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Old 11th August 2015, 04:15 PM   #1

Join Date: Aug 2015
Posts: 1
Default Credit Check For Business Ins?

I'm buying an existing small business. I need to get insurance, will they check my credit?

A friend of mine does insurance and asked for my soc sec # or the IEN#. I haven't been able to switch the IEN# yes so she would need my Soc Sec. I'd rather not give it to her, especially if she is going to check it.

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Old 11th September 2015, 02:37 AM   #2
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Join Date: Mar 2015
Posts: 61

For some entrepreneurs, buying an existing business represents less of a risk than starting a new business from scratch. While the opportunity may be less risky in some aspects, you must perform due diligence to ensure that you are fully aware of the terms of the purchase.
To understand the credit report question, you have to understand that insurance companies are like giant baskets. Their policyholders pay money into the basket. Then, insurance companies pay claims from the money that's in the basket to those who need it. The amount you must contribute to the basket depends on how much insurance you want and how you're categorized as an insurance customer. The secret to lower rates is to be part of a group that has a lower probability of filing a claim.

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