So you’ve decided to get a liability insurance quote to protect your business. Your agent, in order to help you secure a policy best suited to your needs, will need to ask a few questions to gain better insight into your business. So be prepared to open your books and answer some detailed questions about your company, who you are and what you do. This will make it easy for them to write you a policy with the right amount of coverage.
You’ll be asked about the type of company you run, how many people you employ, the area where your business is located, and have an open discussion of your company's revenues and future projections. Our advice is to always be forthright and as transparent as possible – so the quote and policy will accurately reflect the realities and risks of your business.
Typical questions for a general liability insurance quote
Beyond the standard questions, here are some details you may be asked during the quote process:
- Social Security number or Federal Tax ID number – to obtain a credit check
- Declaration page of your current general liability insurance policy (if you have one) to give the agent an idea of your new or changing insurance needs
- 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)
- List of company officers and their positions if different from the owners of record. Be ready to discuss how much 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
- Annual sales and payroll, along with a breakdown of the number full-time and part-time employees, and if you employ any subcontractors or consultants
- Depending on the type of business, you may be asked about your building space and the total area of the building you occupy
- Details about the products you handle – especially if you’re in the retail, wholesale or manufacturing sectors. Companies in the service and construction industries will need to share the details of current and future operations
You can always rest assured that any information you provide to the agent for your general liability insurance quote will be kept confidential. As a matter of liability, that’s the promise we in the insurance industry keep for our clients – including you.
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