Any business-to-business on-boarding process can come with a handful of challenges.

For the lender, considering a new vendor can often become quite a difficult process, but it doesn’t have to.

Let’s look at the first and foremost requirement, insurance.

  • Is your potential vendor properly licensed in all fields of operations?

This documentation should always be readily available from your potential vendor, however, what if their insurance does not meet your specifications?

  • Is your potential vendor willing to mold his or her current insurance to your requirements?

Any reliable vendor already has a specified set of insurance policies with set monetary amounts.

However, if the vendor truly wants to be on-boarded with your company, they will obtain the required insurance coverage your company requirements demand.

In fact, this is an early sign of eagerness to work. Most vendors who are willing to change and adapt their own policies in order to meet a potential clients’ demands are more likely to perform beyond expectation throughout the relationship.

This trend is seen across all industries.

A willingness and ability to change or to adapt is the most telling precursor to success.

  • Therefore, it is not necessarily always best, or even cost-effective, to disqualify a potential vendor on the basis of insurance right away. Observing how quickly and how willing the potential vendor is to adapt to your needs may serve you best!

This trait of adaptability will show up time and time again over the course of your business relationship, and it is a trait that all businesses need to exhibit if they are going to make a difference.