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USAA Review

Sunday, April 14th

2024 Business Insurance Provider Reviews

USAA Review 2.5 Star Rating


2.5 Star Rating
  • Coverage exclusively designed for active duty/retired military members, along with their spouses and children
  • Business, general, and workers' compensation policies
  • Offers professional liability, cyber liability, umbrella insurance, and commercial auto
  • Provides business perks, health/dental/vision, and life insurance

Since the 1920s, USAA has been dedicated to offering banking and insurance solutions tailored to the requirements of military professionals and their families. As a present or former member of the military, or as the spouse or child of one, you can access various business insurance policies through USAA.

Helpful information about business insurance

While you may not find an extensive repository of resources catering to small businesses, you will get the insights necessary to grasp the diverse coverage options before embarking on your insurance journey. Although the information on their site to educate potential business insurance customers is not extensive, it is enough to give a general idea of what is offered and why it is important to business owners.

Only for military members and their families

A notable drawback when considering USAA for business insurance pertains to the company's customer base, which is confined to the Armed Forces. If you do not fall into the category of active duty or retired military (or the spouse/child of someone who is/was), you will not be eligible for their coverage. However, if you meet these criteria, you may appreciate the company's focused approach to your specific needs, encompassing access to banking services, investments, and military life advice.

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Start with the basics

Upon applying for a quote, you can search for your business type with a keyword search. We found our "web designer" scenario business right away. You'll be prompted to input the standard details concerning your business, such as the industry, number of employees, business structure (sole proprietorship, partnership), revenue, employees, payroll, and location. Subsequently, you will need to specify the exact types of coverage you require from the 7 kinds offered by USAA, which encompass Business Owners Policy (BOP), Workers' Compensation, Commercial Auto, General Liability, Cyber Liability, Professional Liability (E&O), and Umbrella.

Not a straightforward process to get coverage

It's important to note that during our attempt to obtain a quote for a small translation service, we received a pop-up notification stating that USAA lacked the coverage to meet our needs. This led to a redirection to The Hartford, which, in turn, necessitated logging onto the USAA site. Keep in mind that if you are contemplating USAA for your business policy, you might ultimately find yourself referred to a third-party insurer for your coverage.

BBB alerts

Another aspect of concern is the alerts associated with USAA on their Better Business Bureau listing. These alerts outline actions taken against USAA by the Bureau of Consumer Financial Protection and the Office of the Comptroller of the Currency, likely contributing to USAA's BBB rating transitioning from an "A-" to "Not Rated" since our previous evaluation. While the majority of complaints filed with the BBB are not directly linked to business insurance, the fact that there were nearly 3,500 of them in the most recent 12 months warrants a lower rating.

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Reputation is on the decline

For these reasons, USAA has experienced an additional decline in our rankings in the course of our last assessment and this one. The company still projects an image of being a dependable option for various insurance categories, including business policies. Nevertheless, there is clearly an ongoing trend in a less favorable direction.

Hard to recommend broadly for business insurance

We recommend that you consider a higher-ranking business insurance provider; however, it is clear that military service members do still prefer to go with USAA out of devotion to the brand. If you meet the criteria for their coverage and are contemplating them for your business, we suggest promptly reviewing any updates on their BBB profile before finalizing your decision. Additionally, it would be wise for you to compare the coverage offerings with quotes from non-military insurance services featured in our review.

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.

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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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