Nationwide Business Insurance Review

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Contributor, Benzinga
September 13, 2021
Nationwide Business Insurance
Best For
  • Commercial Property
securely through Nationwide Business Insurance's website
1 Minute Review
Nationwide Business Insurance offers coverage options for businesses of every size and industry. With 15 coverage options, you can put together a layer of protection that is tailored to your business’s needs. Nationwide’s greatest asset is that it offers access to insurance agents across the nation. This feature allows you to develop a relationship with the person who will help you protect your business through every stage of development. Or, if you prefer, you can handle your insurance needs without choosing an agent. For all that Nationwide offers, it doesn’t provide a few items you might be looking for. For one, Nationwide does not offer average business insurance rates on its website. It also does not offer as many online resources for business insurance as it does for the other types of insurance that it offers. AM Best Rating: A+ Moody’s Rating: A1  
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Best For
  • Commercial property insurance
  • Businesses that want personalized support
  • Small businesses in the beginning stages
  • Businesses looking to switch insurance agencies
Pros
  • Nationwide’s insurance agents offer personalized service
  • A+ from A.M. Best
  • Wide variety of coverage options
Cons
  • You can’t sign up for coverage on Nationwide’s mobile app

Nationwide Business Insurance Ratings at a Glance

Coverage Options
Customer Service
Customer Pricing
Nationwide Mobile App
User Benefits
Nationwide User Experience
Overall Rating

Making sure your small business has the right insurance coverage is a pivotal part of your success. Find out if Nationwide Business Insurance is the best option for you with our Nationwide Business Insurance Review.

Nationwide Business Insurance Coverage Options

Nationwide offers 15 different coverage options for businesses:

  • Businessowners policy: This coverage option — also known as a BOP — combines multiple coverages into a single policy. A standard BOP includes commercial property insurance and business liability insurance. It may also include business income insurance, equipment breakdown insurance and other types of coverage.
  • Business liability: Business liability insurance is there to protect your business financially if it is held liable for injuring someone or injuring someone’s property. Employees and business property are not included in this — you’ll need other types of coverage for that. Your insurance policy can help by reimbursing your business for any lawsuits or medical costs that arise from a covered claim. In some cases, you may also be able to add on additional coverage endorsements, such as employment-related practices liability. This coverage option depends on the risks of your business.
  • Commercial property: This insurance coverage can help protect your business property if it is damaged by certain circumstances. The types of business property that are covered include the business’s building, equipment, signage, fencing, furniture and inventory. If any of these assets are damaged by a covered event — such as a fire, storm damage or vandalism — your insurance policy may cover the cost of rebuilding, repairing or replacing the damaged property.
  • Commercial auto: Commercial auto insurance is specifically designed for vehicles that are used for business purposes. Similar to a personal auto insurance policy, it offers auto liability coverage, collision and comprehensive coverage and uninsured and underinsured motorist coverage.
  • Workers compensation: If your business has employees, it’s likely required by state law for it to have a workers compensation policy. This policy is designed to offer financial protection for employees if they suffer from a work-related illness or injury. It can offer coverage for an injured employee’s medical costs and may even be able to cover a portion of wages lost while they are unable to work. In the unfortunate case that an employee is killed as a result of their job, a workers compensation policy can help by paying death benefits to the employee’s family.
  • Business income: If your business has to close temporarily due to a loss that is covered by your business insurance, this coverage can help cover payroll, replace lost income and pay for relocation expenses.
  • Crime insurance: This policy covers a broad range of crimes, including robbery, forgery, computer fraud and employee dishonesty.
  • Employment practices liability: This coverage can add an extra layer of protection for your business if it faces a lawsuit from employees. Covered lawsuits include alleged discrimination, wrongful termination and harassment. 
  • Cyber liability: If your business faces a cyberattack or data breach, this coverage can help recoup your expenses, including paying legal fees, recovering lost data and investigating the cause of the attack.
  • Errors and omissions (E&O): An E&O policy protects your business against client lawsuits alleging negligence. 
  • Equipment breakdown: This insurance coverage can protect your business against equipment failures, such as power surges and mechanical malfunctions.
  • Umbrella insurance: Umbrella policies can add coverage to your business liability insurance policy. If the cost of a claim exceeds your business liability policy’s limit, your umbrella insurance policy can cover the remaining costs.
  • Inland marine: If you regularly ship products, this coverage can help pay for high-value products and materials in transit.
  • Accounts receivable: This policy helps you protect your business against losses if you’re unable to collect payment from a customer.
  • Builder’s risk: This insurance protects construction projects through every phase.

