CoverWallet Business Insurance Review 2022: Wide Range of Industries Covered

Bryan Keith

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.   

Overall rating

4.8

Summary: CoverWallet covers a wide range of businesses and industries from the least risky to even some of the higher riskier ones.

CoverWallet Business Insurance

coverwallet business insurance logo

$2,000,000

Coverage Up To

$1,000+

Deductibles


Reviews

5

Policy Application

5

Fees & Coverage Options

5

Industries Covered

5

Claim Support

4

Customer Service

5

Safe & Secure

Pros

  • Commercial coverage
  • Personal Advisor available
  • One stop for all needs
  • Online account management

Cons

  • No brick-and-mortar offices
  • Deductible Costs

Best For

  • Covering a wide range of industries
  • Managing business policies in one place
  • Small businesses with multiple contracts

Features

HQNew York City, New York
Annual CoverageUp 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 RevenueNo limit on revenue for eligibility
Employee HeadcountNo limit, more employees will relate to higher deductibles
Restricted StatesNot available in Alaska and Hawaii

In depth review on CoverWallet

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.

CoverWallet is best for

  • Various industries covered: CoverWallet covers a wide range of industries from low risk to even some of the higher risk industries.
  • All policies in one place: CoverWallet has various business policies. This can be helpful to manage, as multiple business policies are purchased in one place.
  • Small business focus: Tailored solutions for small businesses of all types and sizes. There are no holds on how many employees are covered and the number of contracts covered are also unlimited.  

CoverWallet benefits

  • Commercial coverage: A variety of commercial coverages are available for the business owner, including bundles from several popular insurance providers. A key offering is worker’s compensation coverage.
  • Personal advisor: Wwhen seeking a quote, a direct number to a personal advisor is available for any questions or an online chat.  This can make the process smooth when seeking the most suitable coverage type for you.  
  • One stop shop: Business insurance policies are under one roof and all policies can be maintained online.  
  • Online account management: Adding policies, maintaining, or canceling may all be done online from the business owner’s account.  

CoverWallet drawbacks

  • No physical offices: Business owners who like to have face-to-face interactions, this insurance company may not be suitable for your needs. All policies and customer support are only available online or via telephone.
  • Deductibles: The minimum deductible is $1,000.   

Policy application

5

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:

  • Business name
  • Address
  • Revenue
  • Crew size
  • Payroll
  • Years in business
  • Past business insurance claims
  • Industry

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.

Fees and coverage options

5
  • General liability: Starting at $29 a month including bodily injury, personal injury, and damage to a third party property.
  • Business owners policy: Starting at $39 a month including lost business income, loss, or accidental damage to business equipment and records.     
  • General liability, property and worker’s compensation: Starting at $39 a month including coverage for work-related accidents and illnesses.

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:

  • Location
  • Industry
  • Crew size

Industries covered

5

CoverWallet offers insurance by industry and by business type. The industries supported are (but not limited to):

  • Administrative services and building maintenance
  • Construction
  • Manufacturing
  • Rentals and leasing
  • Nonprofits
  • Real Estate
  • Finance and insurance professionals
  • Company management
  • Property management
  • Restaurants
  • Food & Beverage
  • + much more

Claim support

5

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:  

  • Name, email, phone number
  • Policyholder name
  • Policy number
  • Claimant name
  • Date and location of loss
  • Description of loss
  • Current location of insured items, if known
  • Additional information as necessary (photos, witnesses, police reports, etc.)

Customer service

4

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.

Phone: (646)-844-9933

Safe and secure

5

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.   

Is CoverWallet right for you?

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.