Getting an accurate, timely quote for potential or existing clients is one-way agents can help close the deal. By arming yourself with the right information before you even start the quote process, you enhance your chances of doing just that. Whether you take on the burden of the quote process entirely or allow business owners to enter information online to receive a variety of quotes, a complete data set is key. Here’s a look at the minimum information you should gather before getting a quote for business liability insurance.
The location of the business
This includes the physical address of the corporate or home office as well as any branches or stores the company may operate.
The business name
You’ll want the legal business name, although it won’t hurt to know if the company works under a DBA.
When current ownership began
While it’s helpful to know how old the business itself is, you’ll also need to know how long the current ownership structure has been in place. Ask the client when they purchased the business, for example.
The number of employees
How many full-time and part-time employees does the business have?
Names of all business partners
You need to know how the business is owned and who owns it. Is it a sole proprietorship, partnership or corporation?
Estimated revenue for the upcoming year
How much, based on past trends, current monthly numbers or business plan forecasts, does the company estimate it will make in revenue this year?
This is important for you and the quote process. If you have questions, you may need to get in touch with someone at the company quickly to ensure the quote process can continue.
Years in the industry
How many years of experience do the business and the owner have in the specific industry?
Operation and hazard details
Ask the business owner for a high-level overview of the business’s processes — what exactly does the business do? This helps you answer specific questions that might arise in the quote process. You should also find out if the business handles dangerous chemicals, performs installations for clients, works with potentially dangerous machines or involves any other risks.
Prior insurance claims
Have a list of any prior claims the company has filed with insurance companies, particularly when it comes to liability.
What type of coverage is the company looking for? Small business general liability policies usually range from $300,000 to $2 million, but various factors can contribute to that amount, including the value of the business assets and the desire of the owner to protect his or her personal assets. If the business has a commercial lease, ask if there are any provisions in it requiring a minimum amount of liability coverage, as this can be common.
When you’ve gathered the necessary information and are ready to get a quote for your client, you can log into the agent portal at American European Insurance Group or submit applications to the underwriter designated to your agency in order to begin the process. We work to make it as smooth as possible so you can get fast answers for your customers.