I’ll admit my initial skepticism about seeing another insurance platform promising to help me manage my small business. Just how many of these companies are out there promising they can get me the lowest rates, the most coverage, and blah, blah, blah.
But then I went to CoverWallet’s web page and I actually saw something I haven’t seen before: personalized quote offerings available for startups, restaurants, truckers, beauty salons, contractors, and consultants. (There are more but as a consultant, I stopped there!) And then it got better. There were various types of insurance offerings from general liability to commercial property to professional liability to umbrella insurance, plus a whole heck of a lot more.
I have never seen an insurance platform so robust — and easy to understand — just on its home page. So, let’s dive into everything CoverWallet has to offer!
What is CoverWallet?
CoverWallet was founded in 2015 and has become a part of Aon after an acquisition in late 2019. Based in New York City, it offers Insurance to companies of all sizes tailoring coverage to the specific requirements of each client.
CoverWallet offers insurance products from top carriers nationwide. This allows them to cover a large number of industries — more than 30, in fact.
How does CoverWallet work?
Getting a quote with CoverWallet is fairly simple. I began my experience by selecting the “Contractor” option for receiving quotes, although, there are many other options you can choose depending on the type of industry you’re in.
From there, I was directed to a screen where I could select the number of employees and the amount of revenue I expected to bring in.
The next window showed the variety of insurance options I could review, without any limits to the number I wanted to receive quotes about.
What I really loved was the hover feature on each type of insurance so I could learn more about each type.
The next few windows had me enter my address, business name, experience, business type, and industry type.
As I continued through the steps, optional and recommended coverage was offered for my quotes, or I could skip.
Once I reviewed and submitted my information, an account was created for me to see my application and get status updates; then quotes were to be generated for me to see online.
How much does CoverWallet cost?
Getting CoverWallet’s full free package includes quotes from CoverWallet, access to The Wallet, and premium services that are accessible 24/7 online.
However, you’ll pay $99/year (including a free 30-day trial) if you want access to the following:
- Dedicated concierge-like service.
- Unlimited certificates online.
- Notifications before your policy expires.
- Price alerts.
- Peer risk & policy comparisons.
- Recommendations & claim support.
Small business coverage
CoverWallet’s biggest selling point is the seemingly endless number of policies available. They provide the following options (and many, many more):
- General liability.
- Workers’ comp.
- Business owners policy.
- Commercial property.
- Professional liability.
- Cyber liability.
- Inland marine.
- Liquor liability.
- Medical malpractice.
- Health insurance.
- Equipment breakdown.
- Pollution insurance.
MyCoverWallet – also known as The Wallet, is free and available to legal residents in the U.S. You can have access to The Wallet even if you decide not to purchase insurance through CoverWallet.
This feature I found especially neat. If you need help determining how much (or the type) of coverage you need, you can head over to CoverWallet’s “Advice” page. There, you’ll see a handy calculator where you can input your business information. From there, CoverWallet will guide you towards the right policy for all your needs.
If you have to file a claim, or you simply find you have questions about your policy options, you’ll have a dedicated agent who can walk you through the whole process. Or, you can use CoverWallet’s chat feature.
The company is licensed in all 50 states and Washington, D.C.
If you’re at all unsure about the type of coverage you need, in addition to the Advice feature above, CoverWallet also offers a small business insurance guide in their resources section. They give a rundown of every type of insurance product they offer, as well as who it’s best for. By the end of it, most, if not all, of your questions should be answered.
They also offer a blog-like page called “Tips for Businesses” which has a plethora of articles all about small business life and how to make the most of it.
Aon (the parent company to CoverWallet) also offers a feature called CoverStartup, which is geared towards…you guessed it! Startups. Because startups are constantly growing and their needs are evolving, CoverWallet wants to make it as easy as possible for these folks to get the coverage they really need.
You can select from three plan options, based on the type of startup you run, and CoverWallet can help you take it from there.
My experience using CoverWallet
CoverWallet makes business insurance easy, which is pretty impressive considering there is a lot to understand and digest in the world of business insurance. I really appreciate that CoverWallet acts as a kind of concierge service to give businesses a one-shot stop to handle all of their business insurance policies in one place.
Plus at the end of the day, getting quotes from multiple providers is super reassuring so you know you’re getting the best rate.
It was easy to see what CoverWallet had to offer, and the sheer breadth of businesses they serve is very impressive. What really grabbed my attention, however, was their “Advice” feature. With so many small tasks to keep track of when running a small business, it was nice to have quite a bit of guidance when determining the type of insurance (and how much) I’d need for a small business. The educational resources alone are a gold mine for new business owners.
Overall, CoverWallet acts as an all-in-one tool for maintaining your small business insurance. With almost every insurance product under the sun offered by CoverWallet, I’d be quick to recommend them to any small business owner.
Who is CoverWallet best for?
Small business owners
Again, this is what CoverWallet is all about. I haven’t seen anyone as focused on small businesses in such a robust capacity. CoverWallet is great for small business owners who want to get quotes for business insurance and start saving. Because it’s so easy to otherwise overpay for business insurance.
Those strapped for time
Small business owners are often strapped for time and so it’s super convenient to be able to get quotes from CoverWallet in just minutes. The online ease of CoverWallet is perfect for those who may need to log on at midnight.
Those with unique needs
The company specializes in more than two dozen industries, including agriculture, real estate, contractors, construction, transportation, hospitality, and education. It also provides more than 30 types of policies that can be mixed and matched and combined, including management liability, employee benefits liability, pollution liability, business interruption, and cyber liability.
Who shouldn’t use CoverWallet?
The product is specifically set up to help small business owners and startups, although they can handle mid-sized businesses. Large corporations and those well-established will find better services and rates elsewhere.