When shopping for business property insurance, you’ll be asked to provide specific information about yourself, your company and the property to be insured. Before meeting with your agent, it helps to know what information you’ll be asked to provide to assure you obtain the best quote for your business.
Take stock of what you have
Before you request a property insurance quote, take a complete inventory of all your business property. That includes the building, its contents, such as furniture and electronics, and outdoor fixtures not attached to the building, such as signs and fences.
Gather key papers
Assemble all of your important documents, such as your lease or rental agreement. If you own your property, bring a copy of the mortgage or other loan documents. You’ll also be asked to furnish your personal information, including your Social Security number or Federal Tax ID number. If you already have business insurance, bring a copy of the declaration page of your current policy.
Understand your building basics
List of the physical aspects of your property, including the location, the building’s construction type (brick or wood frame), the number of floors and the number of windows and other breakable features on the premises.
Because fire and wind damage are the top two causes of property damage, be sure to note how your property is protected from these threats. Include fire alarm systems, a sprinkler system and fire extinguishers strategically placed around the building. If possible, determine the age of the electrical and heating systems and the condition of the roof.
Know your neighbors
If you share the building with other tenants, your agent will want to know details about those businesses. A fellow tenant using flammable solvents or chemicals, such as a dry cleaner or printer, is considered a higher risk and may impact your property quote. Find out the location of the nearest fire station because your premium may be lower if it’s nearby.
Have an honest discussion
It’s best if you can share as many details about your business as possible, even those you might not expect. Your agent may ask about any prior losses your company has experienced. Keep in mind that a loss doesn’t necessarily mean your business property insurance quote will be higher. Nationwide evaluates each customer on a case-by-case basis.