As a contractor, you know that business insurance is a valuable tool for protecting your company and assets. In some states, it is a requirement for maintaining your contractor’s license. However, with dozens of companies vying for your business, choosing the right coverage can be confusing.
At the General Contractor License Guide, we want to help clear up the confusion around buying insurance by providing unbiased reviews of some of the major commercial insurance providers.
CoverWallet is one company that we hear a lot about, so we’ve compiled this CoverWallet review to give you a fair and impartial picture of what to expect from working with the company.
CoverWallet is an insurance brokerage focusing on providing businesses with a simple and quick way to get insurance coverage. The application is online, as are key account management tools. They also offer free advice and a coverage assessment if you have questions.
Keep reading to discover more and decide if CoverWallet is right for you.
Get a FREE insurance quote from CoverWallet below:
Who Is CoverWallet?
CoverWallet hasn’t wasted any time making a name for itself despite being one of the newer brokerages offering commercial insurance services. The company was founded in New York, NY, in 2015. It was acquired by Aon in 2020, making it part of one of the largest global risk management groups.
Company Focus
CoverWallet business insurance aims to find the best insurance solution for your specific situation. Therefore, they put a significant emphasis on getting to know your needs and concerns and then offering advice about what products directly address them.
As you read this CoverWallet review, keep in mind that the company caters to small and medium-sized companies — businesses like yours. As a result, you won’t have to compete with major corporations when requesting a quote or advice.
Types of Commercial Insurance Offered
Your business has many aspects, and CoverWallet can help protect all of them. They work with premium insurance providers to bring you a wide range of coverage relevant to your contracting business, including:
-
- General liability insurance — Protects you from claims made against your company if someone is injured or property is damaged due to your work.
-
- Commercial property — Covers your company’s physical assets (computers, buildings, equipment, etc.), allowing you to replace them if they are damaged or destroyed.
-
- Builders risk insurance — If you want to ensure protection for projects in progress, then builders risk insurance may be a good choice. It can extend coverage to supplies, equipment, partially completed structures, and more.
-
- Equipment breakdown and loss coverage — There are countless reasons your equipment could break down, and an equipment policy will help protect against most of them.
-
- Commercial auto policies — If you use a company truck to transport equipment and work crews, you’ll need a comprehensive auto insurance policy.
-
- Surety bonds — Many states and municipalities require contractors to purchase surety bonds as part of the licensing process. These act as a financial guarantee that you will meet your obligations to clients.
-
- Umbrella coverage — An umbrella policy expands coverage to things you may not have thought of and raises limits on existing policies.
-
- Workers’ compensation — This insurance will help any employees who are injured on the job by covering medical expenses and providing income replacement. Many states require business owners to maintain workers’ compensation insurance, particularly in high-risk industries like construction.
These are the coverages most applicable to contractors and other construction-related professions. However, many different types of businesses use CoverWallet business insurance services to find appropriate coverage. Some other commercial policies they offer include:
- Hired and non-owned auto
- Professional liability
- Management liability
- Employment practices liability
- Fiduciary liability
- Directors and officers
- Errors and commissions
As you go through the many coverage options offered by CoverWallet, it becomes pretty clear that they can connect you with a company no matter how unique your coverage needs are.
Recommended: Best Insurance Companies for Contractors and Trades
CoverWallet’s Quote Process
Getting a quote from CoverWallet is a straightforward process. You have two approaches to complete it: online or by phone.
Online Quotes
You can simply request a quote online if you know what type of coverage you want. After checking a few boxes and providing some basic information about yourself and your business, you will receive one or more quotes from CoverWallet partner companies. You can choose to purchase one of these policies or make adjustments to your request and start over again.
You are assigned a CoverWallet consultant to work with as soon as you enter the quote system. They are available by phone, email, and chat. This allows you to get personalized assistance despite the online quote process. Also, you can stop the quote process and request an insurance assessment at any time.
Over the Phone Quotes
CoverWallet can also help if you prefer to speak directly with a consultant from the start. Simply call them anytime at (347) 202-1052 to connect with a professional and courteous consultant who will work with you to find a policy that meets your business needs and budget.
Request a free quote for commercial insurance here.
CoverWallet’s Insurance Provider Partners
To better understand how CoverWallet works with its partners, you must first know how its business model works. Rather than provide insurance directly to businesses, it is a brokerage firm. This has several advantages for you as a customer, including:
- Providing access to multiple insurance companies
- Allowing you to shop for rates among competing providers
- Coverage options that extend beyond a single company’s policies and offerings
A few of the companies you may receive quotes from include:
- Progressive
- Liberty Mutual
- Hiscox
- Berkshire Hathaway Guard
- Atlas
Insurance Brokerage vs. Provider
You may be wondering about the differences between an insurance brokerage and a provider. The former is an agency that works with partner agencies (insurance companies) to build policy packages that fit client needs. The latter is a company that underwrites insurance policies and provides direct benefits.
Using a brokerage like CoverWallet business insurance gives you access to multiple insurance companies and their various product offerings. You can also shop for the best coverage or lowest rates without reaching out to each company separately.
