Premium Estimate - Bar & Restaurant

[BTFuzz]

It was geared towards NY, that's why I included the ZIP codes. Fully understand the inaccuracy that comes along with this question.

Let's look at this another way perhaps:

I'm sure many of you have had prospects that have approached you with something to the effect of, "I'm thinking about starting a xxx business. I'm trying to get an idea of startup costs. Do you know how much it would cost for insurance on the business?"

How do you advise said prospects, when they don't even have a business name or rented space to provide along with a quote submission? My wholesale markets will not accept a submission without a registered business name. However, I want to help these people out so that I can get their business when they do open.

Now I understand that all risks are unique but can't we give these people SOMETHING? LOL

Do you realize what kind of position this puts you in if you "shoot from the hip" on price and you are totally wrong?

You always need to gather at least minimal info to get a quote from the carrier. The only time I pull a number out of my a$$ is on a small, sole prop that I have a good idea what it will be.

You say $10k and the quote comes back $15k what will the prospect think of you?

 

[Dudley76]

Do you realize what kind of position this puts you in if you "shoot from the hip" on price and you are totally wrong?

You always need to gather at least minimal info to get a quote from the carrier. The only time I pull a number out of my a$$ is on a small, sole prop that I have a good idea what it will be.

You say $10k and the quote comes back $15k what will the prospect think of you?

Totally get this. And if I were to pull a # out of a hat for a prospect (which clearly, I will now never consider), I would have used language such as, "Don't hold me to this as each business risk is completely unique. There's no way to know until we can get your case in front of an underwriter."

You've all made me realize that there will never be a situation where it is appropriate to give an estimate. Thanks for your help, and in certain cases, for your humor.

This thread will self-destruct in 3...2...1...

 

[Guest]

dude, make up the acord forms, submit a friggin quote and you will have your answer,

This oculd have been done in the time you take to post a stupid question on this BB