This Little Piggy Went to the Market: Behind the Scenes of Quoting Insurance

Let’s go shopping!

Think of the insurance market like

a fruit market.  You want the fresh, clean, beautiful fruit that’s in season!  You shop around, check for bruises or marks, and then decide which fruit to buy.

The way we get insurance quotes is quite similar. We review all the quotes that we receive from our underwriters to ensure that they are the best quality for the best value. The goal is to get the best coverage out there for your company. “Best” might mean hitting a few different markets before finding the one with the freshest fruit.

It’s been a week, where’s my quote?!

Timelines for quotes can range widely for first-time insurance purchasers.  Some quotes take a few minutes and some quotes can take up to two weeks.

What determines the quoting timeline?

The turnaround time for a quote is based on several factors:

  • Information is Power.  In many circumstances, underwriters require supplemental applications to cover any holes in the initial submission. Communication between our team and your company is crucial as this well help streamline the process.
  • Deadlines. We treat all submissions with tender love and care. That being said some requests are more urgent than others. In situations where your company needs insurance ASAP we will put pressure on our underwriters to move the application to the top of the list.  It’s a relationship business, so it’s important to manage our underwriters’ time and stress levels by controlling the flow of submissions to maximize their efficiency.
  • Coverage type. Traditional risks like plain-vanilla office spaces and retail stores can be quoted relatively quickly. This is attributable to many underwriter’s familiarity with such common exposures. More specialized classes of business require unique coverages. In order to get quotes for these unique coverages, often times underwriters have to approach exclusive markets. We have to get crafty here, so these quotes may take a little longer than your average General Liability policy.

Our online application intends to get as much information as we can about your business (without making you want to gouge your eyes out!). We get just what we need to send the submission and our comments out to market (to insurance companies) for quotes.

But for more complex operations (on-demand services, crowdfunding platforms, marijuana businesses…non-traditional business models), our underwriters require more time to evaluate each factor and tailor a program to fit the needs of the company. Plenty of diligence has to be done by our experts to make sure all potential exposures are covered for the unconventional business’ that come through our door.

What is an underwriter & what do they do?

As an insurance brokerage we have access to hundreds of insurance markets (or carriers). Underwriters are the professionals who evaluate the risks on behalf of the carriers.  They set pricing and define the risk exposures covered by their quote. It’s our job to present all the information we’ve gathered from you, negotiate the premium, and make sure coverage is right for your company’s risk profile.

Think of Founder Shield as your fruit shopping guru. We are your representatives in the marketplace and make sure we hit every viable market out there to get the best quotes for your company. Everyone wants superior products and you don’t always know what you’re getting when you pay for something.  We ensure the hardest hustle goes into getting the insurance quote for your company and the security of always knowing what you’re paying for and why. If you’re interested, or just have a question, reach out to us! We can be found at and (646)-854-1058!


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