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Las Vegas Insurance Blog
Jul 24

Written by: Michele Tanico
7/24/2009 5:58 PM 

There is a big difference in the turn around time when it comes to obtaining a Commercial insurance quote vs. your typical home or auto quote.  Personal Home and Auto quotes are obtained internally with our rating systems that we have at our fingertips.  We do have several types of Commercial/Business risks that we are able to quote in the same day which includes: Retail Stores, Auto Body or Mechanic Shops, Office or Medical Buildings, Service Shops and many more. We can turn these
risk quotes around within a 24 hour period but more often the same day.

At the same time there are several risks that require us to submit your application to a Managing General Agent (MGA) who has access to hundreds more companies which accommodate those with higher risk businesses. Some examples include: Handyman, Hi-Rise Window Washing, Excavators, Construction, Casinos, Physicians and many more.
In this case, once your application is submitted to the MGA, they contact the appropriate companies that will best fit your insurance needs.  We all are now at the mercy of the insurance companies to produce a quote.  The Insurance companies are receiving 100's of quote requests a day and have between 1-3 underwriters processing the applications per state.  The underwriters will process the application in order of receipt, the process from start to finish could take from 1-14 days for us (your Agent) to receive the quote.

If you are starting a new business it is very important that you call and request  your insurance quote(s) 30 days prior to your opening or start date. Most importantly, the information that you provide to me in the beginning is very crucial to the turnaround times.  Items needed to provide an efficient and accurate quote are on my Commercial Packet Application.  By clicking the following link it will take you there [ http://www.sageinsurance.com/Resources/Documents.aspx ].  Just print, complete and fax or email back to me your application and I will be happy to get started on your quote.  This application must be completed in its entirety in order for me to get you a quote for General Liability, Property, Professional Liability, Workers Compensation (NEW), Professional Liability andDirectors and Officers.

If you are shopping your current insurance, I will need you to complete and submit the Commercial Packet Application, the Commercial Worker's Compensation Application [ http://www.sageinsurance.com/Resources/Documents.aspx ] , a copy of your loss runs for the last 3 years and your current insurance declaration page which lists your coverage's.  By submitting the above information and documentation this will expedite the process, but please do remember that the insurance companies may request additional information or supplemental applications may need to be completed.

For those of you that may just not be getting the service that you should be getting and would like to keep your insurance with the same Insurance company, but would like a new Agent we can do that for you too!  Please just complete the BOR (Broker of Record) letter [ http://www.sageinsurance.com/Resources/Documents.aspx ] with your current information, print it on your Company letterhead and fax it to 702-547-1919.  The Sage Insurance Services, Inc. team will take care of you!  I will become your Agent and our team will provide you with service that you have never experienced before.

The key is to submit the information quickly and your quote process will be seamless! 
As always your patience is greatly appreciated.

Thank you for taking the time to read my blog and I encourage any and all questions that any of my readers have.  Don't be shy, I know you have questions out there!   

Have a great day!

Michele Tanico
Commercial Lines Manager

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2 comment(s) so far...

Re: Submitting Commercial Insurance Applications - Everything you need to know

Michele, I hope alot of people read this. There are so many people who are sole proprietors and work out of their home. There is an inexpensive way to provide a small policy for them which can be rewritten if they grow. Having a small business is fun and rewarding but not have liability in the event of a problem can cause bankruptcy.

By Linda on   8/14/2009 10:45 AM

Re: Submitting Commercial Insurance Applications - Everything you need to know

Linda,

This is very true, many small business owners are under the impression that their Homeowner's Insurance policy covers their home based business. However, your average Homeowner' policy may cover up to $2,500 on the premises of the home-based business and up to $250 off the premises. Liability is most often not covered which may arise from your home-based business.

To be properly covered for a home-based business you would want to look into purchasing a Business Owners Policy (BOP). This has extensive coverage that we, the agent, are able to tailor to your specific business needs. Here are just a few coverage's that are included in a BOP: General Liability, Business Personal Property, Cyberflex, Products/Completed Operations and much more.

Various policies start at a minimal amount of $350 a year!

Have a great day!

By Michele Tanico on   8/14/2009 11:42 AM

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