As a part of Aon, the global leaders in risk, retirement, and health solutions, CoverWallet works with small and medium-sized enterprises and startups to provide insurance coverage that is, as they put it, “tailored, affordable and right for their specific business”.
The providers who will underwrite the policies you purchase from CoverWallet currently include:
- Chubb
- Hiscox
- Guard (a Berkshire Hathaway company)
- Liberty Mutual
- CNA
- Progressive
When you get business insurance quotes through CoverWallet, you won’t know which commercial insurance providers will send you quotes until they arrive. Once they arrive, you can compare the options and decide on the provider that works best for you.
CoverWallet Pros and Cons
It’s great that CoverWallet customers can get multiple quotes off of one inquiry, but what else makes the company a good choice for insurance seekers–and where do they fall short?
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AdvisorSmith Rating For CoverWallet
- Overall rating: [3.4] / 5 stars
- Coverage options: [4] / 5 stars
- Cost: [3] / 5 stars
- Ratings and complaints: [3]/ 5 stars
- Digital experience: [4] / 5 stars
- Customer service: [3] / 5 stars
CoverWallet Coverage Options
CoverWallet offers over 30 kinds of insurance. What’s desirable about this is that the varied options allow for bundled plans that are closely tailored to your insurance needs. However, it’s important to also know what you don’t need, so you don’t find yourself adding–and paying for–unnecessary coverage. Here are the kinds of insurance CoverWallet provides:
- Commercial Package: This insurance type will be comprised of various insurance types that best fit your needs.
- General Liability: Covers your business when faced with claims of bodily injury, associated medical costs and damage to property that occurred as a result of your business operations.
- Commercial Property: This insurance type is all about insuring your building, the physical assets inside of that property, and many other types of physical objects owned and used by your business.
- Umbrella Insurance: These policies are designed to provide additional coverage which fills in the gaps between existing policies and takes over when the coverage on your existing policies deplete.
- Business Interruption: Also known as Business Income Insurance, this coverage insures the revenue losses a business might suffer in the case of a disaster.
- EPLI (Employment Practices liability): Employers liability insurance protects your company from financial losses in the event that an employee or a third party sues you for a work-related accident, illness, or death.
- Health Insurance: Coverage that business owners acquire to provide their employees with access to medical and surgical treatment.
- Surety Bonds: Protects the relationships business owners develop with contractors.
- Business Owners Policy: Combines business liability and business property insurances.
- Workers Compensation: Provides wage replacement and medical benefits to employees who are injured at work.
- Disability insurance: Disability Insurance covers a portion of an employee’s income when they lose their ability to work due to a non-work-related illness or injury.
- Employee Benefits Liability: This type of insurance is designed to help insure against lawsuits related to the management of employee benefits.
- Professional Liability: Professional Liability Insurance is a coverage for claims of a loss made against you and your business which were caused by your provision of a professional service.
- Errors & Omissions: This covers a potentially wide range of issues, but specifically is meant to help your company cover potential damages as a result of a mistake made while providing a professional service.
- Fiduciary Liability: A Fiduciary Liability Insurance policy through one of CoverWallet’s providers offers specific coverage for liability due to fiduciary actions (or inactions) and extends that coverage to personal liability due to a breach of fiduciary duty.
- Fiduciary Bond: Also called an ERISA bond, it specifically provides coverage for 401k plans, pension plans, or other employee benefit plans sponsored by the business.
- Product Liability: Protects your company from claims that a product you manufactured or sold caused physical harm or property damage to someone else’s property.
- Medical Malpractice: Provides legal aid and protection if a medical professional were to be sued by a patient.
- Hired and Non-Owned Auto: Covers vehicles used by a business, but not owned.
- Commercial Auto: Business Automobile Liability Insurance is for businesses that own and operate vehicles.
- Garage Liability: Protects your business from property damage or third party bodily injury caused as a result of your garage business operations.
- Crime: Protects your business from both first party risks and third party accusations of crime arising from your business.
- Fidelity Bond: Protects yourself and your customers from fraud by one of your employees or contractors.
- Management Liability: The Management Liability Startup Package offered by CoverWallet is a combination of Directors and Officers Insurance, Employment Practices Liability Insurance, and Fiduciary.
- Director & Officers: This insurance is broadly written coverage for ‘Wrongful Acts’ alleged to have been committed by the leaders of an organization.
- Cyber Liability: Great for ecommerce businesses or those that work within the digital space, Cyber liability covers a broad range of information security-related claims, including data breaches, network failures and media or content liability.
- Equipment Breakdown: Addresses damage to covered equipment owned by the insured.
- Pollution Liability: Also known as Environmental Insurance, protects businesses against unanticipated pollution risks that aren’t covered by regular casualty and property policies.
- Liquor Liability: Protects a company that manufactures, sells or serves alcohol, against claims that occur when a patron drinks too much and injures himself or someone else.
- Special Events: Provides coverage for the different types of issues that can arise throughout the course of a special event.
- Inland Marine: An insurance type tailored to businesses that ship or receive cargo, but it does not cover cargo losses while in transit, for that you will need:
- Ocean Marine: Protects your products and merchandise on board maritime boats while they are in transit in water as well as on land or in air.
