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Business Insurance Purchase Checklist

This is a List of Documents and Information You Will Need to Purchase Insurance


Meeting with your agent or broker is critical in proper business insurance planning. Use the checklist below to make sure you have all the information you will need to fill out the various applications, have a meaningful discussion with your insurance professional, and to insure that you purchase the right business insurance for your company.


Information for Every Location Where You Do Business

You will need all of the information for every location where you do business this includes:
  • Addresses of all locations
  • Copies of relevant leases
  • Names and addresses of all landlords
  • Names and addresses of any location where your employees operate as contractors
  • How each location is constructed (masonry, metal, or wood)
  • Whether the location has sprinklers
  • Square footage and the type of space
  • The number of floors in the structure.

Information for Every Titled Vehicle Owned By The Business

You will need:
  • Vehicle Identification Number (VIN)
  • Model year
  • Color and make
for every titled vehicle owned by your business. Note: this is not limited to automobiles! All titled vehicles include: trailers, watercraft, road equipment, motorcycles, anything that is titled.

Employee, Owners, and Officer's Information

You will need all employee, owners, and officer's information and their beneficiary information. This includes:

  • Names
  • Names of spouses and children
  • Addresses
  • Birth dates
  • Social security numbers

Note: You may need additional information to secure health insurance.

Credit, Banking, and Account Information

Some insurers may offer premium insurance programs to financially secure operations that sign up for longer than usual policy periods. You will also need this information for certain coverages and to set up direct premium withdrawal if desired.

Financial Records Showing Assets and Liabilities

Insurance rates are typically based upon financial data. It is imperative that you purchase the correct amount of insurance. If you "under insure," then you will be subject to a large "co-insurance penalty." You will need your most recent records in order for you and your insurance professional to determine the appropriate amount of insurance. Also, in order to purchase business interruption insurance you will need this information.

Names and Addresses of Additional Insureds

There may be certain businesses or people that you will want to cover under your policy as additional insureds. For example, if you are a landscaper with a contract with a recurring client, then you may want to add their locations as additional insured locations.

Copies of All Current Policies and Declarations Pages

If you are changing carriers or looking to change coverage, you will need copies of your current policies so your insurance professional can have the policies terminated and your new coverage start without a lapse or an overage of coverage.

With this information your insurance professional can also give you a comparison of available products to what you currently carry.

Identify Critical or Unusual Equipment

You may need specialized coverage for equipment that poses an exceptional risk or is so critical to your business that its loss can lead to a lengthy business interruption. So bring these things to the attention of your insurance professional.

License Information on All Drivers or Operators in Your Business

If you will have employees driving or operating equipment, then you will need to have each of those employees drivers' license information. A simple way to do this is to have the licenses photocopied (scanned is better) regularly and kept in the employee's file.

Information Regarding Past Claims

Last, but not least: prior claims. Business owners are sometimes hesitant to discuss prior claims. You must have prior claims information available. You must discuss the prior claims with your insurance professional and accurately report the claims on any application when asked. It may be that a particular claim was causing your rate to be higher. By providing additional information your agent is able to clear up your record and secure lower rates.

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