What's The Business Insurance Application Process Like?



When people look into buying business insurance for the first time, perhaps the first thing they expect is a long application process. If that sounds like you, know that it doesn't have to be nearly as difficult as you might think! The way you apply for business insurance usually depends on what insurance provider you choose, and the specific insurance products you want for your biz.

You should be pleased to know that companies like insureon really understand that your time is valuable. Thus, they do everything they can to simplify and streamline the process of getting the business insurance you need to protect your company. With just a few clicks of the mouse, you can have access to a library of insurance information, free quotes on different types and levels of coverage, and access to dedicated insurance experts who can help you get started or review your policy – all with minimal delay and little need to cut into your precious working hours.

Working with an Expert Small-Business Insurance Provider Can Be Your Best Bet

A great insurance provider, like any other great business, actively works to make its services affordable and easy-to-use. That means providing you with the tools you need to get protect your business without hassle or worry. Many business owners, for example, spend hours up front simply trying to track down accurate information about business insurance. A great insurance provider makes all these resources conveniently accessible to you, saving you time. Many business owners also wait days or weeks to get a quote on what their business insurance will cost. A great insurance provider leverages today's technology to speed up that process, bringing you quotes within just minutes. Plus, a great business insurance provider understands the ins and outs of what it takes to run a small business, and they can get you the insights you need quickly.

There are many insurance providers out there today who offer online applications. If you desire a more personal touch than that, of course, you can still call in to speak with someone directly about your insurance needs. If the more traditional paper application process appeals to you, though, be prepared for a longer, more involved journey. While most small-business owners prefer a speedy, simple, online process, the more hands-on approach can be appealing to small-business owners who don't mind investing the extra time.

Applying for Insurance Is Easier Than You Might Think

Consider the process of applying for something like E&O Insurance. If you haven't heard of this insurance type yet, it stands for Errors and Omissions Insurance (also commonly referred to as Professional Liability Insurance), and it protects your business in the event that someone alleges you made an error or omission in performing your professional duties. So for example, if you are a freelance marketing consultant who made a recommendation to a client, and the client did not have the expected outcome, your company would be protected from financial loss if the client chose to sue.

This might seem like a complicated thing to apply for, so many small-business owners get the feeling that getting it is about as easy as training for a marathon. Yet this is far from the truth, provided you're working with an insurance provider that has deep small-business expertise.

First, you'll need to be able to list the details of your business. Since you're the owner of said business, this should be pretty easy to do. Once this information is submitted, the rest of the process can be taken care of in as little as one business day. You literally can get covered in a day. This is pretty nice if you're like most business owners and have very little free time to spend on the process, or if you're in a line of work where getting a particular type of insurance fast is critical to snagging a particular project or contract.

Next Steps in the Insurance Application Process

Now that you've learned about some of the insurance basics and gone through the first step, you'll probably want to know what comes next and how long it will take. As we've said already, it's actually not all that different from the application process for other kinds of insurance coverage you may be more familiar with, like health or automobile insurance for your family.

Once you've got your company details on hand, you'll need to submit them to an insurance provider in order to have them give you a quote. As you know, this can usually be done online and get you a quote (or even multiple quotes to compare) within a few hours, or even minutes.

Here's Where to Invest the Time to Cover All Your Bases

The quotes you get will be based on a number of different factors. This is why the insurance company you consult may contact you to ask about certain details in your application, provide answers to questions you might have about different insurance types, and help you figure out what type(s) of business insurance will be a good fit to protect your business. If you prefer the most personal approach, you may want to meet your insurance representative in person – but of course, be aware that the more personalization you want in the process, the longer it will usually take.

This part of the application process is important, so don't feel like you need to rush. While it is often surprisingly speedy, it's worthwhile to put in the time up-front to make sure you're getting the types of insurance that you actually need, at the levels that you actually need. Your business insurance rep will help you make sure you're being sufficiently thorough without dragging your feet, so you'll be protected properly.

Making the Decision & Purchasing Business Insurance

You've done it! You've compiled all your information, you've received at least one quote, and you've heard valuable feedback and advice from insurance experts. If you feel satisfied that you've found a good insurance partner to work with, and you have all the information you need, it's time to make your decision. (Especially if you need the insurance coverage to be effective ASAP!)

This is perhaps the easiest part of the entire process. Just pick up the phone, or visit the provider's website, and say yes. Your insurance agent will walk you through the rest.

So if you thought that getting insurance to protect your business is a long, arduous task, you may be pleasantly surprised that the process is actually pretty straightforward. If this primer seemed almost too simple to be true, that's because the concept of business insurance is much more basic than many people realize. All it takes is knowing your business, getting in touch with an insurance provider (preferably one that specializes in small-business insurance, of course), and letting them help you through the rest of the process. It can take as little as a few hours to get covered – and you'll have the peace of mind of knowing your business is protected as it should be.

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