CoverWallet Insurance Cost
When securing your insurance coverage through CoverWallet, minimum premiums can start from as little as $350 per year. However, most annual premiums for small businesses range from $750 to $2,000 depending on your type of work and coverage needs.
Keep in mind, that with the wide variety of insurance options, bundles and add-ons, there will also be varied costs from business to business. And like with any insurance provider, certain factors like risk levels, employee pay rates, the location of your business and your business’ claims history will play a role in the final cost.
CoverWallet Ratings and Complaints
CoverWallet boasts a 4.9 out of 5 stars customer satisfaction rating on their own site. But what do individuals across the web have to say? One user reported on ekomi.com, a third party review website, that the service CoverWallet provides is wonderful and prompt, “[the broker] got me the cheapest insurance quote amongst 3 insurance agents and he is very welcoming and helpful and [took the time] to attend to [my] needs, thank you for the service!”
So, CoverWallet seems to be received favorably by their current customers. All that being said, an anonymous user did not feel taken care of when they needed to cancel their plan:
“I have been trying to cancel my general liability policy with them [CoverWallet] for 9 days now. Called customer service 5 times and have followed up with two separate emails and still have not received confirmation my policy has been canceled.”
CoverWallet Insurance Digital Experience
CoverWallet has seemingly put some effort into their website and app. The UX pleasantly guides you through the process and allows you to go back and forth between decision making levels to adjust coverage choices that affect the quote. You can also choose to shop for insurance by your business type if you’re not sure how to navigate the insurance offerings.
The overall application experience is lengthy and goes into detail. You will be asked a series of questions that will allow for insurance providers to bid on your policy. Overall, the interface may remind you of planning a vacation on Booking.com or Tripadvisor.com. The insurance version admittedly is not as fun, we’re sure.
CoverWallet Insurance Customer Service
CoverWallet connects users to a number of insurance providers. This means that you may be contacted by insurance companies not associated with AON or CoverWallet. Essentially, the customer service experience can be a bit like a coin toss.
Sabriana, a user from Tennessee, explains how the process felt via a Consumer Affairs review:
“Took about 30 minutes today to apply for Commercial Auto, Hired Auto, General Liability, Umbrella and Inland Marine Cargo Insurance to compare my current Auto Owners Policy Rates. I received a call once my application was submitted from a representative with Progressive Insurance, advising me that they do not offer the coverage I was requesting. Are you kidding me? Told her I felt scammed of my personal data to collect leads to sell. Of course she wouldn’t admit that. Have not received 1 other call from other companies. Disgraceful!!! I am now fighting spam generated from that interaction. CoverWallet should be shut down!!”
Other Services and Features That CoverWallet Offers
If you’re struggling to manage policies from multiple insurers, CoverWallet may be a helpful solution. You will be able to use their online tools to pay your premiums, file claims and download a certificate of insurance for free. And business owners who purchase coverage elsewhere can also use these tools to manage their insurance policies, though those users will have to pay $99 per year.
What Is The CoverWallet Claims Process?
If you manage your insurance on Coverwallet’s site you can use it to file a claim with your actual insurance company. If not you will have to contact your insurance company directly.
How to Get Quotes From CoverWallet
To get a quote, or multiple quotes, go to their site and follow the prompts for “Get Quote” to use their online tool. It will probably take awhile, so be prepared to spend some time answering questions, like: What’s your business type, where are you located, what’s your projected revenue, and what insurance types do you think you need?
In the end, you may be able to see the final pricing depending on your application, but in some cases you may need to speak to a CoverWallet broker over the phone to get that information. This insurance expert will review the various quotes with you and can assist with finalizing the details.
Bottom Line: Is CoverWallet a Good Company?
If you want to knock out a few quotes at once, CoverWallet may save you the time of contacting multiple insurers to compare costs in an organized fashion. Plus having a CoverWallet expert on hand to help weigh the pros and cons can be a nice benefit to insurance newcomers.
However, some people may not realize that CoverWallet acts as a kind of aggregator and they may experience some friction along the way once passed off to the actual chosen provider. Plus, CoverWallet doesn’t always show you a quote online. In some instances, you may have to call a representative to get that information, or give them permission to call you.
Alternatives to CoverWallet
One alternative to CoverWallet would be to work directly with an insurance provider like Thimble, especially if you value personal care from start to finish–finish hopefully meaning that you are getting ready to renew your next year of coverage. We think Thimble makes for a great alternative because they are more of a boutique provider that values customer care. And like CoverWallet, they are also backed by a historically trusted name in the business, Markel Insurance Company.
If you like the aggregator model, CoverHound, an older provider established in 2010, offers multiple quotes from various insurance companies in a similar way to CoverWallet. Customers say that CoverHound is easy to use and helps insurance seekers find the best rate. One survey from Clearsurance reported that 75.5% percent of respondents said that using CoverHound made for a better experience than if they had chosen not to use them.
The choice is ultimately yours! Do you want to have consistent care or would you prefer to have more hand holding up front that can help guide you to the best option?