What Insurance Application Documents Do You Need?

Before you get started, find these insurance application documents to make protecting your company even easier.

As a business owner, you are responsible for protecting your employees, customers, and property. You know your company’s risks whether you run a small law firm or a large software startup. Now it’s time to mitigate those risks so you can run your business properly.

This brings you to Embroker’s commercial insurance platform. We want to help you focus on what you do best by doing what we do best: radically simple insurance.

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What You’ll Need for Insurance Application Documents

Before you get started with your insurance application documents, we recommend you have some documents on hand. We wouldn’t want you to get stumped on the first question, and eliminating the element of surprise is another way we eliminate risk.

So what do you need to complete your commercial insurance application? Depending on the coverage you want, you should gather some key documents that help your company run—you know, the financials and licenses you file away until you absolutely need them. Dust these off to save yourself some time. This information, on top of some basic data, will help you sail through the few questions we have.

Find your coverage below, whether you’re shopping for one policy or a bundle, and grab these insurance application documents to get started:

Basic Information

Company name and location
Industry and/or NAICS code
Prior year and current year (projected) revenue
Entity type, year started, and employee count
Current/prior policy information
Claims details (if applicable)
Any limit requirements

Information by Package

If you’re in the market for comprehensive insurance across your company, it’s likely you’re applying for several types of coverage at once. This type of package has some unique requirements depending on your industry and operations.

Startups

Total funding amount
Fundraising round/s info (date, lead investor/s, amount raised, type of funding)
Estimated total type and number of personally identifiable or sensitive records stored on your database
Payroll info
General company operations and controls

Small Businesses

Financial information (company assets, liabilities, net income/loss)
Employee info (per state count)
Recent or contemplated company organizational changes
HR policies and procedures
Payroll info

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Information by Policy

Individual policies give you the flexibility to increase coverage on a need-by-need basis. For instance, as your company grows in number of employees, you may choose to get coverage with EPLI and a workers comp policy. Find the insurance application documents by policy below.

Business Owners Policy

Number of full-time employees
Replacement cost of the building – not market value of the building
Replacement cost of the contents they want to insure (furniture, inventory etc)
Full sprinkler coverage y/n
Number of stories in the building
Square feet occupied in the building
Construction type of the building
Year building was built (if older than 20 years, when was the last roof replacement and electrical update on the building?)

Crime Policy

How many Total Employees (full-time employees + part-time staff + independent contractors)
Property (money, securities, client) and inventory management
Company practices (countersignatures y/n, pre-employment screening y/n)

Depending on fundraising:

Total funding amount
Fundraising round/s info (date, lead investor/s, amount raised, what type of funding) or financial Information (company assets, liabilities)

Cyber Policy

Website address
Estimated total number of personally identifiable or sensitive records stored on your database
Is third party data stored or processed? (If yes, list type of third-party data stored or processed)
Is all sensitive data encrypted when stored?
Backup and security protection (frequency of backups, and 2FA enablement)

Depending on unique needs, you may need:

Website
Types of services offered and % based on revenue
Business controls (contracts, media controls, data security policies)
Estimated total number of PII

Directors & Officers Policy

Financial information (company assets, liabilities, net income/loss)
Recent or contemplated company organizational changes
Ownership details

You may also want to have on hand:

Financial information ( YE financials: balance sheet and P&L)
Interim financials if YE financials are older than 6 months
Board of directors
Ownership details
Cap table

Employment Practices Liability

Employee Info including independent contractors (per state count)
HR Policies and procedures Company has in place
Recent or contemplated company organizational changes

Lawyers Professional Liability

Attorney roster
Areas of practice breakdown
Type of risk management policies or procedures

Tech Errors & Omissions

Website address
Total annual revenue
Type of records and estimated total number of personally identifiable or sensitive records stored on the insured’s database
Backup and security protection (frequency of backups)
Contractual controls

Depending on the coverage, you may also want available:

Website
Types of services offered and % based on revenue
Business controls (contracts, media controls, data security policies)
Estimated total number of PII
Three largest contracts by revenue size (per client)

Workers Compensation

Federal Employer Identification Number- (FEIN Number – 9 digits)
List of states with W2 Employees
Total number of employees in each state
Total annual payroll from each state
Description of employee work activities
Address of the employee (office space or home address if remote)
XMod rating, if applicable

We’re here to help you get the right coverage at the best price. Log into your account at any time to submit insurance application documents, upgrade existing coverage, view quotes, and speak with an expert. Any questions you have along the way, we’ve got you covered.

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