Why does it take longer to get a business insurance quote than an auto insurance quote?

Applying for business insurance is not as easy as applying for a personal auto insurance policy, primarily due to the number of facts, figures and details that the company must provide before obtaining a business insurance quote. Even if your needs are limited, it can take a long time before the quote is provided when compared to a personal policy.

Number of Individuals

A key reason that the quote may take longer to generate is the number of individuals who may be listed on the policy. While the different types of business insurance can play a role in the process of applying for coverage, many insurers will need a greater amount of information. For example, you may need to provide several driver’s license numbers if you want an auto policy. The time it takes to look up the driving history for so many individuals can contribute to a longer wait.

Type of Policy and Risk Evaluation

The type of policy that you are trying to obtain can also contribute to the duration of your wait. If you want a basic liability policy, then your wait may be limited when compared to a more complex policy.

Risk evaluation can also play a role because some companies have a greater level of risk and the number of potential problems will need to be considered before a policy is provided. A high-risk industry may result in a longer wait for a quote.

Insurance is not the same when you are looking for coverage to protect a business rather than a personal vehicle or asset. A business has a greater number of risks, particularly if you have hired employees. Contact us to speak to an agent to learn more about business insurance.