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CoverWallet was founded in New York City in 2015. Owned by the Aon Insurance company, CoverWallet operates under their umbrella. The company has tens of thousands of customers and has written over $45 billion in policy coverage.
Summary: CoverWallet covers a wide range of businesses and industries from the least risky to even some of the higher riskier ones.
Fees & Coverage Options
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|HQ||New York City, New York|
|Annual Coverage||Up to $1 million per occurrence and $2 million in aggregate. Additional coverage is available with underwriting an umbrella policy.|
|Deductibles||$1,000-$25,000 depending on coverage and type of insurance|
|Business Revenue||No limit on revenue for eligibility|
|Employee Headcount||No limit, more employees will relate to higher deductibles|
|Restricted States||Not available in Alaska and Hawaii|
CoverWallet offers a significant value to business owners looking to have insurance in one place that is manageable both online and over the phone. With a dedicated concierge and a direct phone number to contact, your questions can be answered carefully throughout the quote process. The pricing is in line with competitors; however, a lack of physical offices may be an issue for customers seeking in person capability.
All that is required to receive a quote from CoverWallet is a few clicks and some quick information. Once you begin the quote process, a dedicated advisor will be available via telephone, chat, or email. The quote process requires the following information:
Once all required information is received, a quote will be sent to the email provided. If the business owner chooses to continue the process, they can pay directly online and receive immediate coverage. No timelines are specifically outlined; however, a case manager will be assigned to the claim once submitted.
Other insurance options requiring underwriting include: Cyber, Fiduciary, Liquor liability, Medical malpractice, Directors and Officers.
CoverWallet has listed the factors contributing to changes in cost are:
CoverWallet offers insurance by industry and by business type. The industries supported are (but not limited to):
CoverWallet claim support requires the business owner to log in to their account. No timelines for the specified claim process are available, and the delay in payment is a major issue based on the reviews. The following is required to submit a claim:
CoverWallet customer service has received 4.3 out of 5 stars out of 453 reviews on Google. The driver behind low ratings is the customer service response time and refund timing. To this extent, customer support is not US based, and the response time is two hours+ based on the website. Customer support is available 24/7 by phone or online submission. Users may schedule a call based on their availability.
CoverWallet carries an A+ rating and is credited by the BBB (Better Business Bureau). The BBB is an industry standard for certifying the legitimacy of a business.
CoverWallet focuses on an all encompassed solution for small business owners. Offering bundles and umbrella coverage make CoverWallet a one stop shop. Business insurance policies are all available in one place, which makes account management online simple and accessible. However, there have been consistent concerns regarding customer service response rate and claim resolution.