How to Get a Small Business Insurance Quote

Everything You Need to Get Your Small Business Quote: Few things are as frustrating as starting a small business insurance quote and not having the information you need. Avoid wasting time gathering all the essential information beforehand. To get an accurate business insurance quote you will need:

The basics about insurance quotes

Most commercial insurance quotes require basic information, including:

  • Location of companies and industry
  • Owner information and experience
  • Details of business operations
  • Gross annual sales

The details of your day-to-day operations and where you carry out your activities are taken into account when assessing your exposure to various risks. For example, a residential cleaning business operates differently than a commercial cleaning business. A residential cleaning business may specialize in cleaning bedrooms, bathrooms, and floors, while a commercial cleaning business may focus on offices, machinery, and commercial spaces. Despite operating in the same industry, you can expect your small business quotes to be different.

Employee information

Generally, you are required to have worker’s compensation insurance if you have employees. Be prepared to provide:

  • Number of employees
  • Annual payroll
  • Subcontractor cost

It is important to note that the owners and partners are not considered employees.

Tools and Equipment Specifications

Add an inland boating endorsement to your liability insurance quote to protect your construction materials and equipment. An authorized commercial agent can request details on:

  • The different types of building materials that are used
  • Tools and equipment valued over $ 1,000
  • Portable computer equipment

Proper valuation of your assets is crucial in the event you are involved in a claim. The list of expensive tools and equipment will likely require the make, model, and serial number specifications.

What is land maritime insurance?

Land maritime insurance is coverage that protects transportable goods on land and in inland waterways. Transportable goods can include building materials, tools, and portable computing equipment, such as tablets and laptops.

For example, a landscaper may want to insure a lawn mower and other tools with an inland navigation endorsement, as this equipment is transported to various job sites. In the same way, a carpenter can secure cabinets and other building materials to be installed on a job site.

Claim history

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

  • Number of claims in the last 5 years
  • Claims date
  • Amount paid to resolve each claim
  • Any Errors and Omissions or monetary demands

You can request a copy of your claims history from your insurance company if you are missing information.

Property details

When insuring your business property through a business owner policy (BOP), you will need to provide:

  • Construction age
  • Square feet
  • Type of construction
  • Building security features
  • Other occupants
  • Company mortgage information

The details of your building’s construction and use can influence the price of your commercial insurance quote. For example, a fire-resistant building with automatic sprinklers typically has less exposure than a building that lacks these features.

Additional insured

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

You may be asked to include an additional insured in your small business insurance quote. Be prepared to provide the name and address of each entity. Four organizations that are generally required to be listed as an additional insured include:

  • Sellers who sell their products
  • Equipment leases that you lease or rent
  • Landlord of the space where you operate your business
  • Scheduled contracts or organizations

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

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