Businesses thrive when they have the ability and the knack to bring in more customers constantly. It doesn’t take a genius to realize that the more prospects you have, the more successful conversions to customers you’re likely to achieve. Businesses habitually indulge in different practices to garner more customers. This includes a specific focus on marketing and promotions, strategic partnerships with other brands and in some cases even celebrity endorsements. All this is done with the specific purpose of bringing in new customers.

However, an easy route that a lot of businesses have usually disregarded is insurance. There’s a good reason behind this, since not a lot of brands think of insurance as anything more than a safety policy to protect their interests in case something goes awry.

In fact, even most insurance agencies themselves consider their services as a means to provide protection to their clients to avoid incurring significant financial losses in case of an accident and nothing more.

However, having insurance has proven to be an effective way for small and medium sized companies to get new and lucrative contracts in the past few years. Several insurance options like the ones offered by Next Insurance makes it possible for businesses to represent a safer and more reliable option to their customers, thereby building their own credibility. And we all know how important credibility is in marketing.

Here’s how having Insurance can boost your chances of getting new contracts:

Market Demand

In recent times, there have been several legislations passed that require businesses to have a certain level of insurance. While not having insurance isn’t necessarily a crime, it would bar companies from dealing with certain clients. There are numerous corporations that have now begun making this a part of the whole negotiation process that requires all the other companies they deal with to have a certain level of coverage.

Usually, the bigger your joint venture is expected to be, the more coverage your insurance should have.

Another factor to consider here is that a lot of Labor unions demand this as well. There is always a chance that the workforce might sustain injuries while working on your site. They demand that both parties have adequate insurance coverage to ensure smooth payments of damages to the aggrieved parties.

Your Ratings

Having the adequate insurance coverage allows your company to have a certain “rating” in terms of insurance coverage. Whenever you’re applying for a government tender or contract, these ratings can be a game changer in terms of getting you the contracts. Not only do these ratings give off the impression that you’re serious about protecting your workers and staff members while on site, it also goes to show that you care about the financial risks related to workspace safety.

Financial Benefit

You’ll almost always end up saving more if you the appropriate insurance coverage if any of accidents occur on your property. While you can always opt to make payments out of your company’s coffers, they’ll likely cost more. Moreover, while there are instances when you may end up saving some money, it won’t gain you anything in terms of the market perception about your company. The bottom line will always be that without adequate insurance, companies that do take insurance and safety of employees on premises will be reluctant to work with you.