CoverWallet is an online business insurance brokerage that connects small businesses with more than 10 top-rated carriers to provide multiple insurance options. It’s licensed to offer insurance in all 50 states and has an online account that allows users to manage all their policies in one place. In our evaluation of the best brokers for business insurance, CoverWallet earned the top spot with a score of 4.25 out of 5.
Pros
- Multiple top-rated carriers
- Compare quotes online
- Broad range of industries covered
Cons
- No 24/7 call center
- No mobile app for business customers
- May have to call to complete quote
Pricing
- $1,008 average yearly cost for general liability
- $1,269 average yearly cost for a BOP
- $907 average yearly cost for workers’ comp
- $1,627 average yearly cost for cyber liability
*The quotes are for a retail business with four employees and yearly revenue of $250,000.
Standout Features
- Use its online quoting system
- Create and download instant certificates of insurance
- Manage all of your policies in one place
For a Fast Quote, Visit CoverWallet
CoverWallet Alternatives
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|---|---|---|
Best for: Small businesses with five or fewer employees | Best for: Higher-risk businesses like a cannabis dispensary | Best for: Small business owners having trouble finding coverage |
Financial rating: A++ (Superior) | Financial rating: A- to A (Excellent) | Financial rating: A- to A+ (Excellent to Superior) |
Get a quote from Simply Business | Get a quote from Embroker | Get a quote from Tivly |
CoverWallet Insurance Options
CoverWallet offers all of the different types of business insurance a business would need. It has the typical core policies any business owner should consider:
- General liability
- Commercial auto
- Professional liability
- Workers’ compensation
- Commercial property
- Business owner’s property (BOP)
It also has more specialized coverage for specific industries or types of businesses, including
- Errors & omissions (E&O)
- Inland marine
- Cyber liability
- Directors & officers (D&O)
- Special event
- Medical malpractice
- Employment practices liability insurance
The range of industries that can get a quote makes it convenient for nearly any type of business to find coverage. Some of the industries it helps insure are:
- Administrative and building maintenance
- Construction
- Finance and insurance
- Nonprofits
- Real estate
- Retail
- Transportation and warehousing
Larger or higher-risk industries may have trouble finding a quote online, but you can still contact CoverWallet and speak with a dedicated agent about finding coverage.
CoverWallet Insurance Providers
As an online broker, it connects business owners with an insurance company to help them get the right coverage for their business. To do this, CoverWallet works with multiple top-rated carriers. Some of its partners are:
Some of these carriers, like Liberty Mutual, provide a wide range of insurance in every state. Others, such as Markel, offer niche specialty coverage, like sports and recreation. Meanwhile, Progressive is a leading insurer for commercial auto. By working with providers specializing in different types of industries, CoverWallet positions itself to be able to connect business owners with the best insurance for their businesses.
CoverWallet Quoting Process
One area CoverWallet shines is by utilizing its relationship with providers to bring multiple quotes for the same or different types of coverages to the business owner. You can then compare the cost, coverage, and provider and move forward with purchasing one. More often than not, you can purchase the policy online but, in certain cases, you may have to call one of its reps to finalize the process.
The quoting process is straightforward. Begin by selecting the type of insurance you’re looking to purchase (you can also select more than one type). From there, it’s simply a matter of answering questions about your business, like your location, industry, number of employees, and revenue. There will also be some industry and coverage-specific questions; for example, if you’re seeking commercial auto, it will want to know how many miles you regularly drive.
It will also suggest coverages based on your answers. For example, if you’re looking for general liability and state you have multiple employees, it’ll ask if you also want a quote for workers’ compensation.
For the purposes of this review, we obtained a quote for a small restaurant. It provided two quotes for general liability—both were through Liberty Mutual and carried the same limits: $1 million per occurrence and $2 million per aggregate.
The first quote cost $700 annually while the other was valued at $905. The difference was in the first-party coverage: the more expensive quote included $10,000 inland marine for equipment. For this quote, the policy couldn’t be purchased online, and you had to call to finish it.
CoverWallet Cost for Business Insurance
Like all insurance, the cost is going to vary depending on multiple factors like the risk, claims history, limits needed, and number of employees. If you’re unsure of what insurance you need or want to get an idea of what it costs, it offers an advice tool that answers both questions.
To use the advice tool, simply fill in your industry, ZIP code, number of employees, and annual revenue. It can then use that data to suggest insurance and let you know the average premium cost. For example, the average premium for a retail store in Houston with five employees and $300,000 in revenue is:
- $907 annually for workers’ comp
- $1,269 annually for a BOP
Beside each coverage, it lists the popularity of purchasing this coverage by similar businesses. For example, I can see 11% of similar businesses purchase commercial property insurance, and 86% of similar businesses purchase general liability insurance. Using this data, you can then make a decision on what type of coverage you probably need and get an idea of the approximate cost.
CoverWallet Customer Service & Other Services
We looked at third-party organizations and user reviews to determine how CoverWallet performs in customer service. While the overall experience from users is positive, some negative trends do come to light.
Third-party review site eKomi reports CoverWallet has a score of 4.7 out of 5 from nearly 800 reviews. Of these, 93.7% are positive, and 5.14% are negative.
Users on Google’s Review platform have given it a collective score of 4 out of 5 from over 500 reviews.
On Trustpilot, it has a 2.1 out of 5 rating, but this is also the smallest sample size, with just over 10 total reviews.
In the negative reviews, the common complaint is the difficulty in canceling a policy and receiving reimbursement. Meanwhile, the positive reviews are focused on the quick turnaround time to get a policy and the excellent customer service from the dedicated agents who work with your account.
While it does not operate a 24/7 call center, you do get 24/7 access to your account. Regardless of which carrier you select for insurance, CoverWallet allows you to manage your policy directly through its platform. The policy management system is called the Wallet. Through it, you can manage your policy, obtain additional coverage, create and download a certificate of insurance, make a payment, and file a claim.
If you need to contact CoverWallet, you can email, chat, or call one of its reps. Its hours of operation are Monday through Friday, 8 a.m. to 8 p.m. ET, and Saturday, 9:30 a.m. to 1:30 p.m. It is closed on Sunday.
Frequently Asked Questions (FAQs)
CoverWallet is a United States-based company, and its main office is located in New York City. However, it does have employees based remotely at other locations in the US and abroad.
CoverWallet provides insurance for small businesses. It has insurance for a wide range of industries, like contractors, healthcare, food and accommodation, retail, information technology (IT), and media companies.
Yes, CoverWallet is a legitimate online insurance brokerage. It works with top-rated carriers, such as Chubb and Liberty Mutual, to help small businesses find the right coverage. It is a newer company that set out to make the quoting, purchasing, and policy management process simpler for business owners.
Costs vary depending on the type of coverage and the industry. It does provide a calculator on its site to give you an idea of the average cost for different coverages. For example, a small business in Texas can expect to pay approximately $907 annually for workers’ comp and $1,269 annually for a business owner’s policy
Yes, because in 2018, CoverWallet launched CoverWallet for Agents. This gives agents access to its quoting and binding technology. Importantly, the agents do not have to be appointed with the carriers to use CoverWallet’s system.
Bottom Line
CoverWallet is an online insurance brokerage that helps small businesses find and buy insurance quickly and offers additional services for the business owner to manage their policy. In our review of small business brokers, it scored as the best broker. Visit CoverWallet and get a quote for your business in 10 minutes or less.
