2014

What's the Business Insurance Application Process Like?

One of the first things people think of when getting insurance is the long application process, right? Well, it doesn't have to be that way. How you apply for insurance often depends on the kind of insurance provider you're dealing with and the kind of insurance you're looking for.

It's no different when you're applying for business insurance. In fact, many companies today allow you to apply for various types of business insurance with the point and click of a computer mouse. The application process can be filled in during your spare time without causing unnecessary delays or the need to go back home to collect all the relevant information.

Most good businesses are in the business of trying to make things easier and more affordable for you. It's the same thing with most insurance companies. The ones oriented in customer service will provide you with the tools to do things easily. That orientation should extend right to the beginning with the process of filling out the initial forms of application.

Ultimately, as with everything involved in getting insurance for your business, it's up to you on how you prefer to apply for your business insurance. Just like with getting your personal insurance, however, what you probably should do is shop around and obtain quotes from prospective insurance providers.

While most of the larger insurance providers today provide a streamlined application process offered online, if a personal touch is what you desire, then calling any company up and providing your information verbally can result in a quote, too. However, if the traditional application route is what you're more interested in, then expect a longer and more involved process. There's people to talk to, forms to fax, and a physical follow-up procedure to deal with if you want to be more hands-on with your application process.

Now, some people might think that because business insurance might be more specialized than your average car or property insurance that the application process might be more specialized and involved, too.

Take, for example, an application process for E&O insurance. Sound fancy? Well, not really. E&O insurance is Errors and Omission insurance, and it's a fancy way of referring to, generally speaking, coverage for professionals who might be sued for errors they conduct in the normal course of providing their services to clients.

It's not the kind of insurance that most people are familiar with, so new business owners might get the impression that applying for it is like applying to be an astronaut. Nothing could be further from the truth.

Any provider of business insurance wants your business. So they're not going to make applying to them any more difficult or cumbersome than it has to be. All you need is the details of your business, which you should have handy anyhow as a business owner. You submit that information, get the process started, and the rest can sometimes be taken care of within one business day. You can literally be covered that quickly.

Now that you hopefully have a basic understanding of the issues involved in applying for business insurance, you probably just want to know the basics of how long each step should take. Well, as mentioned earlier, it's not really different than the other types of insurance - property, auto, medical - that you buy for you and your family.

Once you make sure you have your company details at hand, you go through the process of submitting those details to insurance providers in order to get a quote. This can often be done online and you can literally have a list of quotes at your disposal within the span of an afternoon.

Different companies will base their quotes on different factors. It's one of the reasons why they'll contact you to go over the details of your application, answer any questions you might have, and decide upon an insurance package that meets your particular needs. You can decide to meet the insurance representative directly if you wish. However, the more personalized you want the service to be, the longer you should expect the application process to take.

This is an important part of the application process, so rushing it isn't something you should feel is necessary. As with things like E & O insurance, making sure you have the right kind of insurance for you is critically important. One of the last things you want to do is leave yourself exposed to unnecessary risk because you didn't go through all the details properly with your business insurance representative. While the initial information you submitted to them in the application can be sufficient, ironing out the details can mean the difference between adequate coverage or a disaster.

Once you get your quotes and feel you're satisfied with the information you've given, the feedback you've received from the insurance providers, and even the personal sense you get from dealing with them, it's time to make the decision. There are obviously different factors to take into consideration when making that decision. However, once you make it, getting the coverage you want can literally be as simple as picking up the phone and saying yes. Even simpler, it can also mean logging onto the computer and clicking your way to an insurance policy for your business.

From start to finish, getting the business insurance that's right for you is not as complicated a process as one might think. Once you have your information, it's a matter of submitting information for quotes, talking to a representative to iron out the details, getting a list of quotes, and deciding on the best one for you. It can literally be done in one business day. Alternatively, it can take a few days depending on the company and how you want to interact with them. Once you make the decision, you're covered. The insurance provider will arrange for payment, and you will have completed a crucial step in doing what's right for your business.

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