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Under the Hood: Creating Your Business Insurance Quote

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Carl Niedbala - Founder Shield
Carl Niedbala

COO & Co-Founder

So you’ve gone through the process of applying for insurance on the Founder Shield site.  In the the interest of transparency, here’s how we create your business insurance quote and how your insurance policy becomes a reality:

1. We review your submission internally

As soon as you click submit, our team is alerted to review your submission.  There are several reasons why we do this rather than sending everything directly to our underwriters.  For example:

  • Positioning: We want to ensure you didn’t characterize your business incorrectly from an insurance perspective, which could make the business appear riskier than it actually is and potentially lead to higher premiums or denied coverage. Accurately representing your business helps in effectively managing and mitigating business risks.
  • Accuracy: we make you’ve submitted all required information and circle back if needed.  It’s important to submit all relevant information to the underwriters in one shot.  If info is incomplete, your submission could get pushed to the back of the line.
  • Marketing: we have an internal discussion to evaluate which insurance carriers are best suited for your business considering the type(s) of insurance coverage requested and your the desired timeline for binding your insurance quote.

Once the preliminary evaluation is done, we go to market.

 2. We go to market for your business insurance quote

The marketing process varies by client, but follows the same general path:

  • We start with the markets that are both a) the best fit specifically for your startup and b) the quickest to generate a business insurance quote for us.  99% of the time we’ll know which markets meet this criteria.  If the fit is right, we can usually have bindable quotes within as little as a couple hours and at max a couple of days.
  • If these markets ultimately decline, we need to move on to other markets that may not have as quick of a response time but could still be a good fit.
  • This process continues until we find a market that offers acceptable terms.  The underwriters further down the line may ask for additional information or take a bit longer to respond to our requests.  This is why our team works to form strong partnerships with all of our underwriters in the insurance marketing chain.

3. We review and present your insurance quotes

Once we have terms from our underwriters, we’re still not ready to present yet.  We need to review and make sure that the insurance proposal is up to par.  Here’s what we’re looking for:

  • The correct “insuring clauses” that provide the coverage your startup needs
  • The correct limits of liability (as requested or as appropriate for your startup)
  • Any glaring/abnormal exclusions or limitations on coverage that could cause issues for you in the future

Once we’ve done this review process, we’re ready to present!  We can answer any questions about the coverage and bind the policies upon approval.

Our goal is to make sure this process as efficient as possible.  Our insurance marketing team is dedicated to making sure you get the quotes you need right when you need them. 


To learn more, you can always reach out to a member of our team by emailing info@foundershield.com at any time.

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photo credit: Postsumptio via photopin cc

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