Avante Insurance’s Gaby Dominguez tells you what you need to know about insuring your business!
In this edition: What do you need to know before giving a quote?
Watch the video or read the text below.
What do you need to know before giving a quote?
On the commercial risk that we insure here in the agency, the type of operation that each client has will make it different between one and the other. For example, if we have a restaurant, we may require sales or their inventory that they have in the restaurant. In a professional office (an attorney, a CPA, a doctors office), those policies will be rated differently and the information that will be required may be the area that they occupy, the lease space that they have, and their personal property inside that office. That’s why its so important to assess the risk, so that we can then determine the coverages and the information that will be needed in order for us to quote. For example, if that risk has employees, do they need workers’ compensation to cover their employees and should they need employment practices liability to cover them for wrongful termination or sexual harassment? That would be an example of an additional coverage. What are the contents of the business’s personal property that they have inside their office and what are the needs for that? Have they done any improvements or betterments in their office to also cover those? If we go to a distributor or a manufacturer, we want to insure their inventory. That policy would be then looked upon as what are the projected sales that they have and be rated based on that. It’s extremely important to sit with the insured and gather what the operation really does so that those questions are answered properly and all the gathering of information is done correctly.