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Understanding Insurance Requirements to Bid On Government Contacts

Understanding Insurance Requirements to Bid On Government Contacts

What kinds of insurance do you currently have?

If you’re like most people, health insurance is high up on that list. If you drive a vehicle, then car insurance should be up there too. Life insurance, home insurance, the list goes on and on. Without these forms of insurance, you could end up in big trouble if the worst was to come to pass. 

As a small business owner, you also need to have certain kinds of business insurance to protect both you and your company. There are also times when you might need insurance, not just to protect yourself, but the organizations you’re working with. Organizations like, say, government agencies?


Working With Government

Suppose you’ve been following Jean Kristensen Associates for a while. In that case, you know all about how working with government agencies can be exactly what a moderately successful MWBE needs to boost their bottom line and grow their business. Of course, that doesn’t mean it’s easy to land a government contract.

The first step is to start looking at Requests for Proposals sent out by government agencies. These RFPs will lay out exactly what the agency is looking for, allowing you to evaluate the scope of the work, requirements, and if your business can meet them. Responding to RFPs is a massive topic, all on its own (one that we’ve covered in the past and will cover in the future). But I want to focus in on a specific area today: insurance. 


Why Do I Need Insurance?

To successfully land lucrative NYS and NYC government contracts, your small business will need to meet all of the requirements laid out in the Request for Proposals, and that always includes insurance. Insurance isn’t just to protect your interests and cover you in the case of an emergency, but to ensure that the organization you’re working with is also protected. 


The Understanding Insurance Requirements Workshop

Understanding and meeting insurance requirements for RFPs is a complicated and often confusing topic. That’s why it’s the subject of my next free MWBE seminar with the NYC Department of Small Business Services.

We will be holding the Understanding Insurance Requirements Workshop on September 16th, between 10 AM to 12 PM. If you are confused about the types of insurance you may need, whether you need the insurance at the time of bidding, or where to shop for it, I’m here to answer your questions. In detail, we will be covering topics like:

  • Overview of Business Continuity & Disaster Insurance Coverage
  • Best Practices for Meeting Insurance Coverage requirements on government contracts
  • Overview of the different types of insurance coverage available for businesses.
  • Understanding of how insurance policies are quoted.
  • Common Insurance Forms and Terms

Even though businesses have mostly reopened, we’re going to keep our MWBE workshops virtual for now. Not only does it keep everyone safe, but it also allows us to reach out to even more people. After all, there are only so many people you can fit into a room with 6 feet between them! Plus, who wants to wear a mask for the two hours straight, if they can help it?

So, be sure to register ASAP for this important MWBE workshop. We will be holding many more throughout the year, so if you want to learn everything about how working with government agencies can provide some stability to your business’ profitability, stay tuned!

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