Posted on May 19, 2014
Purchasing commercial insurance requires a little business owner organization to properly prepare and plan for this vital insurance protection. Before meeting with your agent or broker, it is important to have certain paperwork and information available in order to get the most out of the discussion and to determine which insurance policies are the right ones for your business. Here are a few of the documents that will be needed.
Make sure to have a list of every location where your company does business. If the locations are leased, then bring along copies of lease agreements and the landlord contact information. If employees work offsite, then be sure to have a listing each employee and the address where they work. Additional information about the buildings is also important. Items such as what the building is constructed of, square footage, number of floors and any safety equipment are important to determining the right business insurance coverage and premiums.
If your company owns vehicles for employee business use, then you need to bring detailed information about each one including the VIN or vehicle identification number, make, model year, color and mileage. To properly quote commercial auto insurance, the agent or broker will need information on every vehicle not just cars so if your company uses trucks, road equipment, trailers or any other vehicle with a title, then bring that information as well. You will also need driver license information for every employee that operates a business vehicle. It helps to make copies and keep with employee records.
Owner and Employee Information
For certain types of coverage like health insurance and directors & officer?s insurance, the broker/agent will need information about each employee, owner or officer. This information should include names, addresses, family information, birth dates and social security numbers.
Banking, Financial & Credit Information
Insurance carriers need financial information in order to properly underwrite and assign rates to your company. This data also helps determine the right amount of insurance needed so you can avoid under insuring your business. Bring along credit, banking and financial records to help speed along the process of applying for commercial insurance coverage. This information should also include assets and liabilities of the company.
Existing Policy & Claims Information
If you are changing insurance coverage or carrier, then you will want to also include copies of existing policies. This will ensure that your insurance broker can cancel and replace coverage without any policy lapses. Insurers will also want to know your past claims history. Make sure to bring loss runs or history to your meeting. Having this additional information will help carriers accurately rate your business.