How Long Does it Take to Get a Business Insurance Quote?

Business Insurance can be very complex, so it may take some patience when it comes to getting an insurance quote. Typically when companies contact me for a quote, one of my first responses is, tell me about your business. If it's a common, low risk, small business that fits into a pretty little insurance classification box (and there are no claims/losses), you might be in luck and turnaround time will be quick. When I say quick, I mean within 24 hours for a BOP or General Liability quote. I would say 70% of the businesses I work with in the Austin area are very unique and/or are requesting multiple insurance policies, so it may take more time. Below are some factors that can impact turnaround time:

- Incomplete Applications 
Underwriters can be quite picky when it comes to incomplete paperwork and unanswered questions. I had an underwriter tell me incomplete apps go to the bottom of the pile. They made it sound like they were an elementary school teacher and treated it like incomplete homework.  Your agent should guide you through this and make sure they don't send them off incomplete apps.

- Expiring/Renewal Date
Some underwriters work off your x-date (expiring date), so if your renewal is 2 months out and you need a quote next week, you might not hit that deadline. 

- Claims and Losses
When it comes to claims, sometimes management and senior underwriters need to get involved and review Loss Runs. This can take some time, which will delay the quote. 

- Multiple Policies
 Need a BOP, Umbrella, and Commercial Quote? It may take a few days to quote, especially if you are working with an independent agent. A captive agent can probably get this turned around much quicker. Quoting with one market versus multiple makes a difference. I like to tell people the more time we have, the more markets we can reach. 

People get frustrated when underwriters come back with questions, which is a normal response. To them their business makes sense, but getting an underwriter to wrap their heads around it can be a challenge. Going back to what I said initially, try to have patience. Understand that questions are good. Think about it this way, the more questions they ask, the more they will understand the risk and can properly classify your business. If you would like a Business Insurance quote, or are in the Austin area and want to meet with an agent, feel free to contact me. 

Jason Matison
Commercial Insurance Agent
Austin, Texas