A veteran owned small business has the potential to become a very successful, lucrative venture, but building a clientele that can bring a business to that next level can be difficult. For many entrepreneurs, it can be a challenge to continuously grow profits. An owner needs to be able to freely secure contracts with clients that will lead to an increase in revenue. In most cases a contract is required for the veteran owned business. Within these contracts the hiring party will require a certificate of insurance where liability and large losses are a risk. Below are the 4 common questions about veteran owned small business certification.
What is a certificate of insurance?
A certificate of insurance is a document issued by your broker or carrier that details the types and limits of coverage, the issuing carrier, the policy number, the named insured, and the effective dates.
Why does a veteran owned small business need this?
A certificate of insurance is often required by owners and contractors to win contracts. The potential client needs to know that the owner of a small business has liability insurance and workers compensation etc… so that the client may not be held liable for any damages, injuries, or substandard work.
How does this help my small business?
Securing contracts means additional revenue. Additional revenue means continued profit growth. When a company is insured correctly it creates the freedom to go after larger ventures. It is important for a veteran owner to contact an insurance professional that can help with the specific coverage’s and keep costs down.
What types of basic coverage should a veteran small business owner have?
To start the basic package should include general liability insurance and property coverage, worker’s compensation, commercial automobile, and any professional coverage that may be recommended based on what type of business is being operated.