04-Business-Information

Entering Business Information

Getting the business information right is crucial for accurate proposals. This guide explains every field and how to fill them out correctly.

Why Business Information Matters

The system uses business information to: - Calculate appropriate coverage amounts - Identify industry-specific risks - Determine accurate pricing - Create customized recommendations - Generate relevant safety tips

Getting it wrong means: - Incorrect coverage recommendations - Wrong pricing estimates - Missing important risks - Less professional appearance

Basic Business Details

Business Name

What to Enter: - The complete legal business name - Include suffixes like Inc., LLC, Corp.

Examples: - ✅ "Smith's Hardware Store, LLC" - ✅ "Advanced Technology Solutions, Inc." - ❌ "Smith's" (too vague) - ❌ "Tech Company" (not specific)

Tips: - Check their business card or website - Use the name on their business license - If unsure, ask the client

DBA (Doing Business As)

Some businesses operate under different names.

Example: - Legal Name: "Johnson Enterprises, LLC" - DBA: "Joe's Pizza Palace"

Enter both if they're different: 1. Legal name in "Business Name" 2. DBA in the "Trade Name" field

Business Address

The system uses Google Maps to help you:

1. Start typing the address
2. Wait for suggestions to appear
3. Click the correct address
4. This auto-fills:

• Street address
• City
• State
• ZIP code

Multiple Locations? - Enter the main location first - Add others in "Additional Locations" - Each location may need separate coverage

Home-Based Business? - Use the home address - Note it's home-based in comments - May affect coverage options

Business Classification

Industry Type

This is super important! Be specific:

Restaurant Examples: - Fast Food Restaurant - Fine Dining Restaurant - Pizza Delivery - Food Truck - Catering Service - Bar & Grill

Retail Examples: - Clothing Store - Hardware Store - Grocery Store - Convenience Store - Auto Parts Store - Jewelry Store

Service Examples: - Hair Salon - Auto Repair Shop - Accounting Firm - Law Office - Medical Clinic - Fitness Center

Why Industry Matters

Different industries have different risks:

Restaurant Risks: - Kitchen fires - Food poisoning - Slip and falls - Liquor liability

Construction Risks: - Falls from heights - Equipment accidents - Property damage - Weather delays

Office Risks: - Data breaches - Professional errors - Ergonomic injuries - Visitor accidents

Business Size Information

Years in Business

Enter how long they've been operating: - New (0-1 years) - Higher risk, may need more guidance - Establishing (2-5 years) - Building reputation - Established (5-10 years) - Stable, lower risk - Mature (10+ years) - Lowest risk, best rates

For New Businesses: - May need minimum coverage to start - Could require business plan - Might have higher rates initially

Number of Employees

Count everyone who works there:

Full-Time Employees - Work 30+ hours per week - Count each as 1 employee

Part-Time Employees - Work less than 30 hours - Count each as 0.5 employee

Seasonal Workers - Include if currently employed - Note seasonality in comments

Owners - Include if they work in the business - Don't include silent partners

Example Calculation: - 5 full-time employees = 5 - 4 part-time employees = 2 - 1 working owner = 1 - Total = 8 employees

Annual Revenue

Estimate their yearly income:

How to Get This Information: - Ask for last year's total - Look at tax returns - Check financial statements - Use industry averages if unsure

Revenue Ranges: - Under $100,000 - $100,000 - $250,000 - $250,000 - $500,000 - $500,000 - $1 million - $1-2.5 million - $2.5-5 million - Over $5 million

Why Revenue Matters: - Determines coverage limits - Affects liability exposure - Influences premium costs - Indicates business stability

Property Information

Building Ownership

They Own the Building: - Need property insurance - Enter building value - Include land value separately - Consider replacement cost

They Rent/Lease: - Need tenant's insurance - Enter value of their property only - Landlord covers building - Check lease requirements

Building Details

Square Footage - Total area in square feet - Include all floors - Storage areas count - Basement included if used

Construction Type - Frame - Wood construction - Masonry - Brick or concrete block - Steel - Metal building - Mixed - Combination

Building Age - Year built (not years old) - Affects rates significantly - Newer = lower rates usually - Check for renovations

