Comparing business insurance options can be an arduous process. With so many options available, it can be time-consuming to review and compare each option to find the right one for your business—unless you consider CoverWallet insurance.
Essentially, CoverWallet insurance is an online insurance provider specializing in insurance products for small to medium-sized businesses. This innovative platform allows you to compare multiple options from different reputable insurers.
Once you decide on the insurance option best suited for your type of business, you simply manage your policies on the CoverWallet dashboard. The online dashboard allows you to pay premiums, file claims, and update insurance certificates as required.
Pros And Cons
Every insurance policy has its fair share of pros and cons. Depending on the type of business you’re running, some of CoverWallet’s features could be favored more than others. Let’s explore a few of the most common pros and cons to give you an objective view of CoverWallet.
- Multiple insurance options available to make an objective decision
- Online quote process allows for claims to be submitted easily
- Personal financial advisor to assist with choosing the right option
- Easy to identify the right quote for your specific industry
- Ideal for startups and small to medium-sized businesses
- Online tracking of outstanding claims
- Personal advisors to assist with filing claims
- Quotes can be slow to generate
- No mobile app, access the site through your browser
- To receive the dedicated service beyond the wallet you need to pay a $99 annual fee
- CoverWallet only shows policies from their partners, so you might lose out on a better premium
- Not ideal for bigger companies that require more expensive insurance options
Types Of Insurance Offered
As a small business owner, you need an insurance option that covers all aspects of your business. CoverWallet offers a notable range of insurance products specifically designed to cater to small business owners. The most impressive options are listed below.
- Workers’ Compensation Insurance
- Business Owners Policy (BOP)
- Commercial Property Insurance
- Commercial Auto Insurance
- Professional Liability Insurance
- General Liability Insurance
- Umbrella Insurance
- Employment Practices Liability Insurance (EPLI)
- Cyber Liability Insurance
- Product liability Insurance
How To Get A CoverWallet Quote
The process of getting a quote is effortless. Simply fill out a CoverWallet application providing information such as business location, number of employees, expected annual revenue, and type of business.
Once an account is created for you, you’ll be able to log into the dashboard and view different quotes from various insurance companies partnered with CoverWallet. Simply compare the different policies and premiums and decide which will be best for your business needs. Once your policy is processed, any further maintenance and amendments can be done on the CoverWallet dashboard.
What Does CoverWallet Insurance Cover?
The policies you select from CoverWallet generally cover the following:
- Property damage
- Bodily injury
- Personal injury liability
- Medical payments
Legitimate insurance policies always base their premiums on the type of coverage that’s provided. CoverWallet is no different.
CoverWallet offers competitive pricing by encouraging you to get multiple quotes from different providers. This allows you to compare policy restrictions and premiums before making the final decision about the CoverWallet options.
Advisors are always available to provide you with additional information regarding the best options for your business type.
If you already have your insurance policy, you can use CoverWallet’s services. By paying a fee of $99 per year, you’ll be able to make use of their dashboard feature.
These services include:
- Unlimited online insurance certificates
- Claim support
- Policy expiration notices
- Dedicated services
Customer Service & Satisfaction
Another important factor to consider is CoverWallet’s customer service rates. Reaching the customer service department is very easy and convenient.
The easiest ways to reach customer service include the following options:
- Chat via the website
- Send an email to firstname.lastname@example.org detailing your query
- Call 646-844-9933 to discuss your query with a representative
- Use the dashboard to amend any details once your policy is received
For client convenience, the customer service department operates from 8am to 8pm EST.
Our Tips To Help You Choose The Right Insurance Company
Before deciding on the insurance that’s right for you, it’s important to compare different insurance options. Here’s a list of our top tips to help you find the insurance policy that’s right for your business type.
- Research different CoverWallet insurance reviews to highlight key features, products offered, and potential hiccups. Reviews will also help you establish if you qualify for any package discounts.
- Speak to family, friends, and colleagues to establish which insurance policies they use and what benefits they experience.
- Use the online platform to compare and review products and premiums. If you prefer speaking to an actual person, CoverWallet has agents available to assist with all your questions.
- Ask questions about the turnaround time for claims and amendments. Check if claims can be submitted online and what the working hours are. Would you be able to process any potential claims outside of business hours?
- Check online reviews to establish how existing customers have experienced a potential company’s customer service department.
How Does CoverWallet Compare With Its Competitors?
Consumers judge insurance options by how they stack up against the competition. Let’s have a look at some of the ways CoverWallet is different from the crowd.
- Cost and quotes: CoverWallet offers free quotes, and a premium of $99 per annum will provide you with their full suite of features.
- Quote options: There are over 30 various options from which to receive quotes. Competitors like Progressive and Liberty Mutual only offer 14 and 10, respectively.
- Application process: Their application process can be completed online or by phone, depending on the client’s preference. Some competitors like Liberty Mutual don’t provide online application options.
- Country-wide availability: CoverWallet is available in all 50 states. Many competitors don’t offer coverage in all 50 U.S. states.
FAQs About CoverWallet Insurance
What Is CoverWallet For Agents?
CoverWallet offers an online portal for registered insurance agents. The agents use the portal to set up policies, request potential quotes, and manage their coverage options.
Are There Alternatives To CoverWallet?
There are several equally impressive options to consider other than CoverWallet. These include the following:
- State Farm
How Long Does It Take To Receive A Quote From CoverWallet?
CoverWallet claims that 90% of quote requests are processed instantly. Business quotes that meet the required underwriting criteria are processed faster. A tip here is to obtain all required information before requesting a quote. This will minimize any potential delays.
What Type Of Companies Does CoverWallet Work With?
The good news is, CoverWallet works with just about any type of business. A wide variety of insurance policies is on offer for businesses to get the best coverage they need.
In a nutshell, CoverWallet insurance is a business insurance comparison platform that helps company owners track and manage their outstanding policies. This is easily done with the use of an online dashboard.
As a business owner, you have the option of purchasing an insurance policy through CoverWallet or simply just import your existing policies to make use of the user-friendly dashboard feature. If you’re a small business owner, you should consider the simplicity of CoverWallet insurance to simplify your insurance needs!