Business insurance protects businesses from various risks, providing security and growth potential. However, choosing insurance requires research. Picking the first company could mean extra costs, while with effort, you could find similar coverage at lower prices. Assess top small business insurers, such as Simply Business and GEICO, to get the ideal coverage.
Which one should you choose?
Look at what they offer before making one of the most important decisions of your professional career.
Established in 2005 and with headquarters in both Boston and London, Simply Business is a digital insurance broker dedicated to safeguarding the hard work of entrepreneurs who establish their own businesses. Their commitment is reflected in their ability to provide customized coverage solutions tailored to the unique needs of various business types, such as cosmetology and tutoring. Simply Business prides itself on delivering personalized insurance policies that address the specific requirements of each customer, showcasing their unwavering dedication to offering distinct and tailored coverage options.
With a rich history dating back to 1936, GEICO is a versatile insurance provider known for its comprehensive coverage options that cater to nearly every conceivable scenario. Whether it's insuring a motorcycle or protecting valuable jewelry, GEICO offers a wide range of coverage solutions. Additionally, GEICO extends its expertise to business insurance, providing comprehensive protection to companies across diverse industries against potential property damage, legal liabilities, and workers' compensation concerns. The breadth of GEICO's insurance offerings underscores their commitment to serving the diverse needs of their customers, regardless of the specific type of coverage required.
Simply Business offers a comprehensive range of coverage options from multiple insurance providers to cater to various needs, including general liability, workers' compensation, professional liability, cyber security, home-based businesses, and more. They serve a diverse array of industries, such as cosmetology, carpentry, cleaning, e-commerce, and photography, providing tailored solutions to meet each customer's unique requirements. Obtaining a quote is simple through an online form or direct contact with the company, reflecting Simply Business's commitment to convenience and personalized coverage.
GEICO is an insurance provider that offers a wide range of insurance types, including general liability, professional liability, workers' compensation, cyber liability, and commercial auto insurance. Their coverage spans industries like consulting, contracting, landscaping, marketing, and real estate, among others. GEICO provides quotes through their website and phone, ensuring customers have easy access to the information they need to make informed decisions.
While both companies offer insurance coverage, Simply Business specializes in business insurance, while GEICO provides a broader range of insurance products. Both companies prioritize customer convenience, with easy-to-use online forms and accessible communication channels emphasized on GEICO's website.
Insurance fees depend on multiple factors, including the policyholder's industry, the number of employees, location, claims history, work experience, and policy limits. Due to these varying elements, insurance fees can differ among policyholders, with each having a unique premium that reflects their specific circumstances.
On its website's homepage, Simply Business Insurance promotes its rates starting at $22.50 per month. While the brokerage acknowledges that business insurance costs can differ greatly, it urges customers to request a quote to obtain the most precise information about their specific insurance needs.
GEICO does not list the average cost for business policies on its website. The company suggests getting a personalized quote for an accurate estimate.
Simply Business Insurance coverage is available throughout the United States.
GEICO coverage is not available in every state. For instance, the company does not offer workers' compensation insurance to businesses located in Hawaii, Maine, North Dakota, Ohio, Washington and Wyoming. GEICO also does not offer insurance in California. Contact the company for more information.
You should consider an insurance company's financial stability before purchasing a policy. A company that can not pay its debts might not be able to pay out your claim, leaving you to cover damages and fees. Knowing a provider’s financial stability can help you make an informed decision. You use the AM Best website for this. AM Best grades how well insurance companies can pay their debts, helping customers make educated decisions during the policy-buying process.
Simply Business operates as a brokerage, which means it does not have an AM Best rating. However, customers can research the financial stability of each provider they are connected with independently. By conducting their own research, customers can make informed decisions about their insurance needs and feel confident in their chosen provider's financial stability.
GEICO proudly displays its A++ rating from AM Best. This means that according to AM Best, GEICO has demonstrated a superior ability to meet its financial obligations.
Mobile apps provide policyholders with a user-friendly and convenient means of accessing their insurance information. By utilizing such apps, customers can easily view their coverage, make payments, file claims, and contact with customer support, all from their mobile devices.
