Business insurance is a must-have for any company because accidents can occur unexpectedly at any moment. Without insurance, any damages incurred would have to be paid out-of-pocket, which could be costly and stressful. Having business insurance coverage provides numerous benefits, including saving time, money, and stress. It also helps to protect your company from damages that may arise from various risks, including liability and property damage. Business insurance also provides benefits to employees, which can help to attract and retain top talent.
Due to the abundance of options available, the process of searching for business insurance can be time-consuming. You can start by looking at two of the top insurance resources, Simply Business and CoverWallet.
This article aims to simplify your decision-making process by comparing the features of various options, listing their fees, availability by region, and other essential aspects.
Simply Business vs CoverWallet Overview
Founded in 2005, Simply Business is a digital insurance broker headquartered in Boston and London. The company is dedicated to protecting the hard work of entrepreneurs who establish businesses by offering customized coverage solutions for various business types, such as cosmetology and tutoring. Simply Business takes pride in delivering tailored insurance policies that meet the unique needs of each customer. This commitment to catering to a broad customer base underscores the company's dedication to providing distinctive insurance policies.
Like Simply Business, CoverWallet is a digital insurance broker. The company, a subsidiary of Aon, a global leader in risk, retirement, and health solutions, simplifies the process of understanding, purchasing, and managing insurance for businesses. Their platform enables small and medium-sized enterprises and startups to conveniently access insurance services in just a matter of minutes. With a focus on providing tailored, affordable, and suitable coverage for each specific business, CoverWallet offers a range of insurance options that cater to the unique needs of its clients. By leveraging the expertise of Aon, CoverWallet has positioned itself as a reliable partner for businesses seeking effective insurance solutions.
Services and Features Comparison
Simply Business Insurance Features
- Covers general liability, workers' compensation, professional liability, home-based business, cyber, business personal property, inland marine, sole proprietors workers compensation, and more.
- Industries insured include accounting, advertising, beauty, commercial and residential remodeling, general contracting, janitorial services, landscaping, and more.
- Offers quotes via an online form and phone.
CoverWallet Features
- Covers general liability, commercial auto, professional liability, workers' compensation, commercial property, inland marine, cyber liability, product liability, and more.
- Insures many industries including agriculture, construction, education, finance, healthcare, manufacturing, real estate, and more.
- Offers instant quotes online and by phone.
Simply Business vs CoverWallet General Comparison
Simply Business provides a comprehensive range of insurance features that cater to the diverse needs of businesses. Their coverage options include general liability, workers' compensation, professional liability, home-based business, cyber, business personal property, inland marine, and sole proprietors workers' compensation. Additionally, they offer insurance services for a range of industries, such as accounting, advertising, beauty, commercial and residential remodeling, general contracting, janitorial services, and landscaping. To make the process of obtaining quotes more convenient, Simply Business offers online quotes through an online form, as well as via phone.
CoverWallet practically offers the same features. The brokerage covers a wide selection of options, including general liability, commercial auto, professional liability, workers' compensation, commercial property, inland marine, cyber liability, and product liability. Its services cater to a variety of industries, including agriculture, construction, education, finance, healthcare, manufacturing, real estate, and more. CoverWallet also offers instant quotes through their website as well as via phone.
Simply Business vs CoverWallet Fees
On the Simply Business Insurance website homepage, rates are advertised to start at $22.50 per month. The brokerage acknowledges the variation in business insurance costs and advises customers to request a quote for accurate information.
While CoverWallet displays an image on its homepage showing an annual rate of $430, it does not provide the average cost for business policies on its website. It is unclear whether the image is an example of one of their quotes or their minimum rate.
Simply Business vs CoverWallet Availability by Region
Coverage obtained via Simply Business is available throughout the United States.
CoverWallet serves every state in the U.S. except Alaska and Hawaii.
Simply Business vs CoverWallet Security
You should consider the financial stability of the insurance issuer before buying a policy. If an issuer is unable to pay its debts, it may not be able to pay out your claim, leaving you to cover damages and fees. You can refer to an AM Best rating to determine the financial stability of an issuer.
Since Simply Business and CoverWallet are brokerages, they do not have AM Best ratings. Customers have the option to research the financial stability of each policy issuer the brokerages are connected with. By doing so, customers can make informed decisions about their insurance needs and choose a financially-secure issuer.
Simply Business vs CoverWallet Mobile App
Simply Business does not have a mobile app for its customers, but the company offers multiple ways for customers to handle requests and communications. Options include phone and Twitter and Facebook messaging. Customers can also access their accounts online.