Is CoverWallet Insurance Legitimate?
By now, you are probably asking yourself, “Is CoverWallet insurance good or am I risking my business security?” Rest assured, this is a legitimate company that can help connect you with a reputable insurance provider.
What Customers Say
In addition to many industry awards, CoverWallet also has a 4.9/5.0 customer rating on the independent review site eKomi.
| CoverWallet Business Insurance Brokerage | |
| Pros | Cons |
| Simple online forms
Quick response Competitive rates Excellent advising services |
Sometimes unresponsive customer service |
Pros of Using CoverWallet
The most common pros uncovered show that CoverWallet offers simple quote and purchasing processes, excellent advising services, and affordable insurance options.
Reviews consistently mention the speed at which quotes are returned after a request is submitted. They also note the ease of using the online system. In addition, several customers reported that the quoted rates were competitive and affordable.
Cons of Using CoverWallet
No CoverWallet review would be complete after only highlighting the positives. After all, there are downsides to just about everything, and CoverWallet is not exempt from that rule.
While most customers had glowing comments and excellent reviews, there were also a few negative ones. The most common complaints are about customer service response time.
For example, some customers reported difficulty contacting customer service, especially regarding refunds or canceling policies.
Customer Reviews
You don’t have to take our word about CoverWallet. Here’s what some eKomi reviewers had to say about the company, its products, and the overall quote and purchasing process:
“It was a very good experience. The people I spoke with were very helpful and informative
I was happy with my decision/purchase” — Lynda C B.
“*** helped me find a cyber policy that ws about the fourth the cost of my existing policy with nearly identical coverage for a quarter of the cost, saving me $2,400. And in under an hour. Was a great experience.” — Todd R.
“This was efficient no hassle service. I was immediately taken care of. I had my insurance accessible minutes after I had signed up.” — Ana G.
“Reliable, easy service. They have everything that my small business needs in terms of business coverage. Friendly staff.”
What To Expect
There are several things you can expect when working with CoverWallet. These include:
- Attention to your specific situation means you may end up answering more questions than you anticipated.
- A transparent and quick quote process.
- Coverage choices so you can tailor your policy to your business needs.
- Fair pricing thanks to quotes from several partner insurance agencies.
Keep reading for a closer look at each of these aspects of purchasing a commercial policy through CoverWallet business insurance.
Insurance Advising
Advising is the area where CoverWallet truly shines. While you can request a quote and purchase a policy without speaking to a representative, you may find yourself over- or under-insured that way. So instead, take time to fill out the online form for a quick insurance assessment. You can also speak with an advisor who can help you determine the precise coverage needs of your business.
Whichever contact method you choose, you will have a chance to share information about your business that will impact insurance needs and policy costs. Using that information, CoverWallet business insurance can connect you with an appropriate insurance provider.
Claims Processing
While you probably hope never to find yourself filing a commercial insurance claim, the reality is that two in five businesses will rely on their insurance to cover a claim over a ten-year period. That elevates the importance of your company’s claims handling process.
In preparing this CoverWallet Review, we noticed that the online dashboard could be used to file and track claims. This is a helpful tool for busy business owners who want to file papers or respond to requests outside of traditional business hours.
Another key factor to consider about claims reporting with CoverWallet business insurance is that you may need to work directly with your insurance company to file a claim or to make major policy changes.
Rates
According to NerdWallet, a basic commercial liability policy costs about $50 per month. This can vary significantly depending on a business’s industry, location, and claim history.
While we can’t guarantee that CoverWallet business insurance can get you the lowest rate on your company’s insurance policies, we can tell you they will pull quotes from several carriers to do so.
Requesting a quote from CoverWallet is a great way to explore insurance rates. They provide quotes from multiple carriers, allowing you to compare rates and policy provisions so you can find a good fit.
It is also helpful to remember that price isn’t everything when it comes to insurance since a budget policy may also provide budget coverage. Instead of focusing only on rates, be sure to also look at coverage limits and exclusions when making your decision. Paying a little more each month on your policy could provide you with more comprehensive coverage in case of a claim.
Customer Service
Your customer service experience can determine whether or not you go with a particular company, and CoverWallet may need some improvement in this area. For instance, there are reports of inconsistent customer service experiences when dealing with its consultants.
CoverWallet receives mixed reviews regarding its customer service. The vast majority of customers report positive experiences and consultants that ask questions and listen to answers. However, some negative reporting exists about trying to cancel policies and requesting refunds.
Bottom Line for Contractors
CoverWallet’s online insurance assessment and quote request tools are simple, quick, and intuitive. Its website offers access to consultants who can advise what types of policies you need and what limits are necessary and sufficient to protect your assets. Additionally, if you decide to use CoverWallet to purchase a policy through one of its partners, you can manage it through the CoverWallet policy dashboard.
So, if you are a contractor in the market for a new business insurance package, visiting CoverWallet’s website is a worthwhile endeavor.
Sources: CoverWallet, U.S. DEPARTMENT OF LABOR and SBA