Beazley is a specialist commercial insurance provider, offering coverage for a range of businesses and industries. The company is headquartered in London, and it provides coverage for businesses in Canada, Latin America, Asia, the US, and many countries across Europe. Beazley tailors their insurance products to meet the needs of each individual market they serve, and that’s how they can cater to their clients’ needs all over the globe. This review will focus on the US market and the services Beazley provides to US businesses.
Beazley is a proud member of Lloyd’s market, the world’s largest and oldest insurance market. Beazley may access a wide range of insurance and reinsurance firms from across the world via Lloyd’s broker network and market trading licenses.
Beazley Pros and Cons
If you are considering Beazley as your commercial insurance carrier, here are some pros and cons of doing business with the company:
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AdvisorSmith Rating For Beazley
- Overall rating: [4] / 5 stars
- Coverage options: [4] / 5 stars
- Cost: [4] / 5 stars
- Ratings and complaints: [4.5] / 5 stars
- Digital experience: [3] / 5 stars
- Customer service: [4.5] / 5 stars
Beazley Coverage Options
Beazley is famous for its top-notch tech and cyber insurance coverages that include breach response and information security and privacy products. Separate underwriting teams for small businesses on one side and middle market and large companies on the other guarantees that people you work with will have a deep understanding of your risk exposure and insurance needs.
Apart from cyber liability, Beazley offers a broad range of commercial insurance coverage options to protect businesses of all sizes. Coverage is available for property liability, marine liability, management liability, political risks and contingency, professional liability exposures for numerous professions, and other risks. Beazley also offers a variety of specialized coverages, such as product recall insurance, media liability, environmental liability, and miscellaneous medical liability, which can all be tailored to the specific needs of your business.
Among the professionals who can find liability coverage with Beazley are healthcare and life science professionals, architects and engineers, lawyers, publishers, bloggers, journalists, and others.
Beazley Cost
Beazley commercial insurance rates are based on a variety of factors, including the type of business you have, your claims history, the amount of coverage you need, and the location of your business. However, like many other insurers, Beazley doesn’t provide information on their rates on their website.
According to some available reviews, Beazley is competitively priced and offers a number of discounts that can help keep premiums down. For example, multi-policy discounts are available if you take out more than one policy with Beazley, and payment by direct debit can also lead to a discount on your premium.
Beazley Ratings and Complaints
Beazley has an A (Excellent) rating from A.M. Best and an A+ by Standard & Poor’s, indicating that it has a strong ability to pay claims. Beazley also has an A+ rating from the Better Business Bureau (BBB) and is accredited by the BBB. The company is also a member of Lloyd’s of London, which is one of the world’s oldest and largest insurance markets.
Beazley’s complaint index rating with The National Association of Insurance Commissioners (NAIC) for 2021 was 0.15, which is way below average for the insurance industry. This indicates that the company’s clients were quite satisfied with the outcome of their claims and haven’t filed many complaints about Beazley to state insurance departments.
Beazley Commercial Insurance Digital Experience
Beazley’s website is modern and reasonably user-friendly, but you are not really sure where to go if you wish to get a quote for your business or if you can create an account somewhere on Beazley’s portal to keep track of your policies. The functionalities on the mybeazley.com policy portal are very limited for US customers, and only cyber liability or event cancellation policyholders and prospective clients can exploit the benefits of having access to online quotes and empowered underwriters.
The absence of an online quotes generator on the website is quite underwhelming, but the website does provide all the contact information for the underwriters you can request a quote from based on your insurance needs. For some policies, you can download an application form to fill out before reaching an underwriter.
We also noticed that certain website sections switch you to the London market sections by default, and clicking back and forth between markets can be a bit annoying if you suddenly become curious about the company history while looking into available products for the US market.
Beazley Customer Service
You can contact Beazley customer service by phone, email, or mail. However, the company doesn’t have an online chat feature on its website.
According to the customer reviews from Beazley’s website, the company has excellent customer service. Representatives are knowledgeable and helpful, and they are available 24/7 to answer your questions.
Here’s one customer’s experience from Beazley’s website:
“Beazley’s commitment to the ‘relationship‘ is what distinguishes it from its competitors. This is displayed through the professionalism and openness of Beazley’s underwriting and claims personnel. We are always made to feel like collaborators when working with the Beazley team instead of opponents.”, Anon said.
Other Services and Features That Beazley Offers
Together with Globe Life, Beazley offers fully-customizable benefits plans to their clients. However, you should note that benefits coverage is not available in all states, and offered benefits vary from state to state.
What Is The Beazley Claims Process?
Beazley has a team of experienced claims professionals who are dedicated to resolving your claim as quickly and efficiently as possible. Beazley also offers a 24-hour toll-free claims hotline so you can report a claim anytime, day or night.
Your policy indicates all the information you need to contact a Beazley agent or broker right away to begin the claims process. You will need to provide some information, such as your policy number and as many details about the claim as possible.
Once your claim has been reported, a Beazley adjuster will be assigned to your case. The adjuster will gather information about the incident and determine the extent of the damage. They will then work with you to reach a fair settlement.
If you are not satisfied with the settlement offer, you can appeal the decision by requesting a review from Beazley’s senior management team. If you still disagree with the outcome of the review, you have the option of taking your case to arbitration.
You can also file a claim online on Beazley’s website for some policies, like lawyers or architects and engineers’ professional liability.
Here’s what one of Beazley’s clients had to say about their claim experience:
“In addition to being equitable, timely, and fair, we have found that dealing with the claims team at Beazley has added value to our claims process. Given the depth and breadth of their client portfolio, Beazley has been able to leverage their experience and provide insight into our claims process, which has helped us reach better outcomes.“ – Christopher McCormack – Head of Group Insurance and Risk for RELX
How to Get Quotes From Beazley
You can apply for Beazley commercial insurance by contacting a local agent or broker or by visiting the company’s website. When applying, you will need to provide some basic information about your business, such as your business name and address, the type of business you have, and the insurance coverage you need. They will also ask you to provide information about your employees and claims history.
Once you have submitted your application, a Beazley agent or broker will contact you to discuss your coverage options and provide you with a quote. If you are happy with the quote and decide to purchase a policy, the agent or broker will help you complete the paperwork and ensure that your business is properly insured.
Note that you can’t get a quote online, but you can download and fill out a form for some policies and send it to an underwriter once you have all the information there.
Bottom Line: Is Beazley a Good Company?
Beazley is a good choice for small, middle market, and large businesses looking for commercial insurance coverage, especially for those in the technology, healthcare, or media industry. The company also offers coverage for other industries, such as construction, but you won’t be able to fill out any application forms online to get covered.
The company offers a wide range of coverage options and discounts and many specialty policies that you potentially can’t find with some other major insurers. Beazley also has strong financial ratings and is a Lloyd’s of London member.
Alternatives to Beazley
If you are unsure if Beazley is the right insurance company for your business, we recommend comparing quotes from multiple insurers. If you prefer working with a local agent instead of getting an online quote, you can look into State Farm or Liberty Mutual for your coverage, as they have a wide network of agents. However, if you prefer a digital shopping experience and would still like to work with one of the major insurers in the market, you can also look into Allstate or Embroker or Hiscox. Both companies offer comprehensive coverage options and a fully-digital shopping experience.
The Hartford might also be a good choice for you. The company offers a wide range of coverage options and discounts, and you can get a quote and apply for coverage online in minutes. Hartford also has strong financial ratings and is a member of Lloyd’s of London.
If your company is a startup at any stage of its growth, Hartford could also have the right solution for you. Alternatively, you can look into companies that offer specialized solutions for startups, such as Embroker or Vouch.