For a potential buyer, purchasing products in bulk traditionally results in lasting benefits and usually poses some sort of advantage as opposed to single purchases. Whether that is saving money, getting things for free, or some other hidden perk, bulk buying is something that is usually helpful for the one paying for products. This concept can be said across the board in many commercial markets, and we will discuss its relevance when discussing insurance.
Insurance is one of those necessary, if not a little irritating aspects of life that cannot be ignored, and when discussing businesses, professional indemnity is crucial. Large or small, businesses require certain policies to protect them in any cases of error or damages that result in financial loss, and concerning contractors for example, its necessity is essential.
Business news is full of stories concerning contractors, some offering hints and tips, and others revealing tricks of the trade, but amongst these, there are often vital insights that contractors should never ignore. Contractor insurance can be a nightmare for those in the industry, from choosing relevant products to calculating levels of indemnity, the rigmarole of choosing the right insurance often stumps the best of us.
In the modern age of business, the internet is king. Scrawling through endless forms and waiting on everlasting phone holding lines is a thing of the past, with around 99% of trade (concerning the insurance market) taking place online. Because of this, the process of purchasing policies has been greatly improved and is very easy to complete. This is relevant concerning bulk buying, the ability to compare and combine contractor insurance packages is now common and encouraged, but are there any benefits?
The truth is, that when buying most products, purchasing multiple items provides a potential benefit, and regarding contractor insurance this is very true. Having multiple insurance policies under one secure umbrella is a great way in which contractors can be sure that their professional indemnity and finances are safe. Not all insurance providers offer discounts or financial advantages, but the existence of multiple insurance products makes the policy holder a valued and looked after client to the insurer.
Contractors are in great need of insurance, though it may grieve them to admit, as their professional status requires them to carry sufficient cover. This is because of a number of reasons, one being that because they are self-employed, they are not protected by any overshadowing cover from an employer. Another reason for such a great need for insurance is that because sole shareholders of their limited companies, contractors are held totally liable for any mistake or professional error that may incur financial loss to a client.
Basically, the stakes are high within the contracting profession, and insurance provides a great help to their peace of mind and stability, making options such as bulk buying an attractive concept.
‘For I know the plans I have for you,’ declares the Lord, ‘plans to prosper you and not to harm you, plans to give you hope and a future.’ – Jeremiah 29:11
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