CoverWallet is an online platform that sells business insurance through its agency partners and helps keep all your policy information in one cloud-based location. The company prides itself on making business insurance purchasing simple for business owners.
Started in late 2015 by two start-upÂ entrepreneurs based in New York, CoverWallet began as a way to create a seamless, easy to understand, and comprehensive website for business owners looking for commercial insurance. Now, the company partners with carriers for 30 different types of business insurance. The CoverWallet platform is a self-described “concierge” service that helps business owners understand what insurance they need, offers quotes, and provides a platform for businesses to manage their policies, claims, and payments all in one place.
CoverWallet’s online platform is very easy to use and intuitive. It’s designed with business owners in mind and is great for comparison shopping. The service is ideal for busy business owners or new business owners needing a quick way to compare the best business insurance options for their company. However, some policyholders express frustration with slow communication once a policy is purchased and a glacial response to sending out certificates. Instant free quotes aren’t always instant either and can take 1-2 business days depending on the level of business information required.
If you are a business owner looking to make a decision on business insurance, read further to see if CoverWallet might be a good fit for you.
- Easy to use
- Good support materials
- Free quotes available
- Comparison shops across a wide field of insurers
- Keeps all policies organized in one location
- Slow customer support
- Quotes don’t always generate instantly
CoverWallet itself does not consider itself an insurance company. Rather, it is a tech company with resources to help the insurance industry — a business insurance aggregator if you will.
Its carrier companies areÂ Liberty Mutual, CNA, AMTrust, Berkshire Hathaway, Progressive, Hiscox, Chubb, and others. Once a business owner chooses a policy with one (or multiple) of these carrier companies, CoverWallet provides an online platform to store all of your policies and payments in a single location.
CoverWallet matches employees with insurance providers offering 30 different types of insurance. Here are some of the main types of business insurance offered by CoverWallet’s carriers:
- General Liability
- Workers compensation
- Business owner policy
- Commercial property
- Professional liability
- Commercial automobile
- Umbrella insurance
- Product liability
- Directors & officers
- Business interruption insurance
- Liquor liability
- Medical malpractice
Visit CoverWallet’s website for a comprehensive list of insurance types.
Pricing & Purchasing Process
The cost of business insurance varies widely depending on all your business specifics. CoverWallet makes comparison shopping and shopping for industry-specific insurance very easy and user-friendly. How much money you make in a year, how many employees you have, your payroll information, your location, and what you sell all impact insurance premiums.
CoverWallet is not an insurance provider but it will match you with an insurance carrier. To receive a free quote from CoverWallet, business owners can select which type of business insurance policy they are looking for and will be asked to provide some basic business information, such as:
- History of business earnings and losses
- How long you’ve been in business
- The type of employees you have
- Your business assets
- Details about your specific business industry
- Tax filing information
CoverWallet may ask for your social security number and federal tax ID numbers. Once you’ve provided this information, CoverWallet will send you a quote from compatible carriers and a CoverWallet agent will reach out to you to go over the quotes. If CoverWallet did not receive enough business information to generate a quote, an agent will call you and ask for the necessary information. This process can take 1-2 business days.
If you’d like to skip the online portion entirely you can call CoverWallet directly and speak to an agent on the phone to receive a quote as well.
Specific Size of Business
Companies of all shapes and sizes with varying insurance needs could all use an interface like CoverWallet to assist with their insurance and compliance needs. CoverWallet is ideal for small business owners who want to save money by comparing insurance policies from multiple carriers. Larger businesses, or small business with multiple policies, can also benefit from having all of their insurance information centrally located on the CoverWallet platform. You can add multiple users to your online CoverWallet account if needed.
Features & Benefits
CoverWallet helps small business owners control their insurance needs in one central location. Here are some of the features the company offers:
- My CoverWallet Dashboard:Â When you become a client of CoverWallet, you receive a My CoverWallet account that keeps all of your policies in one place. You can access information, view policies, file claims, and make payments all from the My CoverWallet interface.
- Certificates & Third-Party Compliance:Â You are a small business and you need to prove you are insured by submitting certificates or you are working with other vendors and are requesting for them to submit proof of compliance? CoverWallet will store all of that information in one spot on your account.
- Claim Filing Support:Â CoverWallet was designed to be a one-stop shop for business owners. So, customers can file claims directly from their My CoverWallet dashboard. CoverWallet says that they can walk customers through filing a claim step by step, if needed.
Customer Service & Support
There are many opportunities to connect with CoverWallet employees. At various sections of the website, you are directed to speak to real representatives either through email, phone, or chat. The chat feature enables users to talk to people during the company’s hours (chats sent after 6 PM EST will be answered the next business day). One of the helpful features is the ability to schedule a time for a CoverWallet representative to call you backÂ if you are not able to talk to someone on the phone at that moment. Users appreciate the support resources available, but there are some complaints about slow response times and poor support communication.
Negative Reviews & Testimonials
Many CoverWallet reviews end up being about individual insurance carriers rather than about CoverWallet as a company. For CoverWallet specifically, according to the consumer website eKomi, out of 448 total reviews, 91.74% were positive and 6.47% were negative (with the difference in neutral reviews). Out of the 6.47% of negative experiences, the biggest complaints were the following:
- Poor Customer Support:Â Some of the insurance companies and agents brokering deals with CoverWallet are not as knowledgable as others. Some customers experience slow response times from agents after the initial purchase.
- Difficulties Adding Coverage:Â Users say adding additional coverage is cumbersome.
- Poor Communication:Â The communication between the various moving parts (the CoverWallet representative and the agents from individual agencies) is not seamless and can be frustrating for busy business owners to navigate.
Positive Reviews & Testimonials
The Better Business Bureau gives CoverWallet an A- rating on its website. The positive reviews for CoverWallet are in the majority, with most people experiencing a seamless insurance experience. The biggest customer praise says:
- Quick & Easy To Use:Â The platform is easy to use and easy to understand.Â Businesses in a time-crunch to show compliances can be up and running with coverage in less than a day.
- Easy To Compare The Best Deals: Users enjoy how easy it is to compare insurance policies across multiple providers.
- Good Support Materials: Despite the issues some users had with slow customer response time, users appreciate that access to CoverWallet agents and employees is easy with chat, calling, and email options. Many agents go above and beyond to secure the best insurance rates for your company and your industry. They are not happy unless you are happy.
- Competitive Pricing:Â No brokers fees! This is a big plus for users as well as free quotes.
Company Reputation & Reliability
CoverWallet receives widespread praise for their user-friendly interface and their goal to make business insurance a streamlined process. The start-up is new and evolving. They currently launched a platform that adds more agents and insurance options to their customers by building a bigger bridge between providers and business owners. While the business might be expanding and learning, early feedback about the services CoverWallet provides is solid.
If you are a small business owner who needs to insure yourself and your employees quickly — and you have no idea where to start — CoverWallet is a great fit.
The company is ideal for business owners who want to compare various insurance policies to get the best deal and want a single location to manage all of their policies and insurance information. Because of the company’s many support resources, using CoverWallet is easy no matter what level of knowledge you have regarding business insurance.
There are some complaints from users about slow response times as well as complaints about specific insurance providers. Additionally, the free “instant” quote isn’t always instant and can take up to 1-2 days to be completed. Despite these drawbacks, overall customer reviews rank CoverWallet favorably and highlight the easy interface as a major bonus.
Research what types of insurance you might need and then add CoverWallet to your list of places to check for comparison costs and quotes when you are ready to start theÂ insurance buying process.
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