CoverageSmith is an online brokerage that provides insurance products for small businesses. The company offers a tech-enabled solution, which allows businesses to get the insurance products they need at their convenience and file claims online. However, there’s a bit of a veil of secrecy surrounding CoverageSmith, and the company’s minimal (or missing) online presence leaves a lot of unanswered questions.
CoverageSmith Pros and Cons
Curious about what CoverageSmith has to offer? Here’s a look at the perks and drawbacks of doing business with this company:
AdvisorSmith Rating For CoverageSmith
- Overall rating: [1.05] / 5 stars
- Coverage options:  / 5 stars
- Cost:  / 5 stars
- Ratings and complaints:  / 5 stars
- Digital experience:  / 5 stars
- Customer service:  / 5 stars
CoverageSmith Coverage Options
While we know that CoverageSmith offers business insurance, we’re not entirely sure what products it has available. The reason? The only way to find out what CoverageSmith offers for business insurance is by completing a proposal (aka quote) to get recommendations on suitable policies. Nowhere on the company’s site could we find information about any products, which seems like an odd way of doing things for an insurance brokerage.
Since there aren’t any insurance products listed, it’s no surprise that there also isn’t any pricing information readily available. And since there aren’t any online reviews or ratings available (more on that next), we can’t even speculate on whether CoverageSmith’s pricing is on the high or low end of the scale.
CoverageSmith Ratings and Complaints
We looked everywhere but couldn’t find any reviews or ratings for CoverageSmith. Not a single one. In fact, there’s barely any mention of CoverageSmith anywhere online. A Google search of “CoverageSmith Insurance Services” (as listed at the top of the company platform) returned just a handful of search results, of which about 99% were business registration filings. And a search for “CoverageSmith Business Insurance Exchange” (as included in emails the company sends) had zero search results. It’s as though the company doesn’t exist aside from a basic dashboard.
CoverageSmith Digital Experience
Speaking of basic dashboards, CoverageSmith’s digital experience is incredibly simplistic. And while sometimes that can be a good thing, in this instance, the simplicity is to a fault.
The first thing to note about CoverageSmith’s digital experience is that registration is required to access the company’s platform. After registering and gaining access, the platform doesn’t offer much. As already mentioned, to learn about any of CoverageSmith’s policies, you first have to complete a quote. Aside from obtaining quotes, the platform allows policyholders to review existing insurance proposals, update business and billing information, file a claim, create a proof of insurance certificate, and enter a support ticket.
CoverageSmith Customer Service
CoverageSmith’s customer service is different from most other providers. There is a support tab on the company’s platform, along with an icon that gives the initial impression that there’s a live chat option. But no live chat is available. In fact, there isn’t even an email or telephone number listed. It appears that the only way to get support from CoverageSmith is by filing a support ticket.
Other Services and Features That CoverageSmith Offers
You probably already guessed the answer to this one. After not being able to identify what types of business insurance are available through CoverageSmith, it goes without saying that we couldn’t find any other services or features it offers.
What is CoverageSmith’s Claims Process
The good news is that it looks like CoverageSmith does support filing claims online. The bad news is that there’s no information on the process. So while you could presumably file a claim online with CoverageSmith, what the process involves and the type of support available is a big question mark.
How to Get Quotes from CoverageSmith
Here’s something we can answer. It’s possible to get an online quote with CoverageSmith, which the company says takes just 10 minutes to complete. To find out what policies CoverageSmith has available, you’ll need to answer questions about your business, such as when it began operating, location, entity type, industry, and other details.
Prefer to speak to someone to get a quote? There’s a phone number and the option to schedule a call at the top of the page when starting a new proposal. However, nothing happens after clicking on ‘schedule a call,’ so it looks like that option has been disabled. Fortunately, the phone number listed is in service and seems to go to a call center.
Bottom Line: Is CoverageSmith a Good Company?
As far as insurance providers go, CoverageSmith is a bit of a head-scratcher. On the one hand, it’s hard to evaluate whether it’s a good company simply because there’s so little to go on. But on the other hand, a company’s initial impression is crucial, and CoverageSmith’s just isn’t very good. To require registration right off the bat and then still not have information on insurance policies readily available seems like an odd decision for an insurance provider. And no doubt there’s some reason behind this decision. But even still, what CoverageSmith offers as an insurance brokerage seems to be the bare minimum and below the industry standard.
Alternatives to CoverageSmith
It’s safe to say that when it comes to alternatives to CoverageSmith, there are plenty of options to choose from.
If the convenience of using a digital platform to handle all of your insurance needs is appealing, then check out Embroker. As a digital insurance provider, Embroker uses the latest technology to make it easier for businesses to purchase insurance policies that are not only tailored to meet specific needs but also affordable. With more than 25 commercial insurance products, Embroker offers something for any business, including those in unconventional industries like crypto and cannabis. Plus, Embroker has 24/7 customer support and real-time claims tracking.
Another alternative is Chubb Commercial Insurance, one of the largest business insurance providers in the United States. Chubb has an extensive network of agents and brokers, which ensures that business owners can find an insurance professional who understands their unique needs. In addition to offering a wide range of insurance policies for various industries, Chubb has discounts for home-based businesses. Chubb also has solid ratings from major rating agencies, including A++ (Superior) from AM Best.
There’s no shortage of options available for small business insurance. So take the time to do a bit of homework on the insurance companies that pique your interest to ensure you get the right insurance policies – and provider – that will help your business succeed.