CoverWallet is an online insurance broker that helps business owners get quotes. Read on to learn more.Visit Website
CoverWallet is an online insurance broker that helps business owners get multiple insurance quotes from top carriers in one simple process. As a broker, CoverWallet only manages the policies; it does not underwrite them. Their online platform helps business owners obtain certificates of insurance with a couple clicks of the mouse so that the business owner can get on with running their business rather than spending time trying to get proof of insurance.
Small business owners will appreciate the key features that CoverWallet has, which include:
CoverWallet is a broker and, thus, does not put exclusions on policies. This is something that the underwriting carrier would do. To see what exclusions are part of your policy, you’d want to check the policy terms and conditions or speak with a representative. Each carrier may have a different set of exclusions for certain policies and coverages.
Policy modifications include riders and endorsements that change how the contract terms operate. The underwriting carrier controls these. You should speak with your representative about possible riders and endorsements to see what is available to you from a particular carrier.
Through its My Wallet application, CoverWallet allows you to start the claims process directly through CoverWallet. The claim is submitted to the appropriate carrier that wrote your account. You can manage the claim and check its status of it by logging into My Wallet.
To get instant coverage, you first need to complete an online application. This takes approximately 10 minutes. CoverWallet is unable to provide online quotes for all businesses or policy types which means you may be directed to speak with a customer representative assigned to your account.
Getting a CoverWallet business insurance policy starts with getting an online quote and completing an application. The process takes approximately 10 minutes to get through the questions about your business, including your location, revenues, employee overview, and primary business activities. Once you complete the application, you’ll either be prompted to purchase a policy or to speak with a representative to buy the insurance.
Because CoverWallet works with so many highly rated partners, it has the ability to underwrite just about any industry imaginable. The website actively promotes the following industries:
The application process asks you about certain things like fire alarms and security systems. Having these can lead to a discount on your insurance. Insurance carriers will reward small business owners that have processes in place to reduce risk.
Canceling insurance is easily done through the My Wallet application. You simply log in and select the policy to cancel. Any unearned premium will be returned to you once the cancellation is complete.
CoverWallet offers a wide array of business insurance products thanks to its partnerships with A-rated insurance carriers. Here are some of the most popular.
A business owner's policy (BOP) is a policy that combines both general liability insurance with commercial property insurance. It eliminates the need to have two or three policies, with many BOPs also including business income insurance. Small business owners can save money by having one cost-effective BOP rather than multiple policies.
This policy protects small business owners from third-party claims of injury or property damage. When someone gets hurt on the business premises or has property damage as a result of business operations, a claim might be filed to pay for the loss. This claim is covered by general liability insurance.
Commercial property insurance is first-party coverage, meaning it pays to repair or replace the items that the business owns. Losses may be the result of covered claims such as fire or theft. Small business owners should inventory business property that includes furniture, electronics, tools, and equipment, and supplies.
When a claim is filed by a company, there is a good chance that the company can not operate until the claim is completed because the business might be in disarray. For example, a business would close due to a fire or possibly vandalism. When closed, the business loses income but still has overhead. Business income insurance covers this gap and pays the business during the claim period.
Workers’ compensation insurance is a type of policy that pays for the medical care and lost wages of employees hurt on the job. This insurance is required by law in most states if you have at least one part-time employee on staff.
Professional liability insurance is a type of liability policy that covers claims where it is alleged that you did not provide professional services. This is also called errors and omissions insurance or malpractice insurance. An example is a physical trainer who shows a client the wrong way to do an exercise, and that error leads to injury.
Contractors need tools and equipment to do their job. But commercial property insurance doesn’t cover tools and equipment in transit and not at the company headquarters. Inland marine insurance, sometimes called tools and equipment insurance, pays for these losses while away from home base and out in the field working.
Commercial auto insurance is an auto insurance policy for your commercial vehicles since personal auto insurance won’t cover accidents while on the job. A commercial auto insurance policy pays for damages and injuries of third parties in at-fault accidents and can also pay for damages to the commercial vehicle itself if the right coverages are selected.
There’s a lot that goes into pricing a small business insurance policy. Rates will depend on the carrier, location, industry, and company revenues. Claims history is also a major factor in rating the company. This makes advertising prices difficult. However, when using the Insurance Assessment tool on the website, we found that the site advertised average rates. A business owner's policy could be as little as $552 per year, while general liability might be $522 per year. These are for baseline policies for a small office business.
