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AIG Small Business Insurance Review 2021

Insuring your business is one of the most important things you’ll do as a small business owner. It can mean being protected from a lawsuit or disaster that might have otherwise put your operations in financial jeopardy. One larger insurer that offers business insurance is AIG. Below we’ll look at the products AIG offers, the company’s reputation and what the company’s digital experience is like. Read on for our AIG business insurance review.

Pros:

  • AIG is a large company with many different business insurance products tailored to specific professional and industry needs.
  • This company got “better than most” or “above average” ratings for all metrics in the J.D. Power U.S. Small Commercial Insurance Study 2019.

Cons:

  • Many of the products seem to be geared towards larger businesses, like protection for multinational corporations. Products like these are less helpful to small businesses.
  • AIG has no online quote process. There is only a form page to enter your personal information and then someone will contact you.
  • This company has a fairly high complaint index of 4.76 through the National Association of Insurance Commissioners.

>>MORE: General Liability Insurance: Definition and Coverage

Small Business Insurance Products Offered by AIG Small Business Insurance

Score: 95/100

First in our AIG business insurance review, we’ll look at the wide range of insurance AIG offers for many different types of businesses. It labels the products under different headers, which we’ll review below.

Business Insurance Types:

  • Directors and Officers (D&O) Liability Insurance: Protects individuals and entities from certain claims of wrongful activity anywhere in the world
  • Employment Practices Liability: Protects from claims of harassment, wrongful retaliation, discrimination and other claims
  • Kidnap and Ransom Insurance: Protects in the event of crises like extortion, kidnapping and assault like active shooter situations, among other events 
  • Professional liability insurance: It covers businesses and their employees from legal actions by your clients or 3rd party.
  • Management liability insurance: It protects your company from a wide-range or board-level risks
  • Cyber security insurance:
  • Political Risk: It helps mitigate risks when your companies are engaged in or invest in cross-borders business activities
  • Merger & Acquisition: It protects businesses from risks arising from M&A deals. The coverage options include Representations & Warranties, Tax Liability, and Contingent Liability insurance

>>MORE: How Much does General Liability Insurance Cost?

Specific Industries:

AIG also offers protects for specific industries. For example, businesses in the construction field have access to a variety of casualty insurance products like workers’ compensation insurance, as well as product liability insurance. As another example, under the technology header, you can find unmanned aircraft solutions insurance, also known as coverage for drones.   

The specific fields AIG covers include:

  • Aerospace
  • Construction
  • Education and Public Entities
  • Energy
  • Healthcare
  • Hospitality and Leisure 
  • Marine
  • Financial Institutions
  • Technology
  • Transportation  

Some business insurers offer more of a one-size-fits-all approach with their policies. 

As you can see, AIG is the company to go with if you want products tailored specifically to your industry. Each industry has such a wide array of products offered, it’s worth searching AIG’s site by your industry.

>>MORE: Best Professional Liability Insurance Companies for Small Businesses

Financial Strength Rating for AIG Small Business Insurance

Score: 60/100

AIG is short for American International Group, Inc. If you search by this name, the long-term issuer credit rating through A.M. Best is labeled at a bbb, or a “good” rating. The outlook of the company is stable. The company doesn’t have a financial strength rating listed under this name, however. There is only the credit rating.

Customer Satisfaction Rating for AIG Small Business Insurance

Score: 75/100

In order to rate this company’s customer satisfaction rating, we turned to the J.D. Power U.S. Small Commercial Insurance Study 2019. The study rates each major insurer by four different scores. A five is “among the best,” a four is “better than most,” a three is “above average” and a two is “the rest.” The breakdown for AIG is as follows:   

  • Overall satisfaction: 4
  • Interaction (with agents, the website or call center): 4
  • Policy offerings: 4
  • Pricing: 4
  • Billing and payment: 3
  • Claims: 3

So AIG stands as either “better than most” or “above average” in all metrics. That’s pretty solid for customer satisfaction surveys.  

>>MORE: Best General Liability Insurance for Small Businesses

Consumer Complaints Rating for AIG Small Business Insurance

Score: 80/100

Through the National Association of Insurance Commissioners, AIG (NAIC company code 40258) had a complaint index of 4.76 across all insurance types in 2018. The complaint index is set at a baseline of 1.00. So a 4.76 is over four times the expected amount of complaints for the market.  

When you break it down by business insurance types however, they are all at 0.00. These types included commercial auto, commercial liability, commercial property, medical professional liability and workers’ compensation. The company basically just had one complaint for life & annuity insurance and one complaint for travel insurance in 2018.  

Digital Experience Rating for AIG Small Business Insurance Review

Score: 20/100

Usually, we’d get an online quote as part of our AIG business insurance review. However, AIG has virtually no online quote process. The site itself is organized so that you have to navigate through several screens to get to the type of insurance you want by category and industry.  

Once you get to some of the products, selecting “learn more now” leads you to a page that just has several dropdown menus giving you details about the product. These are helpful, but not what you want if you’re looking for a quote. Navigating backward through site eventually led us to this at the bottom of a page:

Once you hit “contact us now,” you get this page:

It’s just a detailed contact page where you fill out a host of personal information, like your business name and address farther down the page. Then you hit submit and hope someone gets back to you.

We did find a button on the drone insurance page that read “apply for quote now.” But once we selected it, we got an internal server error.  

Overall, the experience feels impersonal and difficult to navigate. Plus, it tells you nothing about what you’d expect to pay.

>>MORE: What is Professional Liability Insurance? And Its Cost?

Final Thoughts

  • AIG offers a truly wide array of business insurance products for diverse levels of professionals and industries. A main takeaway from our AIG business insurance review is that this is the company to go with if you want products tailored to your specific type of business.
  • Curiously, AIG does not have a financial strength rating through A.M. Best, however, it does have a bbb (good) long-term issuer credit rating.
  • AIG had either “better than most” or “above average” across all factors in the J.D. Power U.S. Small Commercial Insurance Study 2019. So it has a good standing with consumers.
  • It does have a complaint index of 4.76 for all types of insurance, however, a 0.00 for business insurance since it received no complaints for those types.
  • The digital experience through AIG is difficult to navigate. On some of the pages, there is simply a link to a contact form and then you have to hope someone gets back to you. It’s a very impersonal “don’t call us, we’ll call you” feeling.
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