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Information You Need for a Small Business Insurance Quote

Wednesday, 16 December 2020

Starting a new business or being a business owner means that you likely have a long list of items on your to-do list. In the whirlwind of getting started on your new venture, business insurance should be a priority to ensure your business is covered from potential risks. As you shop for a small business insurance quote, there are many questions a commercial broker will ask you to assess your business insurance needs and find the right coverage for your type of business. This blog will help you prepare the right information that is needed for a small business insurance quote.

The Type of Business is Needed for a Small Business Insurance Quote

The nature of your business is crucial to determining the type of coverage you need for your small business insurance quote. If you work as a graphic designer, photographer or accountant, you will have different risks than a general contractor, dump truck driver or landscaper, for example. Some business need more coverage for professional liability, and others need higher general liability coverage for client or employee injury. If you are dealing with a lot of sensitive client information you will probably need cyber protection in addition to general commercial liability coverage.

Your Business Location Matters for a Small Business Insurance Quote

Location plays a huge part in determining your business insurance rate. Certain areas may have a higher statistical history of claims due to theft of vandalism or may be more susceptible to damage from flooding or fires. Whether your business is home-based, or you rent or own a commercial property, our BIG brokers will know what the best coverage is for you.

What Type of Equipment do you have at your Business Location?

Commercial property insurance not only covers your physical building, but it can also include equipment and valuable contents used for your business. You should be able to provide an accurate value of all equipment at your business location. If you keep regular product inventory, this should also be disclosed to your broker – including the general cost of your inventory and the nature of the products you keep on site.

A Small Business Insurance Quote will need your previous insurance experience

In the same way that your car insurance and home insurance rely on your insurance experience, the same applies to your small business insurance quote. The more business insurance history you have can will affect the rates you qualify for. Your broker will also ask who your previous insurer was and if you have made any previous claims on your policies.

Your Business History & Past Revenue is Needed for a Small Business Insurance Quote

The length of time the business has been in operation, as well as how much experience you have in that line of work may impact your business insurance premium. This is crucial information to disclose to your broker for a small business insurance quote. They will also ask about your annual revenue in past years (if applicable) to determine the amount of coverage you need. During the conversation, you should mention any expansion or discontinuation of products, growth in client base and any other relevant information related to products or services you offer that will affect your sales. This information will determine the type of coverage you need for Business Interruption Insurance.

Company vehicles and transportation of goods can affect your small business insurance quote

If you are transporting goods between locations, providing delivery services to clients, employ drivers, or transport clients, this information is important in determining whether you require a commercial auto insurance policy to protect you and other drivers. You will also need to provide information about the vehicles used for transporting goods and provide information about all drivers to obtain an accurate quote.

Other Operations or Side Businesses

You should disclose if you have any other business operations aside from your primary business. Even if you think it’s too small to insure, honesty is the best approach and your commercial insurance broker will know how best to find coverage for all areas of your business and side hustle.

If you Provide Health/Group Benefits to your Employees

Providing a health insurance plan is a great way to attract top talent and retain employees. If you previously offered a plan or are interested in including one in your small business insurance quote, let your broker know. If you had previous coverage, share it with your broker so that they know what you’re looking for. Learn more about what we can offer here.


If you have gathered this information and are ready to get a small business insurance quote, contact us now to get started! At BIG, we pride ourselves in offering the best coverage at affordable prices. Our top-of-the-line brokers make the process easy by providing outstanding customer service and options to purchase your policies entirely online. Trust us to protect your business at your best and toughest times!

If you're ready to get a quote, you can complete your quote and buy online today!