Starting a business can be a rewarding experience, but it does come at a cost of a few grey hairs. Insurance is one of those aspects that people leave to the last minute and come to realize that there is more to it than meets the eye. Here are 10 things that you need to have ready before you call your broker:
- Name and Address of the business – A policy cannot be underwritten without it.
- Description of the business operations– no one can describe your business better than you – so tell us all about it!
- Estimated Sales – even if you are starting out a new venture, you will have some idea of what sales are going to be like. In addition, if you are doing business in other countries, you need to tell us the percentage of sales to those countries and/or states.
- Experience – even if you have a new venture, chances are that you are experienced in something related to the business…let us know!
- Value of equipment & Stock.
- Past Claims – full disclosure is extremely important.
- Number of staff – full time and part time – and whether they are covered by the provincial disability plan.
- Tenant’s agreement – your landlord may require you to have certain limits of liability in your contract. It’s best to have this information handy.
- Building appraisal – if you own your building, a current appraisal is key to establishing the correct value to insure.
- Detailed description of the premises that you are operating from – walls, roof, furnace etc.
Having the above information in hand should make obtaining a quote go that much smoother. Be sure to get insurance matters out of the way quickly so that you can concentrate on opening up your business!