Commercial Insurance Quotes

Commercial Insurance QuotesTOTAL ANNUAL PREMIUM $425* (varies by state)
Certificates of Insurance within 2 Hours

See below for coverage limits

Liability CoverageLimits of InsurancePremium
Business Liability Insurance Each Occurrence$1,000,000$ Included
General Aggregate$2,000,000$ Included
Products/Completed Operations$2,000,000$ Included
Personal Advertising Injury$ 300,000$ Included
Medical Expenses$ 10,000$ Included
*(This price is accurate for most businesses that are the primary office exposures with less than 1,500 square feet of office space, less than $150,000 in annual receipts and less than 10 employees)

 

Key Elements of Getting the Best Pricing for Commercial Insurance


Commercial insurance quotes can be a daunting task if one does not know how the process works. A few basic items are all that you need in order to obtain the best pricing possible. Let us look at each of these items.

Correctly classifying your organization is the foundational element in obtaining the most competitive small business proposal. It is prudent to describe in detail how you get your products, sale your products and how they are used and the extent of your services you provide. This is of the utmost importance in this classification process. Several thousand different combinations go into classifying general liability premiums. Each classification carries its own unique rates and pricing structure. Many insureds think that if they do not disclose much information that they will get a better price. What they do not realize is that the more they disclose about their business usually results in more competitive pricing for their policies. If what they are disclosing is troublesome for the carrier in their underwriting, it will actually help you as the client if you have a claim and the carrier tries to deny the claim based upon your operations and services. If you disclosed it all, then the carrier will probably not have a legal basis to stand upon in denying a claim for you since they were aware of it in determining your commercial premium in the underwriting process.

The rating basis is the next step in this process of getting competitive proposals. Several factors go into determining the final premiums for business rates. Below are for the most common rating factors:

  • the square-footage of your office space
  • gross annual payroll
  • gross annual sales
  • the number of part-time employees and the number of full-time employees

The third step in this process of getting commercial general liability quotes is to be able to provide your historical claims reports and analysis. Having accurate claims data on your small business portfolio is a key factor in obtaining the most competitive pricing.

The fourth step in this process is to be able to show how you are addressing your exposures to risk. Having safety and loss control programs in place can pay big dividends in the pricing of your policy. Having programs that address safety issues that will focus on reducing the frequency and severity of claims can provide up to 25% credits in the pricing of your small business liability policy.

Commercial insurance quotes can have pricing ranges from 50% below the standard price to a surcharge of 50% above the standard price. As an owner, if you make the effort in detail and specificity, it will be profitable in the end. In presenting your company in the best light to the underwriters, it will always benefit you. It will go a long way in helping you to receive the best and cheapest price.

Doing your homework in these four, areas will put you ahead of your competitors concerning liability pricing. Although, if you present all of this information to a broker and/or carrier that is not a specialist in your industry you may find out that not all of your work might have the results you are looking for. It is important to remember that after you have done all this preliminary work that you choose your broker and your carrier carefully. The criteria for selecting a company and a broker are very similar. You are primarily looking for them to have the education, experience, and expertise in your industry. There are several hundred thousand agents and brokers in the United States and over 5000 carriers in the United States from which to choose. Choosing the wrong carrier and/or wrong broker will affect your commercial insurance quote.

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