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What Info Do You Need for a Commercial Auto Quote?

February 16, 2013

Clients are often surprised and a little put off by the amount of information needed to accurately quote a Commercial Auto Insurance policy. We know how valuable a small business owner’s time is and that no one savors the idea of spending that time on the phone sorting through nitty-gritty insurance concerns, but as we’ve explained before, Commercial Auto Insurance rating is a complex process. Trust us; we wouldn’t waste your time asking you about details that aren’t important.

While it’s our job to be patient and thorough with the quoting process, we know you have other things on your mind. That’s why, this week, we thought we would give you a heads up about some of the information you will need in order to obtain Commercial Auto Insurance. If you want to simplify the quoting process, it helps to have the following information available when speaking to an agent:

•  Your business’s Federal Employer Identification Number (FEIN) – This is like your business’s Social Security Number. It is used to identify your business for tax and other federal purposes.

•  Your business’s Standard Industrial Classification (SIC) Code – This is a four digit code used to categorize the different types of businesses in your industry.

•  Information about all vehicles to be covered under the policy: each vehicle’s make, model, year, and Vehicle Identification Number (VIN).

•  Information about all the drivers employed by your business including their names, date of birth, and driver license numbers.

•  Loss Run Report– This report, from your CURRENT carrier, shows the history of insurance claims associated with your business. If your business has no known claims or no prior insurance history, you may be asked to sign and submit a “No Known Losses” form or similar document.

Like we said, it’s a lot of information, but there is a silver lining to be found in such a large list. The more factors there are that go into rating a policy, the more room there is for controlling costs through risk management practices like hiring careful drivers, using dependable vehicles and choosing safe routes. If you run a safe business, this will show in your Loss Runs, and an uneventful insurance history can help keep premiums down.

The more we know about these matters, the harder we can fight to find you a great quote and a policy that will provide you with peace of mind. That way, you can get back to running your business with one less thing to worry about.

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