What Information Do You Need to Provide for Liability or Property Insurance Quotes for Your Colorado Business?
Recently our local Colorado independent insurance agency has been inundated with AI driven Requests for Quotes (RFQ). These requests look similar and do include some vital information. The information that is required can vary greatly by industry, types of projects you are working on, insurance products you need, contractually required limits, and numerous other variables that require the knowledge of a independent professional insurance agent. If your Colorado business is creating a request for proposal (RFP) for general liability, professional liability, work comp, property insurance, errors and omissions, cyber liability or any other property and casualty coverage please contact us and we will be able to help you find an affordable solution that meets your potential liabilities at the contractual required limits.
Do not ask for the least expensive policy. We know price is important but reputable agents do not sell cheap insurance. Cheap insurance is usually bad insurance and clients that want cheap insurance are usually bad clients. Do you drive the cheapest car you can buy? Not likely since you want to be safe, secure, and have a reliable vehicle. Insurance is the same thing. A policy that best protects your business from its potential liabilities and meets your contractual obligations will not the cheapest.
On that same line asking AI for the average premiums for a company like yours in Colorado is fruitless. The number of variables make the number produced nonsense. A plumber that has 25 employees and $5M in revenue will be paying much more than a one man operation with $150k of revenue.
Do not contact ten insurance agents. This is a relationship business. We suggest calling a few, seeing how they respond and interact with you and communicate with the one or two you feel most comfortable with. For more on our advice about contacting multiple insurance agents please click here. Our industry is unique and contacting multiple agents will not be your best tactic for numerous reasons outlined in the linked webpage.
We will need to gather information on your business before we can even start the process. AI driven RFQs provide some of this information but it is not nearly as detailed as we require for multiple reasons. You could have two companies that do the exact same thing but the difference in insurance available could be substantial. If you install plumbing in a nuclear powerplant its a much different than a plumbing service call in a nail salon but both are technically plumbers.
This information will likely include an application that is specific for your type of work that you will need to fill out. We will need to find out details on your business which will include the information below so we send you the application that fits your Colorado business operations.
INFORMATION REQUIRED FROM EVERY CLIENT
- Copy of your current polices including the premium you are paying
- Name of business and dba if any
- Physical and mailing address
- Summary of your business operations including types of clients, what you produce, sources of revenue, etc…
- Estimated annual gross revenue
- Estimated annual insured sub contractor costs
- Estimated annual uninsured sub contractor costs
- Loss runs – usually not required to quote but will be needed to bind a policy.
SPECIFIC INFORMATION REQUIRED BY TYPE OF INSURANCE
- Work Comp – Name of each owner, percent ownership, are they active in the business, FEIN
- Auto Insurance – details on drivers, vehicles, claims
- Property Insurance – details on buildings
- Cyber – Will need an application
- Professional Liability (Errors & Omissions) – Application will be required
- Builders Risk – Application required and varies on type of project
- Any other insurance – will need additional information
People do not like insurance and we understand it. We understand using AI and trying to find an easy button to make this process easier. Unfortunately that easy button does not exist. Professionals like us exist to try and make this process as easy and painless as possible. Please contact us today or fill out our online form and we will contact you. We are looking forward to working with you.
Thank you for the opportunity.
The Orcutt Group Team