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.