Nationwide Business Insurance Customer Service

Nationwide is a large insurance company, and business insurance is just one of its offerings. If you need assistance, you can choose from a few options.

  • Email Nationwide
  • Call Nationwide
  • Search for a local insurance agent

The fact that there are multiple ways to reach the customer service team is good. In some cases, you can even receive assistance 24/7. That being said, Nationwide does not currently have help articles available for business insurance. A lack of educational articles can be disappointing if you have a quick, frequently asked question and don’t want to wait on hold or wait on a response.

Nationwide Business Insurance Customer Pricing

The price of your business insurance policies depends on a number of factors, including:

  • The history of your business, including any prior losses
  • Number of employees
  • Industry and services
  • Annual payroll and annual sales

Nationwide offers the option to receive quotes for any of its business insurance policies. However, it does not give an average price for its policies, so it’s hard to compare pricing without getting a quote first.

Nationwide Mobile App

Nationwide’s mobile app allows you to manage payment methods, file a claim and check the status of your claim. It can be useful for quick access on the go. However, the mobile app does not allow you to sign up for a business account, so you’ll need to visit the Nationwide website to enroll in Nationwide business insurance.

Nationwide Business Insurance User Benefits

Nationwide business insurance offers several benefits to its customers, including:

  • Thousands of agents nationwide for personalized service
  • Control Services team to help your business review its operations and procedures
  • Free resources and tools on business topics
  • Wide variety of insurance policies to give each business the appropriate coverage

Nationwide User Experience

One of Nationwide’s greatest benefits as far as user experience goes is that it has agents nationwide, which is why our Nationwide Business Insurance Review gives the company 4 stars for its user experience. This feature means that you can work with an insurance agent to help choose your coverage and process claims. If you prefer to handle everything by yourself online, you can do that too.

After you submit a claim, a claims professional will try to reach out to you on the same day to walk you through the claims process and schedule evaluations that are needed. You’ll also be able to reach out to your claims professional with questions that you have following your claim submission.

Nationwide Business Insurance vs. Competitors

Nationwide has over 90 years of business experience, setting it apart from many competitors in the business insurance field. It excels in customer service by offering access to claims assistance by phone 24/7. Nationwide also stands out because it offers agents that you can connect with to receive support in-person or virtually. Compare plans from other providers below.

Nationwide Business Insurance Overall Rating

Nationwide is a trusted company that offers a wide range of of business insurance coverage. Between that and its local agents, most businesses would likely feel comfortable purchasing a policy from this company. Nationwide is lacking in a few areas as of now, but it’s mostly minor things such as its mobile app features and online resources. For this reason, we rank Nationwide as 4 stars in our Nationwide Business Insurance Review. Any business that’s looking for coverage from a qualified insurer would likely find it worthwhile to get a quote from Nationwide.

Get Started with Nationwide Business Insurance

Now that you're through with our Nationwide Business Insurance Review, the first step is to get a free insurance quote. After you receive your quote, you can choose your coverage options and purchase the policy that best meets your needs. Finding your business’s insurance rate is quick and easy and does not obligate you to purchase a policy.

Frequently Asked Questions

Q
What type of business insurance do I need?
A

The type of insurance you need depends on your business and the risks that it faces. An insurance agent can help you determine these factors.

Q
Why should I work with an insurance agent?
A

You can get to know one person who will help you with all your insurance needs, including claims processing and coverage suggestions.

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