Getting An Umbrella Policy Quote for Your Business: What You Need to Share With Your Agent
Considering umbrella insurance for your business? Here’s some helpful advice for those comparing umbrella policy rates, or preparing for an umbrella policy quote.
There’s a lot of detailed information an insurance agent needs when preparing an umbrella quote. Before you meet with an agent, it’s good to know what to expect — and how to prepare for it.
The big questions
Most agents will ask for details about your business and how adequately you’re already insured. The reason: Umbrella policies offer liability coverage beyond the limits that your existing business policy already offers. It’s extra insurance coverage in the chance that your company is sued and/or sustains a severe loss which is worth more than your policy limits.
To get a fast and easy umbrella policy quote for your business, you will be asked to provide:
- Financial and operational details of your business.
- Details about the insurance you already carry.
- The coverage limits of those policies.
Our advice is to always be as forthright as possible, so a policy can accurately reflect the realities and risks of your business.
Beyond these standard questions, however, are some details clients are sometimes surprised to be asked -- and are often unprepared to share. Here’s an overview of what to expect:
- Your agent may ask about any prior losses your company has experienced. Keep in mind that a loss doesn’t necessarily mean your premium will be higher. (Nationwide, for example, evaluates each customer and loss event on a case-by-case basis.)
- Provide a list of the company’s officers and their positions if different from the owners of record. Be ready to discuss how many years of experience your senior executives have in the industry and at your company. Typically, the longer and more successful the company’s overall record, the better the risk for the insurer and the lower the premiums.
- Depending on the type of business you operate, you may need to share your annual payroll and a break down of the number of your employees who are full-time and part-time, or if you employ any subcontractors or consultants.
- Bring a copy of the declaration page of your current general liability and business auto insurance policy (if you have them) to give the agent an idea of your new or changing insurance needs.
- If you carry professional liability, errors or omissions liability, liquor liability, employee benefits liability or employment practices liability you should be prepared to answer questions about these exposures.
Contact a Nationwide agent today, and learn why this is one of the easiest business decisions you can make today.
