Definition of Quote in Business Insurance

Commercial insurance terms and definitions.
Learn more about business insurance terminology and get the right coverage for your business.

Prefer to speak with a CoverWallet consultant? Call (646) 844-9933 anytime

Quote

Insurance terminology can be somewhat confusing if you do not work within the industry. A common question we hear is what does quote mean in insurance? Often when a quote is received, people assume that is the price they will pay forever.

An insurance quote definition in an easy way to understand is that it is a preliminary number based on the information provided by you about your business. Preliminary means that it could be subject to change based on further underwriting or changes to your business.

As a small business owner, you must understand the insurance process to be able to make the best decision when putting together your insurance portfolio. One way of doing this easily is by looking up an insurance glossary.

While most things can be understood, some insurance terms can be confusing and can mean different things from one policy type to another. Having a glossary at your fingertips can help you sort through what may be hard to understand.

Also, read your full policy as that will have definitions in it as well that are critical to understanding your coverages.

Can I Get My Small Business Insurance Quote Online?

To obtain insurance as an entrepreneur you should know how to get insurance quotes for your small business. A great way to obtain insurance quotes for your business is to use an insurance broker, like CoverWallet, with the help of an advisor who has access to several insurance companies and can provide more than one. That way it is less work on your part and you only have to deal with one advisor as opposed to several to get a favorable quote for your needs.

Another way to get insurance quotes for your small business is to quote online yourself. This way you can compare coverages and premiums in no time and completely online through our website and decide what is best for your business and which insurance coverages are required in your specific case.

Insurance quote terms can be frustrating when trying to compare quotes for your small business on your own. Take your time and compare all aspects of the insurance quotes you do get. In case you're confused, consult with a CoverWallet advisor.