If you’re looking for a commercial insurance policy, Berkshire Hathaway GUARD is worth considering. The company offers a variety of coverage options, and its policies are backed by the financial stability of Berkshire Hathaway.
However, there are some things to be aware of before you buy a policy from Berkshire Hathaway GUARD. First, the company doesn’t have the best customer service reputation. There have been reports of long wait times and difficulty getting claims processed in a timely manner.
Second, client reviews indicate that Berkshire Hathaway GUARD’s rates are on the more expensive side when compared to some other commercial insurers. If price is your main concern, you may be able to find a better deal elsewhere.
Before you purchase a policy from Berkshire Hathaway GUARD, be sure to shop around a bit and compare prices and coverage options from other insurers. By doing so, you’ll be sure to get the best coverage for your needs at the best price.
Berkshire Hathaway GUARD Pros and Cons
Let’s look at some of the pros and cons you should consider before placing your business with Berkshire Hathaway GUARD:
| Pros | Cons |
|---|---|
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AdvisorSmith Rating For Berkshire Hathaway GUARD
- Overall rating: [4] / 5 stars
- Coverage options: [4] / 5 stars
- Cost: [3.5] / 5 stars
- Ratings and complaints: [4] / 5 stars
- Digital experience: [4] / 5 stars
- Customer service: [3.5] / 5 stars
Berkshire Hathaway GUARD Coverage Options
Berkshire Hathaway GUARD offers a wide range of commercial insurance products, including property and casualty, workers’ compensation, and professional liability insurance.
Some of the coverage options include:
Property damage: This coverage protects your business if your property is damaged by fire, theft, or other covered events. GUARD offers the option of bundling this policy with general liability into a Businessowner’s policy (BOP), as the company names it, and it allows you to add pre-designed endorsements based on your industry.
Professional Liability: This coverage protects your business if somebody (usually one of your clients) sues for damages caused by your business operations. Berkshire Hathaway GUARD provides coverage for lawyers, accountants, decorators, interior designers, consultants, event planners, and other professionals.
Business interruption: This policy pays for lost income if a covered event disrupts your business operations. Typically, you can include business interruption insurance into your BOP.
Product liability: This coverage protects your business if you’re sued over a faulty product.
Workers’ compensation: Workers’ comp coverage pays for medical expenses and lost wages if an employee gets injured while working for your business.
Employment practices liability: Just like workers’ comp, EPLI protects companies with employees. EPLI protects your business from lawsuits alleging wrongful termination, discrimination, and other employment-related issues.
Berkshire Hathaway GUARD can provide specialty insurance programs for chambers of commerce, pharmacy associations, auto dealer associations, restaurant chains, and others. GUARD also works with clients that fall outside of the conventional insurance market by providing them with excess and surplus products for their high-risk operations.
Berkshire Hathaway GUARD Cost
Like with other insurance carriers, the cost of Berkshire Hathaway GUARD commercial insurance depends on a number of factors, including the type and size of business you operate, your location, and the amount of coverage you need.
Berkshire Hathaway GUARD doesn’t disclose its rates on the company website. Some reports indicate that commercial insurance rates are among the most expensive in the industry for certain policies because of the premium growth that is well above the average. On the other hand, GUARD has lowered its rates for one of its main products, workers’ compensation insurance.
You can do a few things to save money on your Berkshire Hathaway GUARD commercial insurance policy. For example, if your company is eligible for GUARD’s Businesowners’ policy, you could bundle your coverages into a BOP and customize it to your insurance needs.
Second, consider raising your deductible. A higher deductible will lower your premium, but it will also mean that you’ll have to pay more out of pocket if you need to file a claim.
You could also take steps to reduce the risk of losses. These steps may include installing security systems or making some changes to your business operations, like improving cybersecurity systems. By reducing the risk of losses, you’ll also be able to lower your insurance rates.
Berkshire Hathaway GUARD Ratings and Complaints
Berkshire Hathaway GUARD holds an A+ (Superior) rating from A.M. Best and Standard & Poor’s rating of AA, indicating strong financial stability and low credit risk. GUARD also holds an A+ rating from Better Business Bureau (BBB), but the company is not BBB accredited.
