How to prepare for a commercial insurance quote

Most delays in getting a commercial quote are not caused by insurers. They are caused by information arriving in pieces over two weeks. Gathering the following before you start turns a fortnight into a few days.

The basics every insurer asks for

• Legal business name, operating name and business structure
• What the business actually does, described in operational rather than marketing terms
• Years in operation and, where relevant, the owner's prior experience
• Annual revenue, and how it splits between types of work
• Number of employees and whether subcontractors are used
• Locations, and whether each is owned or leased

Assets and values

• Building value on a replacement cost basis, if you own the premises
• Contents, stock and equipment values
• A vehicle list with VINs and values, if the business owns vehicles
• Tools and equipment schedules for anything of significant value

History and requirements

• Three to five years of loss history, including claims that were closed without payment
• Your current policy, including the declarations pages and any endorsements
• Any contract that specifies insurance requirements, limits or wording
• Certificates you have been asked to provide, and by whom

Timing

Start about sixty days before renewal. That leaves time to approach markets properly, ask follow-up questions and make a decision on the merits. Files that start a week before renewal almost always end with the renewal being accepted by default, which is rarely the best available outcome.

If you have most of this and not all of it, start anyway. It is easier to fill gaps in an open file than to wait for a perfect one.