Take a look at some of the popular competitors of CoverWallet.
CommercialInsurance.net is a marketplace that connects small business owners with the right carrier. They are not a broker, but instead an introduction company that passes the information on to the carrier who takes care of underwriting and servicing the account.
Thimble is a growing insurance carrier that focuses on gig economy workers. It is one of the few companies that offers on-demand insurance meaning a contractor can get a policy for as little as an hour to cover a specific job.
With more than 100 years of experience in helping small business owners with insurance, Hiscox is a trusted advisor to many small businesses. While they can work with larger companies, their sweet spot is helping businesses with 10 or fewer employees.
Next Insurance is a small business insurance carrier targeting independent contractors. They prefer to work with micro businesses and sole proprietors who need coverage to protect their income from losses.
Insurance321 is another insurance marketplace that pairs a small business owner with one of its 200-plus partners. Policies are underwritten by the carrier. Insurance321 merely acts as the filter to make sure the small business gets to the right carrier who can write the business for a reasonable price.
As a broker, CoverWallet has great partners and does more than introduce small business owners to them. They service their customers and help them manage their insurance from purchase through a claim. This helps CoverWallet stand out from marketplace competitors such as Insurance321, who pass the information on to the carriers.
|Quote in 10 minutes||Yes||Yes||Yes||Yes||Yes||Yes|
|Per gig policies||No||No||Yes||No||No||No|
CoverWallet is a good option for small business owners that want to have options when shopping for insurance but still want the personal touch offered by a broker. Because CoverWallet has so many options, it's a good fit for many small businesses. Those who want to go directly to a specific insurance carrier are probably not a good fit for CoverWallet.
The first thing CoverWallet asks for in the quote process is an email. We chose Skip and were still able to complete the quote process.
You are then asked what type of insurance you want to shop for. We selected General Liability.
You are then asked for the business’ physical address.
Next, CoverWallet starts to learn about your company’s age and revenues.
Then CoverWallet asks about the company structure.
At this stage, CoverWallet starts to inquire about your business activities.
After getting your contact information, CoverWallet gets employee data.
CoverWallet then gets into specifics about your company’s location.
CoverWallet will also recommend other important policies for you to own. After a few other questions, you’ll be asked to review the application and submit it for a quote. It can take a few minutes for the quote to be generated.
CoverWallet walks a small business owner through the quote process to make sure they are able to get the best rates for the right types of policies. It takes the guesswork out of determining what policies you need and helps you manage policies straight from its proprietary app. If you’re shopping for small business insurance, CoverWallet is an excellent place to start.
When looking at small business insurance carriers, we want to know that our customers are working with the best. This is why we search for carriers that have high AM Best ratings or marketplaces that work with carriers that have those ratings. We review the key features of the provider and look at how costs are derived. The quote process is essential to a good customer experience, which is why we go through the process to test the efficiency of the system.
CoverWallet is a broker and doesn’t have a rating. It works with many A-rated companies such as Hiscox and CNA.
CoverWallet is owned by Aon, which is a British financial services firm.
CoverWallet is a legitimate company that shops policies for small business owners and then helps them buy and manage those policies.
Professional liability insurance is a policy that protects against instances where you might not have done your job professionally.
CoverWallet is a broker; it is not an MGA.
CoverWallet has the My Wallet application that helps business owners manage their insurance with a few easy clicks.
Four types of business insurance are general liability, professional liability, workers’ compensation, and commercial auto insurance.
Business income insurance is purchased to pay for overhead expenses when the business is shut down for a claim.
Even a sole proprietorship needs business insurance because it is not immune to the risks of loss.
It is important to review claims before submitting them because you want to make sure that you provide as much information as possible so that the claims representative can efficiently process your claim.
Errors and omission insurance is another name for professional liability insurance and pays in instances when a loss occurs because the job was not done to professional standards.
It is important to review your insurance so that you understand what is covered and what isn’t covered and to what limits the policy will pay.
Each year, a policy review will help you ensure that the insurance is still properly covering your growing business. If you have increased revenues, business assets, or employees, your insurance needs change.
Product liability insurance pays consumers for injuries or losses resulting from a product that you produced or sold.