Underwriting is the process by which an insurance company gathers data about a potential risk, compares that data to averages and standards related to that risk, and properly calculates the premium it must collect and invest to cover a partial loss or accident. Of course the insurance company spreads out the probability of having to pay a claim over as many risks it can accept. It makes an "underwriting profit" if it can collect more premium than it pays out in claims. In other words, a company makes money if they choose their insureds wisely and don't have to pay any claims.
As commercial auto insurance agents, it's our job to collect the data about the risk and provide it to the insurance company. What or who is the risk? You are. Your company is. The term risk here means you the insured or your company. Your company includes you as a driver, you as a business owner, you as a maintainer of the safety of your vehicles, and your employees as drivers. We gather information about you, your vehicles, how long you've been in business, your driving record, your credit record, your claims and loss record. We also need to get the information about each of your partners and employees.
Help us make the process of gathering easier. It will also help to make the premium quote more accurate. Here is a list of some of the things we will need in order to properly underwrite your business.