Step 3 | Getting the Quote

Step 3 | Getting the Quote

Now that you have all of the needed information for your prospect you need to know how to communicate it to the carrier and call for the coverage that your client wants.   

Sometimes this will be done using an online quoting portal and for some more complex accounts you might need to fill out Acords. 

First, you have to know how to properly classify an account.  This might seem easy, but it can be tricky – and it is really important. I once saw an electrician who worked on the runway lights for an airport classed as “Electrical work within buildings”.  If that contractor had had a claim – it would have been a mess! 

If you are unsure how to classify an account (one way to avoid this confusion is to specialize and focus on your target markets) ask someone at Firefly or as you get more experienced – ask the underwriter where you are entering the quote. 

Once the account is properly classified you need to know how to properly address the coverage needs.  This could include coverages like contractors E&O, contractors professional, abuse and molestation, garage keepers, bailee coverage, printers E&O, printers recall/rework, or a host of other class specific coverages that really matter in the event of a claim (one way to get really good at this is to specialize and focus on your target markets). 

Remember, you are building a contract for your prospect. There isn’t an HO5 equivalent in commercial insurance. 

The better you do with Steps one and two, and the more often you quote – the faster and more competent you will get with step 3. 

Once you have the the quote and it has been approved by the underwriter, you are ready for Step 4 Create the Proposal.