Getting a business insurance quote

Everything you need to quote your small business

Few things are as frustrating as starting a small business insurance quote and not having the information you need. Avoid wasting time by gathering all essential information beforehand.

To get an accurate business insurance quote you’ll need:

The basics

Most commercial insurance quotes require basic information, including:

  • Business location and industry
  • Owner information and experience
  • Details of business operations
  • Gross annual sales

Details of your daily operations and where you conduct business are both considered when assessing your exposure to various risks. For example, a residential cleaning business operates differently from a commercial cleaning business. A residential cleaning business may specialize in cleaning bedrooms, bathrooms and floors, whereas a commercial cleaning business may focus on offices, machinery and retail spaces. Despite operating in the same industry, you can expect their small business quotes to differ.

Employee information

You’re generally required to carry workers’ compensation insurance if you have employees. Be prepared to provide:

  • Number of employees
  • Annual payroll
  • Subcontractor cost

It’s important to note that owners and partners are not considered employees.

Tools and equipment specifics

Add an inland marine endorsement to your business liability insurance quote to protect your building materials and equipment. A licensed commercial agent may request details regarding:

  • The various types of building materials you use
  • Tools and equipment valued over $1,000
  • Portable computer equipment

Properly valuing your assets is crucial in case you’re involved in a claim. Listing expensive tools and equipment will likely require the make, model, and serial number specifications.

What is inland marine insurance?

Inland marine insurance is coverage that protects transportable goods on land and inland waterways. Transportable goods can include building materials, tools, and portable computer equipment like tablets and laptops.

For example, a landscaper may want to insure a lawn mower and other tools with an inland marine endorsement since this equipment is transported to various job sites. Likewise, a carpenter can insure cabinets and other building materials to be installed at a job site.

Claims history

When receiving a commercial insurance quote, be prepared to discuss your claims history, including:

  • Number of claims in the past 5 years
  • Date of claims
  • Amount paid to settle each claim
  • Any E&O or monetary demands

You may be able to request a copy of your claims history from your insurance company if you’re missing information.

Property details

When insuring your commercial property through a business owners policy (BOP), you’ll need to provide:

  • Age of building
  • Square footage
  • Building construction type
  • Building safety features
  • Other occupants
  • Mortgage company information

Details of both the construction and use of your building can influence the price of your commercial insurance quote. For example, a fire-resistant building with automatic sprinklers typically has lower exposure than a building lacking these features.

Additional insureds

An additional insured is a person, entity, city or corporation who is listed on an insurance policy and shares many of the same rights as the policy holder. For example, they may receive a copy of any notifications you receive about your policy, such as a cancel notice.

You may be required to list an additional insured on your small business insurance quote. Be prepared to provide each entity’s name and address. Four organizations that usually require being listed as an additional insured include:

  • Vendors who sell your products
  • Lessors for equipment you lease or rent
  • Lessor of space where you operate business
  • Scheduled contracts or organizations

An additional insured can be added any time during your policy period. However, having this information available when you quote can help notify all affected parties once your policy is active.

The nature of your business will ultimately determine what you’ll need for a small business insurance quote. Don’t worry if you don’t initially have all necessary information. We can securely save your profile until you’re able to provide any remaining details. Complete an online business insurance quote, or call us directly to speak with a licensed commercial agent.

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