When negotiating insurance provisions, clients typically ask for very high insurance limits—but for small consulting firms, those limits can be negotiated downward. All insurance has a cost associated with it. If you accept limits that are too high, you end up spending too much on insurance. If your limits are too low, you save money but expose your business to excessive risk.
- Clients often ask for very high insurance limits,…but for small consulting firms, those limits…can usually be negotiated downward.…At Thought Leaders, I've had clients request…coverage limits of five million dollars…and even 10 million dollars.…Those policies would cost me a small fortune…to put in effect.…Most times I point out that those limits are excessive…given the services we provide are one-day training workshops…on general training topics.…
I've found all my clients have been willing to accept…lower liability limits, given the nature of our work.…That helps me keep my insurance costs down.…A good business insurance agent or broker…is definitely worth consulting to make sure…you're balancing these risks and costs.…When I first started Thought Leaders,…I had clients asking for very high insurance limits…and I went out and started getting quotes…for these policies.…Some of these policies were 4,000, 5,000,…10,000 dollars a year.…
I was pretty worried about the expense.…Fortunately, as I was getting quotes,…
- 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
- Mark as unwatched
- Mark all as unwatched
Are you sure you want to mark all the videos in this course as unwatched?
This will not affect your course history, your reports, or your certificates of completion for this course.Cancel
Take notes with your new membership!
Type in the entry box, then click Enter to save your note.
1:30Press on any video thumbnail to jump immediately to the timecode shown.
Notes are saved with you account but can also be exported as plain text, MS Word, PDF, Google Doc, or Evernote.