Preparing for a Business Insurance Application
Being prepared! A motto that has served the Boy Scouts well and it will serve you well too. Having the necessary information prepared ahead of time will make your application not only go smoother, but it will also help to assure that you get the RIGHT coverage at the BEST price.
Do you really want your insurance agent guessing at the answers? Here are a few tips to help you prepare the necessary information for your application.
Loss Runs:
Order loss runs from your current insurance carrier. This is a listing of claims that you had for each policy. An insurance company is going to want to
see the details of the types of claims your business had. It will also list the frequency of claims and the amounts paid out. If you have had a favorable
loss history an insurance company is more likely to give you a better price.
Policy Declarations pages:
Get a copy of your current policies. The insurance company quoting your insurance is going to need to see what coverage you currently carry. Informaiton
like vehicle vin numbers and workers compensation codes are some of the items that are going to be needed to provide an exact coverage quote. Some business
owners feel it's neccesary to block out the premium on their policies. Some business owners show the premiums they are paying but let the agent know that
they have no intention switching unless they beat the price by a certan dollar figure.
Business Description:
It can be very helpful to the agent by giving them any information that you have that describes your business. The more complete the understanding of your
business the agent has the more accuratly he can tailor coverage to meet your needs. Brochures, websites, menues, & product literature are a few ways that
can help you in describing what your business does.