As a business owner, purchasing commercial insurance is one of the best ways to protect your company from liabilities. The application process, however, can be difficult.
Applying for insurance often requires showing documentation about your company, such as your prior insurance history. Knowing what to expect during the insurance application process can help you obtain commercial insurance faster and easier.
Documenting Past Claims
If a new insurance company requests information such as insurance loss runs, it is up to you to give the company this information as quickly as possible. Some of the information you provide may have an impact on your policy, including how much you pay.
Insurance loss runs are reports your existing company can provide for you to pass on to the new insurer. Loss run reports list all the claims you made with your existing company. The new provider will use insurance loss runs to analyze how many claims you submitted, the reason for the claims and how much the insurer paid out. Most companies ask to see three to five years of loss history.
Filling Out Application Paperwork
On top of obtaining documents for your new insurance company, you will also need to submit a fully completed application for commercial insurance. The application process can be lengthy and involve a great deal of information you must provide to the insurer. You can always ask for help from a licensed agent if you need assistance with your application.