Berkshire Hathaway GUARD has a mixed reputation when it comes to customer satisfaction. Most negative reviews come from personal lines clients, but commercial policyholders also have mixed opinions about the company. One person on Insuranks says:
“Had general liability and workers comp with Amguard. Paid high premiums and yet still got audited every year and had to pay more. Was able to prove less risk the first two audits and disputed price down, but nonetheless had to pay more just so I could renew coverage. The third time the audit ( based on what I paid my premium on ) was ridiculous and tried to prove that there was no increase in risk from what I paid for my premium. However, they would not believe it and required I paid full audit amount in order to have redline removed. Basically you do what they say and pay whatever outlandish bill they come up with, or they will make sure you can’t run your business anymore.”
Another client had a more pleasant experience:
“Ed Francis took care of our claim to our delight due to some incident. Very professional, responsive, knowledgable, and patient. GUARD was there when I needed it.”
Customers usually praise the company’s financial stability and variety of coverage options and complain about its customer service, claims handling process, and high prices.
Berkshire Hathaway GUARD Digital Experience
Berkshire Hathaway GUARD offers a user-friendly website with quote forms for both personal and commercial insurance. We found the quote process straightforward, although it required a lot of information, and there was no possibility of getting an online quote.
The company’s product pages don’t offer extensive information about coverages, so you might need to talk to one of GUARD’s insurance experts to learn more about the specific coverage.
Berkshire Hathaway GUARD offers a Policyholder Service Center on its website where policyholders can manage their accounts and make payments. The site also allows customers to file and track claims, view policy documents, and contact customer service.
The company’s mobile app is available for both iOS and Android devices. The app allows customers to access their account information, make payments, and file claims. The app also has a GPS-based locator tool to help policyholders find the nearest Berkshire Hathaway GUARD agent.
Berkshire Hathaway GUARD Customer Service
Berkshire Hathaway GUARD’s customer service is available by phone and email. The company does not have an online chat option.
Some policyholders complained in their online reviews that Berkshire Hathaway GUARD’s customer service agents were rude and unable to assist with their questions. Others said that it was impossible for them to even get a hold of one of the company’s representatives.
However, some clients were more than happy to share their positive experiences with the company. Rocky said:
“I am very satisfied with Berkshire Hathaway’s service and communication. Joe Jenkins helped me out with every single step of my case. Provided me with everything that was needed. Very grateful.”
What Is The Berkshire Hathaway GUARD Claims Process?
To file a claim with Berkshire Hathaway GUARD, you’ll need to call the company’s customer service department or send them an email and provide some basic information about your claim. Here’s what the company lists as helpful information you should have at hand when filing an insurance claim:
- Policy number
- A description of how, when, and where the incident occurred
- Names, addresses, and phone numbers of injured/involved parties or witnesses
- The insured driver’s name, address, phone number (Commercial Auto)
- The employer’s tax ID number, the injured/ill employee’s SSN and personnel file, and any accident reports (Workers’ Compensation)
- Legal correspondence (Liability claims)
You can also file a claim online by using the form on the company’s website or through the Policyholder Service Center for certain policies.
Once you file your claim, the company will assign an adjuster to your case. The adjuster will investigate your claim and determine whether the claim is viable or not.
How to Get Quotes From Berkshire Hathaway GUARD
To get a quote from Berkshire Hathaway GUARD, you’ll need to provide some basic information about your business, such as your business name and contact information. You’ll also need to provide details about your employees and vehicles and a short description of your operations. Once you have this information ready, you can request a quote from Berkshire Hathaway GUARD through the company website.
You should note that Berkshire Hathaway GUARD doesn’t have an online quote generator. Instead, once you request a quote, an insurance expert reaches back to you via phone or email, depending on your preferred communication method, and delivers your quote.
Bottom Line: Is Berkshire Hathaway GUARD a Good Company?
Berkshire Hathaway GUARD is a good company for businesses in need of specialty commercial insurance coverage. The company is also often praised for its workers’ compensation coverage.
The company offers a variety of coverage options and discounts, and its customer service representatives are polite and helpful, although some clients report having a different experience. The company’s rates are among the most expensive in the industry, so be sure to compare quotes from other insurers before you buy.
Alternatives to Berkshire Hathaway GUARD
If you’re not satisfied with the quotes you receive from Berkshire Hathaway GUARD, you can get quotes from other commercial insurers, such as The Hartford and Nationwide.
The Hartford is a good choice for businesses of all sizes as the company offers a variety of coverage options and discounts, and its rates are competitive. Hartford also has a special program for startups that covers all their risk exposures.
Nationwide is also a good choice for businesses that wish to find coverage with a big and financially stable insurance company. Nationwide provides a wide array of customized commercial insurance products for small and larger businesses. However, the company does not have the best customer service rating in the industry.