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Insurance Insights – Business Insurance Quote

February 27, 2017

If you own your own business, you may be looking for insurance, preparing your insurance for renewal or looking to improve your coverage; it’s time to get a quote.

Your MIG Insurance broker will manage the process of acquiring a quote by doing an assessment of your current coverage and needs, contacting insurance providers on your behalf and advising which coverage is the best fit for your company.

There are six common questions that brokers ask before starting a business quote; if possible have these answers ready for your broker to help streamline the process and get the coverage you need as fast and as painless as possible.

What are the business operations?

Providing the information about your business operations will help a broker understand the specific risks you may be exposed to.  For example, a gym will have different operations and exposures compared to a consulting business.

What is the annual business revenue?

Providing your broker with the annual business revenue helps gauge the amount of business conducted and determines their exposure in the marketplace.  This information is key in finding the right coverage for you.

Do you currently have business insurance?

This is part of a brokers risk assessment of your business.   With this information, they will advise if a business is over or underinsured and any exposures that you may need additional coverage for.

Updates to the business building or construction materials?

Full information about construction details and updates (renovations) to the building where a business operates out of will allow a broker to understand what physically needs to be protected in the event of a claim.

Itemized list of assets to insure?

In addition to covering the physical building, business owners have assets to protect, such as inventory or equipment.  Compiling a list of your assets will help you know what you need to protect, which is important information for the broker in the claims process. 

Claims history?

Claims history from previous insurance companies provides a broker with a validation of your insurance history.  This will enable the broker to find the best available rates for your business insurance needs.

Ready to talk about your business?  Get a quote now.

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