Demystifying Insurance Quotes: 8 Things Needed for an Easy Commercial Insurance Quote.

As a business owner, you understand the importance of protecting your business and employees from potential risks; but you’re also busy and can’t waste a lot of time thinking about insurance. If you and your agent are in the process of obtaining insurance coverage for your business, you may wonder what information is needed to receive a fast and accurate quote.

Well, read on and we’ll demystify the process by outlining the key details that are typically required to obtain a business insurance quote. This will ensure that you have all the info you need handy and give you some insight into why you may need to dig documents out of that dusty file.

  1. Business Information: The first pieces of information that insurance companies require are your business details. These includes your business name, address, contact information, date the business was started, legal entity number (e.g., DOT, MC#, FEIN), and legal structure (e.g., sole proprietorship, partnership, corporation).
  2. Nature of Business: Next, insurers will ask for details about the nature of your business operations. This may include information about the type of business you operate, the products/services you offer, and any unique risks or exposures associated with your industry. This information helps insurers understand the specific risks your business faces and customize your coverage accordingly.
  3. Business Assets: You will need to provide a comprehensive list of the business assets that you want to insure. This may include buildings, vehicles, equipment, inventory, and other valuable property. Be sure to include detailed information about the value, age, condition, and location of each asset.  If there is an identifying number like a VIN or serial number, please include that too.
  4. Number & Type of Employees: The total number of employees in your business, including both full-time and part-time employees, and what jobs they do is a critical factor in determining your insurance quote. Insurers need this information to assess the size of your workforce and calculate the potential risk exposure. Different job classifications may have different risk levels, and insurers use this information to determine appropriate coverage limits and premiums.
  5. Payroll & Revenue Information: Insurers will ask for an estimate of your annual payroll expenses for each job classification within your business as well as the revenue information by line of business.
  6. Existing Coverage: If you currently have business insurance policies, insurers will ask for details of your existing coverage, including the insurance company name, policy number, and coverage limits. If you do not have existing coverage, please explain why. If you are a new venture let them know that, as well as how much experience you have in similar ventures. This information helps insurers understand your current coverage and tailor the quote accordingly.
  7. Loss History: Insurers may inquire about your business’ previous claims experience, including the nature of the claims, dates, amounts, and outcomes. Please be prepared to provide explanations on any open or large claims.
  8. Additional Information: Lastly, insurers may ask for any other specific details or requirements specific to your industry. Feel free also to provide them with any information you would like them to consider in providing your insurance quote. This may include any additional coverage needs, risk management practices, specific endorsements, or customization options you may require. Think “Why is your risk better than any other risk? What is different about you? What is the one thing you really want them to know?”

While the amount of information needed will vary by coverage, providing accurate and complete information is crucial in obtaining an accurate quote for your business.

A little preparation will help your partners at Insur-Fi review your details and provide you with a customized quote tailored to meet your business’ insurance needs. By providing accurate and complete information, you can ensure that you receive an accurate quote, minimize the time spent answering follow-up questions, and obtain the appropriate coverage for your business. Please don’t hesitate to reach out with any questions.

Contact Daniel Hausman for more information about Insur-Fi.