What is a business insurance quote?
An insurance quote is an estimate of what an insurance company will charge you for a certain kind of insurance protection. Requesting quotes from multiple insurers will help you find a reasonable deal.
How do small businesses get insurance quotes?
Small business owners can compare multiple quotes from top U.S. carriers with Insureon’s free online application. The application will ask you for specific details about your business that will help insurers determine the right coverage.
In most cases, several quotes will be delivered to you online in about 15 minutes, and a licensed agent can provide guidance before you make a purchase, if needed.
Before small business insurance was available online, business owners typically would:
- Call agents who represent a single company, also known as captive agents, and request quotes for the insurance you’re interested in buying
- Call an independent agent (an agent who represents multiple insurers) and ask the agent to shop the market for you
- Ask an insurance broker (a professional who represents you in the process of buying insurance) for guidance
If you are starting your research, you can explore small business insurance policies with Insureon and review recommendations based on your industry.
How long does it take to get business insurance quotes?
The method you use to find insurance will determine how long it takes to receive quotes:
- If you’re shopping for insurance online with Insureon, you should receive quotes in a matter of minutes after completing a free online application.
- If you’re calling insurers yourself, it might take a week or more to contact all of the companies and to hear back from them.
- If you’re using an independent agent, it could take anywhere from an hour to a day, or more, to receive quotes.
How do you compare business insurance quotes?
There are several strategies to compare insurance quotes to get the best price:
- Be certain that the quotes you are comparing are for the same kind of insurance – for example, general liability, business owner’s policy, commercial property, commercial auto, etc.
- Study the quotes carefully. Double-check the losses covered, the amount of coverage (limits), and the deductibles.
- Review coverage exclusions (risks that aren’t covered).
- Once you’re certain that you’re comparing equivalent policies, look at each company’s premium, but don’t base your decision solely on price. Consider each company’s reputation for quality service, as well as for financial stability. You can find this information by searching for each insurer’s financial ratings on the internet.
Insureon has licensed agents in 50 states that can provide guidance on the nuances specific to your business as you compare quotes.
Is an insurance quote the same as a premium?
A quote is not the same as an insurance premium. A quote is a preliminary indication of what an insurer will charge you. To determine the actual cost or premium, you need to first complete an insurance application.
If the information you provide in your application causes the insurer to view you in a different light from a risk perspective, your premium might be higher or lower than your quote.
Get free quotes and compare policies with Insureon
Insureon helps small business owners compare commercial insurance quotes with one easy online application. Start an application today to protect your business against legal liabilities.
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