Information Needed for Alarm Company Insurance
You need burglary alarm installation insurance for your business. When you go to apply whether for a new or a renewal policy, you may have to provide the following information on a business specific application:
Company activities: This could include alarm installation, monitoring customers, intrusion alarms, a combination of intrusion and fire alarms, closed circuit TV, fire extinguisher sales and service, locks and safes, servicing and maintaining alarms, monitoring for other alarm companies, smoke/fire alarms, temperature controls, access control, intercoms and medical alerts.
The app may also ask you to answer:
- Describe the largest project, including the total cost, which you have performed during the past five years:
- Have you allowed or will you allow your license to be used by any other contractor?
- Are you subcontracting out work?
- Will any of your work involve the construction of or be for new condominiums/townhouses/multi-unit residences?
- Has any lawsuit ever been filed or any claim otherwise been made against your company.
If it's a renewal policy, you will probably be asked for information on your insurance going back four years. This will include insurer's name, premium, deductible, losses and revenue.
To determine the basis for your premiums, insurance companies will ask for two things:
- Total payroll and number of full time employees (to price workers compensation)
- Information regarding revenues (to price liability)
Applications and Accurate Information
Many insurers also use what's called an ACORD application. This is an application designed for commercial liability, auto and property coverages for any commercial business. It is meant to be an industry standard.
Whatever form you're asked to complete, make sure you provide accurate data. You want to avoid a situation where you could be suspected of providing false information. Many insurers will pull what is called a CLUE (Comprehensive Loss Underwriting Exchange) report on your business. This report gives a business profile as well as information on losses incurred by your business over the years.
Insurers have a lot of tools that they use to calculate your premium. That's why it's best to shop around for quotes and settle on a company that provides the most comprehensive coverage at the most affordable price for your situation.
USA Business Insurance- Alarm Installation Insurance
Contact USA Business Insurance today for a no-obligation consultation regarding the insurance needs of your alarm installation company. We offer a program tailored to your industry and your company at a price that will work for you.