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The process of obtaining a business insurance quote can seem like a daunting task for most business owners or managers. Gathering accurate and adequate information is the most important aspect of the quoting process. Critical underwriting information comes from the following sources:

  • The application
  • The account manager
  • Financial rating/credit scoring
  • Inspection reports
  • Financial statements

The most common source of underwriting information comes from the insurance application. Most business insurance applications require underwriting information such as:

  • Name and address of business
  • Number of years in business
  • Number of employees
  • Total company payroll
  • Current insurance information
  • Policy renewal date
  • Annual revenue/sales
  • Current insurance company
  • Claims history
  • Location details
  • Number of employees
  • Description of operations
  • Amount of coverage required
  • Number of limits required
  • Contractual liability obligations
  • Website address

In most cases the more information that is provided to your insurance company, the better chance you will have at securing the most competitive premiums available.

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