Like Simply Business, CoverWallet does not have an app. They seem to prefer if prospective and current customers call them. The company provides customers with a web portal that can be used to manage insurance policies online. Customers can make payments, create and download Certificates of Insurance instantly, access all policy documents in one place, and quickly obtain additional coverage. Additionally, they can find their insurer's details to make a claim, making it easy to handle unexpected events.
Simply Business vs CoverWallet: Do they offer debit cards?
While some insurance providers provide debit cards to pay out claims, Simply Business and CoverWallet do not offer them. However, the insurance providers they work with may offer such cards.
Simply Business vs CoverWallet: Do they offer credit cards?
Although some insurance companies provide their policyholders with branded credit cards that offer store-specific discounts, Simply Business and CoverWallet do not offer such cards. However, some of the providers that these brokerages collaborate with may offer them.
Simply Business vs CoverWallet Customer Service
Simply Business
Simply Business prioritizes customer support and offers various avenues for policy management and assistance. Customers can access an online dashboard for policy management and answers to FAQs. Phone support is available Monday through Friday, from 8am to 8pm ET. The company also maintains an active social media presence, providing additional opportunities for customers to obtain assistance. While the FAQ section may not address every issue, Simply Business's customer service options help ensure that policyholders receive the necessary support.
Customer reviews can help you determine if the brokerage can make good on their service.
A reviewer claimed Simply Business gave them the “best deal on the Internet.” They wrote, “I looked at about 5 other providers who wanted way too much just for general liability on one person. Simply Business found me a company that was way cheaper!”
One reviewer succinctly wrote, “The representative was very helpful and patient with helping me take care of what I needed for my small business.”
However, not everyone is happy with Simply Business.
One reviewer wrote the following in March 2023: “Absolutely horrible. I was never able to reach a human, my rates doubled with no explanation, and my emails were never responded to.”
In January 2023, one reviewer had this experience: “Agents do not listen to the explanation of business and talk over you when you are trying to explain your business. I highly recommend you use someone else. If they don't understand your business completely, how can they possibly insure you correctly?”
CoverWallet
Despite offering a link at the top of each webpage that reads “Insurance Help,” CoverWallet does not have an organized hub for assistance or at least one that is easily found. Clicking the aforementioned link takes the user to a directory of blog articles that are meant to help, but ultimately promote the company’s offerings.
What do CoverWallet’s customers think about the company?
Reviews found on its Better Business Bureau profile tell a fairly positive story.
“Great experience,” one customer wrote. “Got what I needed, quickly and easily. Great and responsive customer service. Took the hassle out of changing our insurance carrier. Rates much better than the 2 brokers I was working with who took days to get what CoverWallet provided in less than an hour.”
Another customer stated, “Easy, efficient, and fast! I was very happy with the process of requesting a COI. This was my first time and it could not have gone more smoothly. Thank you, CW!”
One customer shared their negative experience in a detailed review. The agent . . . gave me 2 quote policies on the phone. I asked her to send both to me. She only sent one. I wasted 5 days . . . emailing her daily, calling daily. I received 2 calendar invites stating she would call me back. She did not. I spoke to their customer service who tried to get me answers . . . I asked to speak to a supervisor, but was told they were in a meeting. Finally, after the last call back did not happen and I called in, I was told they were unable to fulfill my request. They didn't even bother to let me know this until I called them.”
Another customer had a similar horror story. “I had emailed them to cancel my policy, never got a response from them. I called them so many times, I was on the phone for 20+ hours, as each call is an hour or more, but they never picked up the phone. So, I logged into my account online to do the online chat and tell the rep I wanted to cancel, the rep says they cannot do it, and says I have to call their phone number . . . they kept charging me money . . . I had to . . . contact my credit card company to cancel and put a block on them to stop them from keeping charging my credit card. 3 months later, someone from CoverWallet contacted me saying I never contacted them to cancel my policy and will go through a collection agency to collect the money.”
Why Choose Simply Business?
Simply Business acts as a broker that links small business owners with insurance policies from its partner companies. By providing their business details, customers receive customized quotes from a range of insurers via Simply Business. Policy management, including underwriting, claims, and customer service, is handled by third-party insurers. The company's focus on business insurance may make it an attractive option for business owners seeking coverage.
Why Choose CoverWallet?
CoverWallet can save you time in searching for affordable business insurance. While not all quotes are available online, you can call a representative or request a callback to receive a quote. With CoverWallet, policyholders can manage their insurance policies using online tools, such as making premium payments, filing claims, and downloading certificates of insurance, all for free. If you need help managing policies from various insurers, CoverWallet can be the solution you need.
Bottom Line
When looking for affordable business insurance options, it's essential to compare costs from various providers. Two online insurance brokers that you can consider are Simply Business and CoverWallet. Both platforms offer fast and easy quotes. You can also purchase coverage online if you find a policy that meets your needs. Research your options today to get started!
About The Author
