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,…
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- Identify effective consulting contracting techniques.
- Explain how to evaluate an attorney for legal counsel.
- Compare and contrast different types of major contracts.
- List the major players in a contracting process.
- Define payment terms.
- Define warranties and liability.
- Scope a consulting engagement.
- Describe how to negotiate major contract points.