
Your client wants to ensure you're compliant with all laws…especially those governing how you treat employees.…This is one of those laws they want to ensure…you're compliant with.…If you're a sole proprietor,…you usually don't need to have this coverage.…Rather than trying to remove this clause from the contract…which can be difficult,…an approach can sometimes be adding the words…as required by law.…At Thought Leaders, we take that approach.…We're saying,…"If we're required by law to have this coverage, we will."…
- Major and minor contracts
- Registering as a supplier
- Setting pricing, payment, and other contract terms
- Insurance requirements
- Defining your project
- Negotiating the contract
Skill Level Intermediate
1. Start the Contracting Process
Register as a supplier2m 31s
2. Understand Contract Elements
3. Define Your Project
4. Negotiate the Contract
Next steps1m 18s
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