Shopping for business insurance can be a tedious process. It takes time to collect and review quotes and coverage unless you visit CoverWallet. CoverWallet, an Aon company, makes it easy to get quotes from multiple insurance providers.
With CoverWallet, you can start by talking with an insurance advisor or start directly with quotes. You can get quotes from multiple reputable insurers, including Hiscox, Chubb and Progressive. Choose from a wide range of coverage options to protect every area of your business, including workers’ compensation, general liability and commercial property insurance.
Once you decide on your insurance coverage, you can manage your policies through MyCoverWallet. This online dashboard allows you to send copies of your insurance certificates when needed, file claims and pay premiums. It keeps your policies organized and allows you to reach out to an expert at any time.
CoverWallet also offers extensive educational resources. You can review its recommended coverage by industry. You can also dig into more specific information based on your industry, location, number of employees and annual revenue.
The one drawback to the CoverWallet is that it doesn’t have a mobile app. You can still access the site through your mobile browser and you can call any time for assistance. Overall, CoverWallet makes it easy to shop for and buy business insurance, and it’s an excellent fit for small businesses and the self-employed.
- Small to medium businesses
- Can get multiple quotes easily
- Can learn about recommended insurance for your industry
- Offers many types of insurance
- No mobile app
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CoverWallet has an impressive range of insurance products. Here’s a partial list of what it has to offer, but if you need coverage not listed here, visit its website to see all of its options.
General Liability Insurance
General liability insurance protects your business from claims filed by clients and other 3rd parties. It covers claims from bodily injuries, like slip-and-fall accidents on your business property. It also covers property damage. If you own a plumbing business and inadvertently flood a client’s kitchen, it would cover the damage up to policy limits.
General liability also covers personal and advertising injuries. That refers to libel, slander, copyright infringement and false advertising. If an employee talks negatively about a competitor to a potential client, for example, that could lead to a claim.
Workers’ Compensation Insurance
Workers’ comp insurance is critical if you have employees. Most states require it, and it’s a good idea as it protects you and your employees. It protects your employees by ensuring they have medical care if they experience a work-related illness or injury. It also provides them with benefits to make up for lost income if they can’t return to work right away.
It also protects your business because employees can’t typically file an injury-related lawsuit if you have workers’ compensation insurance.
Commercial Property Insurance
Damage to your business property can be devastating. Commercial property policies cover the physical structures of your business as well as its contents, including furnishings, your personal property and inventory. It covers the cost of damage or replacement of your property according to your policy terms and up to your policy limits.
Business Owners Policy (BOP)
A business owners policy bundles together general liability, commercial property and business interruption insurance. Business interruption insurance helps with lost income due to a catastrophe. Since the coverage is bundled, you may pay less than you would for 3 separate policies. It’s often a good choice for small business owners.
Professional Liability Insurance
If your business provides advice or services to clients, you may need professional liability insurance. Insurance agents, accountants, engineers, architects and more all offer a service, and clients could experience a loss if things don’t go as planned. This insurance covers your legal defense for these claims along with any awards or settlements.
Commercial Auto Insurance
If you use a vehicle for business purposes, you should consider commercial auto insurance. It tends to have higher limits than personal auto insurance, but otherwise, the coverage is similar. You can choose the minimum coverage that your state requires, but it’s often a better idea to obtain additional coverage. For example, you may want to include comprehensive coverage, which covers your vehicle if it’s damaged by an incident other than an accident, like fire or theft.
Umbrella insurance protects you when other policies have reached their limits. Say you have a limit of $500,000 on a general liability and a client wins a $600,000 settlement, you’re responsible for the difference unless you have an umbrella policy. In this case, the umbrella policy would pay the $100,000 difference.
You typically purchase umbrella policies with the same insurance provider you have for your underlying policies. You may also have to meet minimum coverage requirements before buying an umbrella policy.
Employment Practices Liability Insurance (EPLI)
Employees may sue due to wrongful termination, discrimination, sexual harassment, failure to promote and other issues related to their employment. EPLI helps cover your business’ legal defense and any settlements or awards from a lawsuit.
Cyber Liability Insurance
Cybercriminals are targeting small businesses. They tend to have less invested in cybersecurity, but they still have valuable information, like customer data. Cyber liability insurance helps you with the costs of recovering your data, any interruptions to your business and paying for identity theft protection for any clients with compromised information.
Product Liability Insurance
If you sell a product, consider product liability insurance. It covers claims if a defective or spoiled product causes an injury, illness or property damage. It also covers claims if there’s an issue with product packaging or directions that leads to injuries. Many policies also cover the costs of recalling a product.
Getting in touch with customer service is convenient and easy. CoverWallet has several options for getting in touch with customer service. You can chat from its website, call 646-844-9933 to speak with a representative or send an email to email@example.com. Chat is available until 6 p.m. EST daily and you can call from 8 a.m. to 8 p.m. EST or email at any time. You can also schedule a call via the CoverWallet website.
Once you have a policy, you can make changes and talk to a representative through the MyCoverWallet (The Wallet) dashboard.
You can file claims and upload receipts through the MyCoverWallet (The Wallet) dashboard. Since CoverWallet is a marketplace for insurance and not an insurer, your claims process may vary depending on which insurance provider you choose. CoverWallet doesn’t provide much information about the claims process on its website. Managing the process online and having the support of CoverWallet representatives should keep the process moving smoothly.
Insurance prices vary depending on your industry, location, number of employees, revenue and other factors. CoverWallet delivers competitive pricing and value by allowing you to get quotes from multiple providers. You can compare premiums and policy limits easily. If you need more guidance, you can talk to a CoverWallet advisor to learn more about your options and which ones are best for your business and industry.
The CoverWallet Mobile App
Unfortunately, CoverWallet doesn’t offer a mobile app. You can visit the website through your mobile browser, and it’s optimized for mobile. You can also call if you need assistance. You can easily manage your policy from your computer on the MyCoverWallet dashboard, so you shouldn’t need to do much when you’re out and about.
The MyCoverWallet dashboard allows you to send insurance certificates, get notifications when policies expire, receive price alerts, see recommendations and more.
CoverWallet offers an impressive range of insurance products that you can purchase through an intuitive platform. You can get expert guidance on which policies might be the best fit for your industry and review multiple quotes from reputable business insurance companies. Once you have your policies in place, you can manage them easily through the MyCoverWallet dashboard.
Buying insurance doesn’t have to be tedious. CoverWallet makes purchasing and maintaining insurance a breeze. If you’re a small business owner, just starting out or self-employed, it’s a great place to start your insurance shopping.
Frequently Asked Questions
You can log in to your CoverWallet dashboard at my.coverwallet.com.
Overall, users and reviewers alike give CoverWallet a thumbs up. Most report an easy user experience and reported being satisfied with their customized quotes.
The BBB, or Better Business Bureau, gives CoverWallet an A+ rating. While there are some user complaints about the responsiveness about their customer service team, CoverWallet generally has a glowing reputation as a business insurance marketplace.