Safety Features Check all that apply: - ✅ Sprinkler System - ✅ Smoke Detectors - ✅ Security Alarm - ✅ Security Cameras - ✅ Fire Extinguishers - ✅ Emergency Exits - ✅ Backup Generator

Property Values

Building Value - Cost to rebuild from scratch - Not market value - Include fixtures

Contents/Equipment Value - Furniture - Computers - Machinery - Inventory - Supplies

How to Estimate: 1. List major equipment 2. Add furniture value 3. Count inventory 4. Include supplies 5. Add 10% for misc items

Operations Information

Business Hours

Standard hours of operation: - Monday-Friday: 9 AM - 5 PM - Includes weekend hours - Note if 24/7 operation

Why This Matters: - More hours = more exposure - Night operations = higher risk - Weekend work may cost more

Services Offered

List main services or products: - Primary service (main income source) - Secondary services - Seasonal offerings - Special services

Restaurant Example: - Dine-in service - Takeout/Delivery - Catering - Alcohol service

Special Operations

Note anything unusual: - Work at client locations - Use of chemicals - High-value items - Cash-heavy business - Online sales - International shipping

Risk Factors

Previous Claims

Claims History: - Any claims in last 5 years? - Type of claim - Amount paid - Current status

If Yes to Claims: - Be honest - Provide details - Explain improvements made - Show prevention measures

Safety Measures

Current Safety Practices: - Employee training programs - Safety equipment provided - Regular inspections - Written safety policies - Emergency procedures

Specific Risks

Questions to Answer:

For Restaurants: - Do you serve alcohol? - Do you have deep fryers? - Do you deliver food? - Is there live entertainment?

For Contractors: - Do you work on roofs? - Do you use scaffolding? - Do you do electrical work? - Do you work on new construction?

For Retail: - Do you have high-value inventory? - Is there after-hours access? - Do you accept credit cards? - Is there online selling?

Additional Information

Special Circumstances

Include relevant details: - Franchise business - Family-owned - Minority/woman-owned - Green/eco-friendly practices - Industry certifications

Compliance Requirements

Note any required coverage: - State requirements - Industry requirements

- Contract requirements - Loan requirements - Lease requirements

Growth Plans

Future considerations: - Planning to expand? - Adding employees? - New services coming? - Additional locations?

This affects: - Coverage limits needed - Policy flexibility - Future pricing

Verification Tips

Before Submitting

Double-check: 1. Business name spelled correctly 2. Address is complete 3. Industry is specific 4. Employee count is accurate 5. Revenue is reasonable 6. All required fields filled

Red Flags to Avoid

Watch out for: - Vague business descriptions - Mismatched revenue/employees - Missing safety features - Unexplained claims - Inconsistent information

Using Google Places Integration

The system helps with addresses:

1. Type Business Name First

• System may find it automatically
• Shows verified businesses
• Includes reviews and ratings

1. Address Auto-Complete

• Start typing address
• Select from dropdown
• Verifies real addresses
• Prevents typos

1. Additional Information

• Gets business category
• Shows hours of operation
• Links to website
• Shows photos

Common Mistakes

Avoid These Errors

❌ Too General: - "Retail Store" instead of "Women's Clothing Boutique" - "Restaurant" instead of "Italian Fine Dining"

❌ Wrong Employee Count: - Forgetting part-timers - Not including working owners - Missing seasonal workers

❌ Incorrect Revenue: - Using profit instead of revenue - Forgetting online sales - Not including all income sources

❌ Missing Information: - Blank optional fields - No notes about special circumstances - Forgetting additional locations

Best Practices

1. Ask Questions

• Better to ask than guess
• Clients appreciate thoroughness
• Prevents future problems

1. Take Notes

• Use the notes field
• Record unusual situations
• Document client requests

1. Verify Information

• Check against websites
• Confirm with documents
• Look up public records

1. Be Specific

• More detail is better
• Helps accurate quotes
• Looks professional

Next Steps

After entering business information: 1. Review for accuracy 2. Move to coverage selection 3. Complete risk assessment 4. Generate the proposal

Remember: Accurate business information is the foundation of a good proposal. Take your time and get it right!