Documents Required for Smooth and Easy Underwriting Process
Requirements differ substantially for different company types. The basic idea is that you need to document the legitimacy of your business with official state information, and document that you have sufficient payroll for at least 1 full time employee who is not married to the business owner.
For general reference, the following items are very useful to ensure a smooth underwriting process:
- Listing Page from California Secretary of State Business Entities Portal (showing active status on website)
- California Statement of Information (stamped copy) listing owners and partners
- Articles of Incorporation (stamped)
- Fictitious Business Name Statement (if applicable)
- IRS Schedule K-1 (if applicable)
- DE-9C Quarterly Wage Report showing at least one non-owner employee for half of previous calendar quarter OR Payroll Register for 6 consecutive weeks if no DE-9C is available. Some carriers will take less payroll than this but as a general rule it will be easiest if you have this much payroll on record.
- Workers' Compensation Policy information
With the above items in hand along with a properly detailed employee census, we can streamline this complex process and make your life as a business owner a bit easier.