Your Guide to Getting a Business Insurance Quote

The first step in purchasing business insurance is comparing quotes. While each insurance company will have its own unique requirements, there’s generally some basic information that most insurers will need to provide an accurate quote. It’s also important to note the insurer will also request more information depending on the coverage you request and the type of business you operate. We have created a checklist of the information we generally will ask for when getting business insurance quotes.

Business Information

You will need to provide general information about your organization, such as name, address, phone number, etc. It is also important to let the insurer know what type of business you operate and how many years you’ve been in operation. Generally, the insurer will need the following:

• Business name

• Address

• Owner info

• Type of business

• Business size

• Industry

Employee Information

For most insurers to properly assess risk, they will need to know about your employees. How many employees do you have? What positions do they hold? Are there any seasonal workers? Gathering this data beforehand can save time when it comes time to get a business insurance quote. To accurately assess your business’s risk profile when offering coverage options, insurers typically need this information:

• Number of employees

• Annual Payroll

• Job descriptions

Legal Information

When requesting a business insurance quote, be prepared to provide your legal name, address, and contact information. You'll also need to supply your employer identification number (EIN) and any applicable business license numbers. If applicable, be sure to include the number of years you've been in business as well as any other relevant information about the industry in which your company operates. Insurance companies may request the following legal information:

• Specialized certifications or licenses

• Business Structure

• EIN

Insurance History and Claims History

Insurers will want to know if you've ever had any claims on previous policies or if any claims are currently pending against your current policy. It's important that you provide accurate and complete information about any prior insurance history or claims history related to your business so that insurers can best assess your risk profile. Insurers will need the following:

• Information about any accidents or claims in the past five years

• Amount paid for each claim

Business Description

Your insurer will want to get a general overview of what type of business you operate and what services or products it offers. This includes providing details such as the number of employees, locations (if more than one), gross annual sales figures, payroll totals, estimated production costs, and more. If there are any special circumstances related to your business operations, such as seasonal fluctuations or potential risks associated with hazardous materials, be sure to include those details as well. Be prepared to provide information such as:

• Information about business operations

• Gross annual sales

• Products/services offered

• Hazardous activities

Location Information

Insurance companies will need information about where exactly your business is located, including building type (e.g., office building/warehouse/retail store), occupancy (e.g., owner-occupied/leased space), square footage, construction type (wood frame/steel frame) and age of the building(s). Also, include whether or not the area is prone to flooding or other natural disasters like earthquakes or hurricanes so that insurers can take them into account when determining coverage limits and premiums for your policy. Be prepared to provide detailed property information such as:

• Construction type

• Square footage

• Age of building

• Other occupants

• Mortgage information

• Lessor of space

Getting a business insurance quote doesn't have to be complicated, but it does require some preparation on your part in order for the process to go smoothly and accurately reflect the individual needs of your particular business. When starting a business insurance quote with us, we don’t need all this information upfront. One of our licensed advisors will help guide you through a seamless application process to help your business get the coverage it needs.