Are you in the process of getting quotes for your business insurance? It’s a good idea to shop around before you sign on the dotted line. However, to get accurate quotes, you must properly describe your needs and risk potential.
Here is some important information than an experienced insurance broker will ask for.
- Your industry or business category: Whether you are a contractor, retailer, in health services or professional services provider will determine the kind of commercial insurance and liabilities coverage you require. This helps ensure that your business has coverage for its specific risks. For instance, at The Nowell Agency, we have specialty package policies for contractors, apartment owners, distributors, agribusinesses, petroleum marketers, and more categories of businesses.
- Property information: If you own an office or building, a property insurance policy can cover the replacement value of your premises and/or its contents in the event of fire or smoke damage, theft, vandalism, etc. For adequate coverage, you must provide correct information about square footage as well as any equipment and inventory your premises contain. It might also be worth considering business interruption insurance as it covers the loss of income during a disaster or repair.
- Business vehicles: Commercial auto insurance protects business vehicles, their contents and drivers against damage and collisions. Provide your broker with a list of vehicles to be insured and the employees that drive them. Remember to state your current coverage amount (including deductible) and liability limits as well.
- General liability information: It is important to describe the nature of your operations and what you do. This will help protect you from lawsuits in the event that your product or employee causes damage or injury to a client or a third party. Include your annual payroll and sales figures as well. Contractors must also specify if they are sub-contracting work.
- Business-related claims: An experienced insurance broker will also ask you about any prior insurance claims you have made (including auto insurance) as well as if you have filed for creditor protection or bankruptcy in the past.
- Current insurance information: Provide details about your current business insurance policy including all the different types of coverage you have, such as, professional and product liability insurance, property insurance, worker’s compensation insurance, business interruption insurance, etc.
Enable Accurate Quotes for Your Business Insurance Today
Providing correct information about the nature of your enterprise and associated risks will help you get accurate quotes for business insurance. Once we have the details, the experienced brokers at The Nowell Agency can assess your liabilities to help you identify and purchase the coverage you need at economical rates. We work with many different insurance providers to obtain competitive quotes that will give you the best value for your business insurance dollars.