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      August 14, 2020

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Allstate vs Cover Wallet

To help you find the Best Business Insurance, provides you with an in-depth comparison of Allstate and Cover Wallet.

To see ALL of our reviews for the Best Business Insurance, please Click Here

Get Business Insurance with Hiscox Today! All businesses should have at least basic protection. In fact, depending on your business type and State, you may be required to have coverage. Policies exist today that financially protect business owners against injury costs and related medical bills, legal defense costs, property damage, liability claims for loss of a client's private electronic data and negligence of temporary staff.

Shopping for the best small business insurance does not have to be time consuming or stressful. There are a number of insurance companies that work to provide the best quotes for small business, sometimes in only minutes. This allows shoppers to compare and contrast the best policies and pricing quickly and efficiently.

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2.5 stars


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With continued marketing efforts, just about everyone has heard of Allstate Insurance. Allstate has been around since 1931 and provides coverage for small businesses, home, life, renters, condo, auto and motorcycle insurance. The company currently holds an A rating with the Better Business Bureau and an A+ rating with A.M. Best. Allstate has strong history of providing quality insurance but isn't quiet savvy enough for our online shoppers.

The benefits of shopping for business insurance at Allstate is that you can also grab your homeowners, life and other policies in the process. Shoppers will also feel confident that they are getting competitive pricing from a well regarded insurance company. However, the downside of shopping with Allstate is that the insurance quote process must occur with a local agent and they may not be experts at how to best protect a small company. For those busy small business owners that want a streamlined effort of choosing solid insurance, when it's convenient for them, will not find what they are looking for at the Allstate website. For those that are looking for business insurance and perhaps other coverage, and are ok with speaking with a local agent, Allstate may be a decent choice.

We liked the history that Allstate brings to the table but had hoped they would offer a convenient online quote option like those companies ranked higher. For individuals on the go, a higher rated insurance provider can better assist.

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2 stars
Cover Wallet


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CoverWallet is the brainchild of a group of tech entrepreneurs who wanted to build a better insurance-buying process for other business owners. Based in NYC, this company seeks to give companies the ability to manage all of their policies online in one place.

The quote process with CoverWallet is initially straightforward. Choose the type(s) you need from among these categories:

  • General Liability
  • Workers Comp
  • Business Owners Policy
  • Commercial Property
  • Professional Liability
  • Commercial Auto
  • and more than 20 other categories

You can also select “I don’t know or I’ll decide later” if you just want to browse. Answer a few questions about your company, like business location, start year, years of experience, projected annual revenue, form of business entity (LLC, Corporation, etc.), and so on. Once you enter your contact information, your quote will be emailed to the address you specify. After providing details to those initial questions, CoverWallet will recommend policies that might apply to you. In our case, they recommended General Liability and Professional Liability.

We appreciated that we could see how much more time we might need to enter the additional required information to apply for the kinds of insurance the service recommended, or we could choose “not now” if we just wanted to continue the application.

Because we initially selected the “I’ll decide later” option, we got to the end of the quote process and were told that CoverWallet didn’t have any policies for us to consider - which makes sense. But, it was aggravating when we tried to go back and select “General Liability”, because we found we had to start the entire question-and-answer process from the beginning. There may have been a way to save our information or create an account, but there was no obvious way for us to tell if that was the case. On each screen, we were given a photo, name and number of a personal advisor we could call with questions, which was a plus.

We were disappointed to see that CoverWallet had a “B” grade at the Better Business Bureau at the time of our review, primarily based on more than 20 complaints filed against the company - and 25 of them were in the 12 months leading up to the date this review was compiled. While CoverWallet is accredited by the BBB, they’ve only been in business for 4 years, so it left us wondering if they’re still working out some of the kinks with respect to customer service.

The most troubling aspect of CoverWallet’s service is the number of complaints we found that said that the company made significant mistakes when policies were issued to business owners. Multiple people said that the policy recommended by CoverWallet didn’t actually cover what they needed, and that requests for help, service, and eventually refunds went unanswered. That may be due to the fact that CoverWallet isn’t the actual insurance company backing the policies, but that doesn’t excuse their lack of response when customers they referred need help.

While CoverWallet may partner with top-notch, trusted insurance companies to provide Business Insurance coverage, the process of getting to a quote is enough to deter even the most determined professional. And, the lackluster reputation with the BBB means that CoverWallet winds up at the bottom of our rankings for now. We hope to see positive changes in the near future, as CoverWallet gains more experience within the Business Insurance industry.

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Continued from above

When deciding on which company to start with, for your business insurance needs, consider the following first:

  • Reliability. Does the company in question have a strong Better Business Bureau rating? How strong in their A.M. Best (insurance rating) compared to others? Will the company be honest and reliable when you most need them?
  • Convenience. Can you obtain small business insurance quotes online or do you have to speak to an agent? Will you only speak with 1 agent or several?
  • Informative. Is the website educational and informative? Will it help you decide what type of business insurance you need to best cover you financially? has reviewed and ranked the best Business Insurance services available today. We hope these reviews help you protect your business with the right insurance today!

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