echelon 10 Preliminary Questions Ask Instructions
- June 16, 2024
- Echelon
Table of Contents
echelon 10 Preliminary Questions Ask
To help guide your journey, we’ve prepared some preliminary questions for Brokers to ask and customers to consider, to help get the conversation around insurance needs started.
Specifications
| Question | Details |
|---|---|
| Previous Insurance Coverage | Age of business, what worked, what didn’t, |
expectations for new provider
Business Activities| Goods/services provided, expansion plans, international
operations, sub-contracting practices, screening process
Type of Business Location| Impact on liability risks, specific site or
multiple locations, type of property
Building Location| Risk of severe weather, foot traffic
Business Contents Worth| Value of property, tools, machinery, supplies,
products
Material Sourcing| Sources of supplies, stock, tools, machinery, parts
Annual Revenue| Estimated yearly income
Previous Insurance Claims| History of claims, resolution of issues
Known Business Risks| Risks faced on a regular basis
Loss Control Inspection| Previous inspections, engineering reports,
recommendations
FAQ
-
Why is it important to provide detailed information about my business?
Detailed information helps brokers tailor insurance coverage to specific business needs and risks. -
How does the location of my business affect my insurance requirements?
The risk of severe weather and the amount of foot traffic can influence the type of coverage needed. -
What should I consider when estimating the worth of my business content?
Consider the value of all tangible assets such as property, tools, machinery, supplies, and products. -
Why do I need to inform my broker about previous insurance claims?
Past claims can affect current insurance options and premiums, and any past issues must be resolved. -
What is the purpose of a loss control inspection?
It identifies potential risks and areas for improvement in business operations to prevent future losses.
To help guide your journey, we’ve prepared some preliminary questions for Brokers to ask and customers to consider, to help get the conversation around insurance needs started.
Have you previously had insurance coverage for this business?
This will depend on the age of the business. - If yes, what worked and what didn’t with the previous policy? - What are you looking for in your next provider?
Tell me exactly what your business does? The more detail, the better.
- Do you provide goods, services, or both? - Has your business previously done anything additional? - Do you have any plans to expand in the future? - Do you operate in any other countries than Canada? - Do you sub-contract out any aspect of your operations? How were the contractors selected?What sort of screening process and criteria (if any) do you use?
What type of building does your business operate out of?
This will impact the liability risks the business faces and will vary considerably based on the type of business. - Is there one specific site you work out of or multiple locations? This could be a residential site, a commercial site, or an industrial site. E.g., a warehouse, a hotel, a high- rise building, a storefront or other commercial real estate property, etc
Where is the building(s) located?
- Is the location at high risk of severe weather events? What sort of weather does it experience year-round? - Does your business experience any sort of foot traffic on a regular basis? E.g., customers, vendors, maintenance workers, etc.
What is the estimated worth of your business contents?
This would include all property, tools, machinery, supplies, products, etc.
Have you ever filed an insurance claim previously for this business, and if so, what for?
- If applicable, has the issue that caused the loss been addressed?
Has a loss control inspection been previously conducted at your business?
If so, be sure that all previous engineering reports are provided to your Broker. This should also include any recommendation reports provided by your previous insurer. Your previous Broker should have all of this information.