February 03, 2022

Type of Business
Different businesses have varied needs and risks. The category of your business will help you determine the type and amount of insurance coverage. The industry type will also help your business insurance broker understand the exact risks your organization may face.

Location of the Business
This includes the geographical location as well as the physical setup of your business. It is best to inform your small business insurance broker whether you own a home-based business, a retail storefront, or operate from a warehouse. This information allows them to assess your risks, such as the neighborhood's crime rate, chances of fires, and more. Based on these details, they can help you choose a suitable policy.

Previous Year’s Revenues
In addition to your organization’s type and location, past revenues are essential to determine the extent of insurance coverage your business may require. This also includes discontinuation of any specific product, an expansion of products or clients, and any other detail that may impact your current sales.

Additional Operations
If you have any side business or plan to start one, ensure your broker knows the details, as you will need to insure it along with the primary venture. It has its own set of risks that need to be analyzed so that you can choose the best coverage.

Inventory, Tools & Equipment
The nature and quantity of your inventory and the general costs of storing these items should factor into the risk assessment of your business. Your business insurance broker will also need the details about the type of equipment you use and whether you transport it between locations. They will analyze the level of risk tolerance and ensure you have the appropriate type and extent of coverage.

Your Experience and Longevity of the Business
Experience is often a vital factor in determining the premium for a business insurance policy. Your insurance broker will want to know how long your business has been running and how much experience you have. These details will help them decide the extent of coverage for your business.