If you are a business owner time is money. With that in mind we have developed this checklist to help you gather the data needed to get a competitive general liability quote on a timely basis.
Basic Business Information
Information about the business is the starting point since it establishes the identity of the person or entity that will be named as the insured on the policy as well as key contact information for future correspondence.
Information Used to Estimate the Premium
To identify which companies are competitive and obtain a preliminary premium estimate, information about business operations are needed including: Nature of the business, products and services, property, annual revenue, number of employees and annual payroll.
Supplemental information may be required for certain industries that may be exposed to higher risks. For example, contractors providing remodeling, painting, cleaning, electrical work and other related services insurance companies will ask questions such as: What is the percentage of revenue from commercial properties including office buildings and stores vs. residential properties like apartments or townhomes? Is the business involved in new residential construction? Do any jobs involve excavation below 3 feet? Is any work done above 3 stories?
Information that May be Used to Get Premium Discounts
This section lists information and documentation that may help obtain premium discounts. These include credit history, evidence of current insurance coverages such as a declarations page, and reports showing a favorable clai
ms history. If the business already has a General Liability policy, a copy of this document will help speed up the process and insure the new quote matches with existing coverages for comparison purposes.
If your business is negotiating a contract that requires general liability coverage, you should provide your agent with a copy of the contract pages with the specific insurance requirements and samples of the certificates you will have to provide as evidence that your business is compliant. It’s highly recommended that you get a quote before signing the contract to make sure you price your services accordingly.
With complete and accurate information, the quote can be ready the same day it’s requested in most cases. For businesses in high risk industries the process may take a few days longer. For the best results give yourself at least a week before having to decide. With the right information on hand you, will not only get a faster quote but you will also get a competitive premium and the right coverages for your business.