How to Gather Information to Get a Workers Comp Insurance Quote

It is always a good idea to shop around for workers comp insurance policies to ensure that you get the best coverage for the best price. Requesting quotes from several different insurance agents is the easiest way to comparison shop. The following steps will help you gather the information that you will need to get a workers comp insurance quote.

Difficulty: Moderately Easy

Instructions

1. Understand what you are looking for. Before you request quotes you will want to visit your state's department of labor to find out if you need workers comp insurance and what type of coverage you are required to have. This information will help you to identify insurance agents to request quotes from.

2. Have a business card on hand. The first thing that the workers comp insurance form is going to ask you for is your general information. Your company name, your name, your address, your email address and your phone number. They may also ask you for your fax number. If your administrative assistant is filling out the quote requests for you, provide him or her with a business card, as most of the general information will be found on it.

3. Look at your tax return to determine what type of business you own. You will need to identify your business as a sole proprietorship, a partnership, a corporation, an LLC or an association.

4. Survey your company to gather information about your business. You will need to determine what type of business you run, when your business was established, how many years you have been at your current location, how many locations you have, how many vehicles your company owns and whether you rent or own your office space. Most of this information will be gathered from your memory. If you can't remember how long you have been at your current location review your lease agreements, contact your property manager or look at the deed for the property. If your company owns a lot of vehicles you can either conduct a physical count or check your inventory records.

5. Visit your accounting department to gather information about your gross annual revenues and your gross annual payroll.

6. Talk to your lawyer about how much workers comp insurance your company needs. If you don't have a lawyer that you work with, then you can contact an attorney that practices business law or employment law to discuss how much coverage you are required to cover by law, as well as how much they recommend that you carry to protect your company.