Business Insurance Quote Process - How to Get Them

Regardless of your business's niche or industry, it's vulnerable to many potentially costly threats, including fire damage, customer or employee theft, lawsuits, and more. Knowing when to get your business the coverage it needs is an important first step. Next, you'll need to understand how to find business insurance quotes. Fortunately, it's a fairly simple process, and we're here to walk you through it.

A local independent insurance agent can even find business insurance quotes for you. They can shop and compare policies and rates from several different carriers in your area and present you with only the best business insurance quotes. In the meantime, you can follow this easy guide to getting business insurance quotes.

Step One: Decide How You'll Get a Business Insurance Quote

There are three main ways you can go about finding business insurance quotes. Your options are as follows:

1. Compare several quotes at a time via an online marketplace.
2. Compare quotes one at a time by visiting individual insurance company websites.
3. Work with an insurance agent or broker who can compare policies and rates for you.

You might want to compare several quotes before ultimately choosing your business insurance policy. If you work together with an independent insurance agent, this process is essentially done for you.

Step Two: Determine Your Business's Budget

Before you start comparing business insurance quotes, you'll need to have an idea in mind of how much your company can afford to spend on insurance. Consider how much your business would be able to afford to pay out-of-pocket in case you had to file a claim. This number will factor into the deductible you select. 

Higher deductibles can mean lower monthly or annual policy premiums, but you'll have to spend more of your own money per claim before getting reimbursed.

Step Three: Gather Important Information

When shopping for business insurance and comparing quotes, you'll also need to be ready with some important information about your company and its potential coverage needs. Having these details prepared before you start the quote process can help streamline the experience. 

Be familiar with the following information about your company when looking for business insurance quotes:

• Your business's annual revenue
• Your business's industry
• Your business's annual payroll
• Your business's address
• The number of employees your business has
• The number of years you've been in business
• The estimated value of commercial property your business has
• Specific details about any company vehicles, including makes and models
• Any business insurance claims history from the past three to five years

Whether you're shopping for business insurance online or working with an independent insurance agent, you're likely to need the same information on hand. All of these factors can impact the cost of a business insurance policy.

Step Four: Get Business Insurance Quotes

Once you've determined your business's budget and gathered all the important information you'll need, you can move on to actually finding business insurance quotes. Now, you'll proceed with the method you've chosen for getting business insurance quotes. 

Finding Business Insurance Quotes via an Online Marketplace

If you've decided to visit an online marketplace, have the information you prepared about your business ready and implement it on the website. Just keep in mind that your coverage options may be limited if you choose this route, depending on which marketplace you visit. 

Some online marketplaces have larger catalogs than others, so you may want to do some research on which one to use beforehand. It's also helpful to understand that some online marketplaces allow you to enter your details online, but you'll still have to wait for a call back from a live representative before you're able to get your quotes.

Finding Business Insurance Quotes via Individual Insurance Company Websites

If you're going the way of individual insurance companies, now's the time to start plugging your business's information into some of the most reputable carriers' websites. You can easily find out which carriers offer coverage in your state by doing a quick search. 

It's also wise to compare official reviews by organizations like AM Best, the Better Business Bureau, and J.D. Power for any insurance companies you're interested in before requesting quotes. Pay attention to customer reviews, too. 

Many insurance companies allow you to request quotes online, but not all. Some require you to call the carrier and talk directly with a live agent. 

Further, some carriers might allow you to input your data online but require you to actually speak with them to get the final quote. Regardless, it shouldn't take more than a few minutes to enter the information required to get business insurance quotes on carrier websites.

Finding Business Insurance Quotes by Working with an Insurance Agent or Broker

You have a few options for getting business insurance quotes if you want to enlist the help of a professional in the industry. An insurance broker works on your behalf to compare quotes from any carrier you're interested in. They typically earn a commission for their work. 

Insurance agents, on the other hand, often represent the insurance company they work for. Some agents work for and represent a single insurance company, so they won't be able to provide you with business insurance quotes from any other carriers.

An independent insurance agent is free to provide you with quotes from multiple insurance companies. These agents aren't tied down to one carrier, so they work with their customers to find the best coverage at the most affordable rate. Not only can an independent insurance agent simplify the process of finding several business insurance quotes for you, but they can also help you apply for coverage, find any business insurance discounts you qualify for, and maintain your policy once you have it.

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An Independent Insurance Agent Can Help You Get Business Insurance Quotes

As previously mentioned, independent insurance agents can help find several business insurance quotes from different carriers for you. These agents are free to shop and compare policy options, rates, reviews, and more from any carriers that offer coverage in your area. And down the road, they can also help you file business insurance claims and update your policy as necessary.