Although Simply Business does not offer its customers an app, the company provides several ways to handle requests and communications. Customers can conveniently interact with the company online, via phone, or through their social media channels, ensuring that customers can reach out through their preferred method of communication.
GEICO’s mobile app is available for Apple and Android devices. It offers features that include 24/7 access to ID cards, which can be viewed, emailed, or printed from the app. Customers can also request roadside assistance, submit photos for estimates, and receive general help through the app, providing a comprehensive and convenient platform for all their insurance needs.
Instead of issuing checks, some insurance companies offer debit cards to pay out claims. Neither Simply Business nor GEICO offer debit cards. However, it should be noted that a company within Simply Business Insurance’s provider network might. You will need to research each provider to find out for sure.
Simply Business Insurance vs GEICO: Do they offer credit cards?
While some insurance companies offer branded credit cards to their policyholders with added benefits like store-specific discounts, neither Simply Business nor GEICO provides such cards. As mentioned earlier, some of the providers that Simply Business works with may offer credit cards to their customers.
With a focus on customer support, Simply Business offers multiple options for policy management and assistance. Customers have access to an online dashboard to manage their policies and find answers to common questions, while phone support is available Monday through Friday from 8am to 8pm ET. The company also maintains an active social media presence, providing an additional platform for customers to connect with the company and seek help with their insurance needs. Although the FAQ section may not be as robust as others, Simply Business's customer service options help ensure that policyholders can receive the assistance they need.
Public opinion illuminates how well the brokerage helps its policyholders. While Simply Business does not have any reviews on Better Business Bureau (BBB), it has a few complaints listed on the website, each of which has been addressed by a representative of the company. However, several online reviews of Simply Business are mostly positive, indicating that the company offers satisfactory services to its customers.
One reviewer wrote on the company’s BBB profile on August 17, 2022, “I got a notice in the mail saying that my policy was going to be auto-renewed as of a certain date. I called and asked what this account was for, I don’t remember signing up for it in the first place. The agent refused to help me at all without verifying a bunch of my personal information. No one in their right mind would give all their personal information over the phone to a business unless they knew who they were speaking to.”
According to a later response, Simply Business replied to the complaint on November 18, 2022.
Another customer had a more positive experience. “The rates were lower than the others. I did everything online so the overall experience was simple. It broke everything down for me step by step.”
“I was having difficulty getting insurance and they found it,” a satisfied customer stated. “They got the job done.”
From its online information center to multiple methods of communication, GEICO strives to be as accessible as it can. The company can be reached via an online form, live chat, and phone. Customers can also contact them through their social media channels.
Despite having an A+ Better Business Bureau rating, some customers are not happy with the company. One wrote, “Had a policy with GEICO. They sent out cancellation notices for proof of residency docs. I emailed the docs on two occasions. They then canceled my policy after confirming they received my documents . . . I get a letter from the DMV saying they revoked my plate cause GEICO sent a letter of cancellation to them. There was never a lapse.”
A satisfied customer gave the company a five-star review, writing, “GEICO has always done a fantastic job for our family. Phone calls are answered quickly, questions are answered, claims are paid quickly. They give us peace of mind.”
Another happy review stated, “I have always had great service from GEICO and every rep I have spoken with has been pleasant and helpful. I have been with GEICO for over a decade!”
Simply Business operates as a broker that connects small business owners with business insurance from its partner companies. Customers provide their business information, and Simply Business presents tailored quotes from its network of insurers. Third-party insurers handle policy management, including underwriting, claims, and customer service. Business owners might choose this company because of its dedication to business insurance.
GEICO offers options, financial stability, and various methods of contact. The company is globally recognized as a leading insurance company. Although GEICO offers business insurance, it does not specialize in it. GEICO's coverage offerings may vary by state, which could limit a business owner's ability to obtain the specific coverage they need. You may prefer GEICO as your insurance provider, but it may not be available to you for various reasons.
When comparing Simply Business Insurance and GEICO, the availability of coverage options becomes a crucial deciding factor. If GEICO's coverage options are limited or not available, Simply Business may be the preferred choice. However, if GEICO is accessible, it may be considered the better option due to its strong financial strength. Making an informed decision between the two companies depends on the availability of coverage options and considering the financial stability of GEICO.