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Done for you in 10 minutes.
A professionally drafted commercial insurance request for proposal (RFP) and company risk profile. Walk away with a comprehensive document ready to send to brokers to secure competitive, accurate coverage quotes.
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When your company’s commercial insurance renewal approaches or your business scales into new risk territories, relying on standard broker application forms rarely yields the best rates. A professionally drafted Commercial Insurance Request for Proposal (RFP) and Risk Submission is your opportunity to take control of the narrative. This comprehensive document acts as your business's financial resume for underwriters, detailing your exact operational footprint, assets, safety protocols, and historical loss runs. You need this outcome when you want to force carriers to compete for your business, transition to new brokers, or benchmark your current premiums against a hardening market. A truly exceptional submission doesn’t just list what you do; it actively demonstrates how you mitigate risk. By presenting clean, organized data and highlighting your proactive safety measures, you give underwriters the confidence they need to offer preferred pricing, broader coverage terms, and fewer exclusions, ultimately protecting your bottom line.
You should distribute your RFP to brokers 90 to 120 days before your current policies expire. This timeline allows brokers 30 days to prepare submissions, and underwriters another 30 to 45 days to price the risk accurately. Any shorter window limits your leverage and forces rushed, expensive decisions.
Market blocking occurs when multiple brokers approach the same insurance carrier on your behalf, as carriers typically only quote to the first broker who submits the risk. You prevent this by assigning specific insurance markets or carriers to specific brokers in your RFP guidelines. This strategic allocation ensures brokers compete on service and strategy rather than racing to block markets.
Insurance carriers require three to five years of officially valued loss runs from your prior insurers to price your risk accurately. These reports show your claims history, including amounts paid and reserves set aside for open claims. Clean, well-documented loss runs prove your risk profile and prevent underwriters from charging higher default premiums.
Underwriters primarily look for audited financial statements, projected annual revenue, and total payroll broken down by employee class codes. For property coverage, they also require detailed schedules of values, including building construction types, age of roofs, and square footage. Accurate financial data ensures your premium bases are calculated correctly, avoiding costly audits later.
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