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CoverWallet Review

Sunday, April 14th

2024 Business Insurance Provider Reviews

CoverWallet Review 3 Star Rating

CoverWallet

3 Star Rating
  • Offers a variety of coverage types
  • Tailored coverage for specific business types
  • Free assistance accessible via phone, email, or chat 24/7
  • "A+" rated and accredited by the BBB
  • Detailed online quote process

CoverWallet is affiliated with Aon, a well-established company offering retirement, risk, and health solutions. This platform serves as a referral service with the objective of connecting small- and medium-sized businesses with tailored insurance coverage pertinent to their respective industries.

Choose among many types of business insurance

To get quotes from multiple insurance providers, click "Get Instant Quotes" . From there, you can optionally provide your email address for follow-up, and then choose which types of insurance you need a quote for. The choices include:

  • General Liability
  • Workers Compensation
  • Business Owners Policy (BOP)
  • Commercial Property
  • Professional Liability
  • Commercial Auto
  • Umbrella
  • Errors & Omissions

And the list goes on. As you're deciding on what coverage you need, you can choose more than one.

Takes about 5 minutes to answer all questions

Next, you'll respond to several questions regarding details such as the industry type, number of employees, name and address, establishment year, and estimated annual revenue, and then specify the type(s) of insurance for which you seek quotes. Finally, it will ask you about your coverage requirements and provide a quote. The whole process takes about five minutes, but there were parts, such as entering the exact street address of the business, that could have been smoother.

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Advisors are on standby to answer questions

In case you are uncertain about your requirements or have unanswered questions, the site provides the name, photo, and contact details of a CoverWallet advisor on every page of the quote process. Working with an advisor to secure your business insurance coverage comes at no additional cost.

A phone call may be necessary

Similar to our experience while evaluating other insurers, depending on the business scenarios we tested, we sometimes received a message indicating that no online quotes were available when completing the application for General Liability coverage. CoverWallet went on to suggest that "there may be a number of options available by phone".

You'll love it or hate it here

Customer feedback needs to be more consistent in CoverWallet's case. Despite bearing an "A+" rating and accreditation from the BBB with a 4-star average, users reported more than one problem relating to abrupt policy cancellations and challenges in getting the necessary documentation to get coverage. On Trustpilot, the customer ratings and responses were significantly more dire, with 93% 1- and 2-star ratings.

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Negative feedback may be misplaced

However, it's essential to note that, as a referral service rather than an insurer, these issues were likely linked to the companies issuing the business insurance policies rather than being the fault of CoverWallet. Notably, the service has made considerable improvements in reputation since our prior review, transitioning from a "B" to an "A+" with the BBB.

Decent option for getting quotes from multiple insurers

Due to the enhancements made by CoverWallet since our last evaluation, and maintaining its BBB rating since then, the company holds solid in its ranking here. CoverWallet should consider making further changes to improve the experiences customers are having. In the meantime, if you're satisfied with getting either referrals or purchasing direct coverage, CoverWallet seems to fit the bill.

Where Can You Find the Best Business Insurance?

In a world becoming more legally sensitive, protecting your company from accidents, property damage, or injuries is critically important. It plays a pivotal role in safeguarding a business against a a myriad of risks. And in many states and industries, it's not just a good idea but something you have to do.

Even where it's not required, business insurance is a popular idea. In today's world, companies operate in an environment fraught with risks, ranging from natural disasters and accidents to legal liabilities. Without insurance, these events could lead to substantial financial burdens that might cripple or even bankrupt a business. Insurance policies act as a financial cushion, ensuring that a business can recover and continue operations.

The Best Business Insurance Providers Compare Business Insurance Providers Compare Business Insurance Provider Reviews What are the best Business Insurance Providers Best Business Insurance Provider Reviews

Business Insurance Provider FAQ

There are two main areas of coverage: business liability and commercial property. The former is used in the event that someone holds your company liable for injury, damages or loss; the latter covers damaged or stolen business property, plus any buildings you own (not lease).
Unless you've got money to burn, you need insurance coverage to protect you from any number of unexpected situations: a slip-and-fall at your store, an employee injury at your warehouse, or damage to a customer's home during a project, just to name a few. Lawsuits, medical bills, and property damage claims get expensive, and business insurance helps mitigate those risks and costs.
That will depend on several factors, including but not limited to state laws where your business operates and any licensing requirements for your specific industry. If you have employees, you'll likely be required to have workers' compensation coverage, and any vehicles owned by your business (and not you as an individual) need a commercial auto insurance policy.
That also depends on your state and your industry. At a minimum, expect that you'll need general liability insurance (which is often required as part of a client contract or commercial lease), plus workers' comp if you have employees and commercial auto if your company owns vehicles. Beyond that, you'll need to consider how your business operates and what specific types of policies might be required or just a good idea (such as Liquor Liability if you own a bar).
As with any other type of insurance, your premiums for business policies depend on many factors: the size of your company and number of employees, desired coverage limits, annual revenue and business location. However, most small businesses pay $65/month on average for General Liability coverage, $99/month for Business Owner Policy (which bundles property insurance with general liability), and $111/month for Workers Compensation.
It's true that most insurers only offer standard one-year policies, with prorated refunds if you cancel before the 12 months are up. But, with more and more people working in non-traditional ways (gig economy, freelancers, event specialists, and so on), the business insurance industry is evolving to keep up. There's at least one company that specializes in business insurance with short-term options: hourly, daily, monthly, depending on the company's needs.
Typically, yes! The premiums for your policy are a business expense and can be deducted like any other cost.
Absolutely. Some of the biggest names in the insurance industry allow business owners to get quotes directly through their websites. Other insurers specialize in online-only service, allowing you to get your quote, policy, and proof of coverage with just a few clicks. Of course, you should do your due diligence and select an insurer with a strong reputation before committing to a business insurance policy.
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Continued from above...

The insurance needs for any business can vary depending on its size. For example, small businesses often have different challenges compared to larger ones. Meeting the insurance needs that big companies can handle with lots of resources can be harder for small businesses. That's because small businesses don't have as many employees, accountants, and lawyers.

The legal landscape is another area where business insurance is indispensable. Liability claims and lawsuits are commonplace in the business world. Without adequate insurance, legal expenses and settlements can pose existential threats to a company. Insurance policies focused on professional liability, general liability, and other specific risks mitigate the financial impact of legal challenges, allowing a business to focus on their core activities rather than litigation.

But figuring out the right insurance can be confusing. After all, it's not an "exciting" business expense, protecting yourself against situations that you hope don't happen, but it's a big help when unexpected things do.

So, how can you figure out the exact coverage and how much you need? Instead of going to a local agent right away, who might not know a lot about small businesses, people are increasingly turning to online searches to find an insurance company with knowledge and specialty in the business world.

As you look into different places to get business insurance, keep these things in mind:

  • Types of coverage. Make sure the coverage options available are what you need. Are you limited to basic liability plans, or can you make a policy that's right for your business?
  • Convenience. See how easy it is to find information and get quotes on the website. Do you have to talk to someone before you can get coverage?
  • Reputation. Has the service or company been reviewed by the Better Business Bureau? Look at what other business customers say about their experience during the application process and after they get the policy.

Today's market has a bunch of top business insurance providers, and the experts at Top Consumer Reviews have researched and ranked some of the best-known names in the industry. Our goal is to help you get the coverage your company needs to protect it from expensive lawsuits, liability issues, and unexpected problems.

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