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.
Commercial Insurance Agent
Most Commercial General Liability policies provide "host liquor responsibility." If you provide alcohol at a social gathering where the guests aren't paying, that typically covers you. At least that is the intent of the policy wording. For example, an open house or a special function with refreshments. Granted, you may still be held liable for the consequences of the alcohol you supply. However, you may not require additional coverage.
If you are a business that manufactures, serves, sells, or distributes alcohol, there is an exclusion for this coverage in your Commercial General Liability policy, so you need Liquor Liability Insurance. Alcohol creates real and significant exposures for restaurants, bars, taverns, and hotels. These operations develop a large percent of revenue from sales of alcohol products, which increase the odds of a claim.
Liquor Liability provides insurance for bodily injury or property damage for which you may become legally liable due to contributing to a person's intoxication. Liquor Liability Insurance is usually provided under a separate policy and is intended to cover firms that are in the business of manufacturing, selling, distributing, or serving alcohol.
Who Should Consider Liquor Liability Insurance?
If you are in any of the following businesses, we recommend Liquor Liability Insurance:
We can look at policy options for you and get the best possible coverage and competitive premiums. Let us know if you have any questions about this or have any other Business Insurance questions.
What is Liquor Liability?
Commercial Insurance Agent
A quick update on insurance premiums in the Business Insurance industry. Ivans Insurance Services tracks this data and has reported the following:
If you have questions about your policy and/or premiums, please feel free to contact us. We represent many insurance companies.