If you’re a business owner, you may be searching for insurance, preparing for your insurance renewal or looking to improve your coverage. All of these scenarios involve a business insurance quote.
“We recommend customers review their business insurance at least 90 days from their insurance renewal date,” said Grant Clarke, BrokerLink commercial insurance manager. “It can be difficult for business owners to find time to search for insurance or contact insurance providers for quotes. We manage the process by doing an assessment of their current coverage and needs, contacting insurance providers on their behalf and then advising them on the best coverage for their business.”
There are six questions brokers often ask when determining a business insurance quote. If possible, answer these questions before you contact a broker. This will give a broker a head start in finding insurance tailored to your business.
Six questions brokers often ask when providing a business insurance quote
What are the business operations?
Information about business operations helps a broker understand specific risks a business faces. For example, a flower shop will have different operations than a consulting business. These unique operations create unique risks, which will determine what insurance coverage will protect the business.
What is the annual business revenue?
Providing brokers with annual business revenue helps gauge the amount of product or service a business sells and their exposure in the marketplace. When a broker contacts insurance providers, this information will help them determine what insurance fits the business.
Do you currently have business insurance?
Providing a broker information about current business insurance coverage is part of their risk assessment. With this information, they will advise if a business is over or under insured and additional coverage which may be required.
Have there been any updates to the business building or construction materials?
Information about construction details and updates (i.e. renovations) to the building where a business operates allows a broker to understand what physically needs to be protected in the event of a claim. This specifically relates to Business Property Insurance.
Do you have a list of assets you would like to insure?
In addition to the physical building, business owners have assets to protect (such as inventory). Compiling a list of assets helps business owners keep a record of what they need to protect, which is important in the claims process. In addition, a loss-prevention plan is a great way for business owners to create strategies to prevent asset loss.
Do you have claims history and claims experience letters?
Claims history and experience letters from previous insurance companies provide a broker with validation of your insurance history. This enables the broker to find the best available rates for your business insurance needs based on the history.
More business insurance tips and information
While you’re preparing to contact a broker, or, if you’d like to brush up on commercial insurance, here are some resources:
Reach out to a BrokerLink broker for a business review today.