7th January 2010
It used to be that when a business needed to get coverage they would ask around and find a provider based on recommendations or whatever companies are in the vicinity. Now a company can get on the internet and purchase online insurance quickly. As time as gone on purchasing this type of coverage has proven to be not only quick but reliable as well. One of the best reasons for purchasing over the internet is the fact that you do not have to visit a company you can purchase the policy at your convenience.
The steps to buying coverage on the internet are:
● Find companies
● Start applications
● Request quotes
● Review quotes
● Complete the application
● Receive your policy
The companies that you look for should offer coverage for the type of business you are. When searching on the internet for a coverage provider your business should look for the company that will offer the best coverage for a price that is affordable for them. Online insurance companies often times will match prices for their premiums because of the competition level.
The applications for these internet sites ask questions and gather information in order to provide your business with a quote. At this point your business should have decided which company or provider they wish to receive a quote from. It is important to be prepared before you begin the application process. All documentation regarding your business should be gathered and organised so that you can answer the questions quickly.
Some things that you may need when filling out online insurance applications are:
● Business Licenses
● State Charters
● Bank Statements
● Board Resolutions
● Letters of Authorisation
Some of these documents may need to be scanned and submitted electronically. Most of the information you will be entering will be about the business and its ownership. One of the most important things to remember is that you should answer all of the questions accurately and truthfully. Any mistakes or false answers when submitting your application may lead to a denial of coverage.
At this point your business will receive quotes from the companies where you filled out the applications. You should thoroughly compare each quote to see which online insurance company matches your business the best. Comparing the premiums is the first thing that most companies notice however that should not be the final deciding factor. The amount of coverage that is provided along with the limits and other factors should weigh heavily on your business when deciding which provider is the best.
When your company decides which quote works best for your company it is time to complete the application and purchase your policy over the internet. Your full application has been reviewed by the provider and approved. At this point your business will need to pay by either making payments or paying in advance. The most common way to pay for online insurance is using a credit card. In some instance companies accept business checks. At this point your policy is paid for and you should receive your policy documents shortly thereafter.