Underwriting

Underwriting Information Checklist by Industry

Different commercial insurance industries require different underwriting information. A contractor submission requires payroll by class code and subcontractor cost. A restaurant submission requires liquor sales percentage and seating capacity. Using a generic checklist for every industry guarantees missing information on most accounts. Here is the underwriting information checklist for the most common commercial insurance industries.

Contractors (general, specialty, subcontractors)

✓Annual gross revenue

✓Subcontractor cost as % of revenue

✓Type of work performed (new construction, renovation, service)

✓States of operation

✓Payroll by employee class code (NCCI)

✓Current EMR and publication date

✓Number of employees by job function

✓Any prior losses with description and corrective action taken

✓Certificates of insurance from subcontractors (verify GL limits)

✓Prior WC carrier history (3–5 years)

Restaurants and food service

✓Annual gross sales

✓Liquor sales as % of total revenue (if alcohol is served)

✓Seating capacity

✓Hours of operation

✓Whether delivery is offered (owned vehicles vs. third-party)

✓Number of employees and payroll breakdown (FOH vs. BOH)

✓Any prior GL losses related to food contamination, slip-and-fall, or liquor liability

✓Whether the premises are owned or leased

✓Square footage of the premises

Professional services (accountants, consultants, IT)

✓Annual revenue by service type

✓Number of licensed or credentialed professionals

✓Prior E&O (professional liability) carrier and claims history

✓Services provided outside the primary professional category

✓Any pending or threatened claims

✓State(s) where services are provided

✓Whether work is performed for government or regulated entities

Retail and wholesale

✓Annual gross sales

✓Product types sold (general merchandise, food, specialty)

✓Whether the business manufactures any of the products it sells

✓Import/export of products

✓Product recall history

✓Premises information (owned, leased, square footage)

✓Number of employees and payroll

✓Delivery operations (owned vehicles, third-party)

Habitational (apartments, commercial landlords)

✓Number of units and building type (frame, masonry)

✓Year built and system update dates (roof, plumbing, electrical, HVAC)

✓Occupancy type (residential, commercial, mixed)

✓Current vacancy rate

✓Tenant application and screening process

✓Prior property and liability loss history

✓Security systems and features

✓Lead paint and asbestos disclosure (for older buildings)

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→ What underwriters need before quoting → What information underwriters really need → Commercial insurance risk assessment guide → How commercial underwriters review applications