Small and medium business owners have a lot to think about. Business insurance often falls to the bottom of the to-do list, but it’s vital that you have it. CoverWallet is a national online business insurance broker that offers many different types of business insurance. This is great because business owners can read up on what types of insurance they might need and get a quote for it all in the same place.
CoverWallet is a relatively new company, originating in 2015. It was started by Inaki Berenguer and Rashmi Melgiri and uses technology and data analytics to provide small business owners with insurance quickly and easily. Of note, CoverWallet is not an insurance company: it’s a tech company that pairs small businesses with insurance companies that can meet their needs. As a broker, they work with several leading insurance companies such as Chubb, Hiscox, Nationwide, the Hartford, and Liberty Mutual.
In 2019 they were acquired by Aon, and now they are technically known as CoverWallet, an Aon company. Aon is the second largest U.S. brokerage in the United States.
Pros and Cons of CoverWallet
|– Easy to compare multiple quotes|
– Recommends insurance for you
– File claims online
|– CoverWallet will only let you see quotes from their partners, not necessarily the best option|
– Advanced features cost $99 a year
– No mobile app
What Business Insurance Products Does CoverWallet Offer?
CoverWallet has an extensive list of business insurance to offer:
- General liability
- Workers compensation
- Business owners policies (BOP)
- Commercial property insurance
- Commercial auto insurance
- Errors & Omissions
- Ocean marine
- Medical malpractice
- Business interruption
There are more: to see a complete list you can check out CoverWallet’s website. If you aren’t sure what types of insurance your small business needs, they provide a free insurance assessment and can make recommendations for you. You just tell them about your business, how many employees you have, how much revenue you earn a year, and they do the rest.
CoverWallet insures many types of small businesses: everything from administrative services to wholesale trade. They also can provide quotes to businesses in all fifty states.
CoverWallet also has a digital wallet where you can manage all of your business policies. All of these things are free if you purchase insurance through CoverWallet. If you already have insurance, you can still use the service, but it will cost you $99 a year (with a 30-day free trial). What does this give you?
- Concierge-like service
- Unlimited certificates online
- Notification when your policies are about to expire
- Price alerts
- Recommendations and claim support
- Manage all your policies in one place
You can do these things yourself for free, so we’re not sure if we would pay for it if we already had insurance. But it’s a nice feature if you buy your insurance through CoverWallet.
A great feature of CoverWallet is to be able to pull quotes from their partner companies. Once you provide your personal details, CoverWallet provides you with several quotes so that you can compare and select the best one for you.
Financial Strength Rating for CoverWallet
CoverWallet is now part of Aon, which has a rating of A, or excellent, from A.M. Best.
Customer Satisfaction Rating for CoverWallet
CoverWallet is BBB accredited and earns an A+. There are 163 customer reviews, and the average is 3.48 out of five. There are also 68 complaints filed in the last three years, 30 in the past 12 months.
Reading through the reviews, people mostly leave either five stars or one star—they either love CoverWallet or hate it. Most of the complaints cite the lack of communication, with issues being either trying to cancel a policy and getting no response or charging for a canceled policy. The five star reviews all mention how quick and easy it was to get insured.
CoverWallet only has two reviews on Trustpilot and they’re both terrible. Both mention problems in communication—not responding to emails, and agents not communicating with each other. Insurance companies in general attract complaints, but it’s worth noting.
CoverWallet is very easy to use. You answer some questions about your business and CoverWallet can recommend types of insurance you need and then you can compare quotes. You’ll fill out an application and CoverWallet creates an account for you. You can then log into your account dashboard and see quotes for different policies and different levels of coverage.
Once you decide to purchase insurance through CoverWallet, you can manage all of your policies in one place. This can help save you money because as a small business owner, you need at least a few different kinds of insurance. With CoverWallet, you can see all your policies in the same place, which means you can find the cheapest rates for every policy. If you had three different companies for three different policies, it might get confusing. CoverWallet lets you keep track of everything in the dashboard. If you purchase insurance through CoverWallet, access to the dashboard is free. If you already bought your insurance somewhere else, it will cost you $99.
The other thing the dashboard does is give you the name and phone number of the agent assigned to you, plus a picture. That way, you’ll know who you’re talking to when you call or email. If you need help right away, or just have a simple question, you can also use the Chat feature.
You can download insurance certificates electronically, and you can file a claim online and pay your bills online. The only thing CoverWallet doesn’t offer is a mobile app, but the website is very easy to navigate.
Getting insurance for a small business in a hassle. CoverWallet lets you get quotes online, and you can compare multiple quotes from different companies and compare levels of coverage. It’s handy to have everything in one place.
However, keep in mind that although CoverWallet is easy to use and very handy, they only provide you with quotes from their partners. There may be cheaper insurance out there, but you’ll have to go hunting for it. It’s up to you whether that’s worth the time it will take. Overall, CoverWallet is very convenient and provides small businesses with every kind of insurance they might need.
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