I'm a Fintech, personal finance, investing, alternative investments, credit, small business, careers, loans, money mindset, retirement and debt writer.
CoverWallet helps businesses obtain commercial insurance through an online quoting portal. It allows you to get quotes instantly and get the best rates for your small business or side hustle.
COVERWALLET REVIEW AT A GLANCE
- Instant insurance quotes
- Dedicated personal advisor
- Quotes from multiple carriers
- Lots of coverage options
Best commercial insurance for small businesses
Pros & Cons
Whether you’re managing a successful side hustle, operate a one-person shop or have a few employees, at some point you might want to think about getting some business insurance.
After all, you want to protect the very thing that will help you earn a living (or significant cash), don’t you? Here’s where CoverWallet comes in - a service designed to make business insurance simple.
This online business insurance brokerage can be a great resource if you’re trying to figure out what type of insurance you need and aren’t sure what’s out there, including affordable options.
The company partners with a bunch of agency partners and sells business insurance in a simple and intuitive way. You can receive a quote, manage your policy and payments all on one platform.
If you’re a busy business owner (yes, your fledgling side hustle counts too) who wants a quick way to shop around for commercial insurance policies, CoverWallet could be for you.
Offering: Small Business Insurance
Price: Free quotes
Promotion: No current promos
What is CoverWallet?
CoverWallet was founded in late 2015 and based in New York. It’s a business insurance brokerage firm, meaning that it sells commercial insurance to small business owners.
This includes professional malpractice insurance, disability insurance, general liability insurance and more. Through their intake form, CoverWallet takes the information given to provide you quotes from a multitude of insurance companies.
Think of it as a one stop shop so you can compare policies in order to make an educated and informed decision based on what you need and your budget.
CoverWallet also works with insurance agents to help their customers do the same.
Plus, as a customer you can also work with an agent that CoverWallet connects you with to help you decide what kind of insurance would make the most sense for your business.
While it does sound like any other insurance company it only focuses on commercial insurance, unlike other comparison websites that sell products like car and homeowners insurance — these products tend to be more complicated and so agents tend to specialize in these.
In addition, you can go through the entire application process online which can be a total time saver, especially as a busy business owner.
Types of Insurance Offered
You can probably find pretty much any type of business insurance you’ll ever need.
It’s partnered with at least 30 leading insurance carriers - companies including Berkshire Hathaway, AMTrust, Chubb, Hiscox, Progressive, Liberty Mutual plus other large names in the insurance space.
For most businesses, general liability insurance is the way to go, though you may need more specialized policies depending on your industry.
Here are some of the insurance policies CoverWallet can help find:
This list may not be comprehensive, so visit the CoverWallet website to see what other types of insurance are offered.
Unsure of What Insurance You Need?
It’s understandable if you look at the above list of the types of commercial insurance option and immediately feel intimidated or overwhelmed.
This is especially so if you’re starting out in business, consider yourself self-employed or are simply ramping up your side hustle. Not to worry, CoverWallet has anticipated this and can help with overwhelm in a few ways.
For one, you can contact customer service who are trained to be insurance specialists and are licensed to sell business insurance. That way you can get someone to walk you through and explain what you need, and you can ask questions right then and there.
Even if you’re concerned that the agent might try to upsell you into getting more insurance than you need, it’s still good to have the option of speaking to someone when you feel nervous about getting insurance.
Besides, you can choose to say no. Another way to receive help is to their simple to use insurance assessment process.
This is a form where you answer four questions — your estimated business revenue, number of employees, ZIP code and the industry you’re in — and you’ll get recommendations based on your answers.
CoverWallet will show you some of the most popular types of insurance from multiple insurance providers in your industry and see the percentage of CoverWallet customers that opted into them.
CoverWallet can help you figure out and manage your insurance in a centralized location. Once you bind a policy with CoverWallet, you’ll be able to access your account online which will house all your business insurance policies.
This dashboard, accessible right after you log in, is where you can access information such as your policies and pricing.
CoverWallet will also help you store pertinent information (like insurance certificates) from insurance providers to help you prove that you’re insured.
This includes certificates or proof of compliance. Plus you will be able to file claims and make payments through CoverWallet’s interface.
If and when you need to file a claim, CoverWallet claims it will walk you through the process step by step if you feel you need the guidance.
For larger businesses (or even if you’re a one person operation and have an assistant), you can add multiple users to your CoverWallet account.
How To Get Started
Before filling out an application form, first determine the type(s) of insurance you need.
If you already know what coverage you want, then feel free to skip this step, but it doesn’t hurt to double check.
Head to CoverWallet’s Insurance Assessment page. Once there, you can fill out the required information on the left hand side of the screen.
This includes your industry, ZIP code, number of employees and estimated annual revenue.
If you rather talk to someone, there's contact information of a personal advisor — you'll be able to see a photo and the name of the person you'll be contacting.
Once complete, the screen will populate with the suggested types of business insurance for your situation.
You can hover over each option and learn about what it is and why it could be crucial for your business.
You’ll also be able to see average policy prices and how popular each type of coverage is.
Select the ones you want and proceed to getting quotes.
If you’re skipping the above step, you can head straight to the application form to receive quotes.
Either way, you’ll be directed to another screen where you’ll be asked to choose the types of coverage you need. If you can’t complete the form, you can leave your contact information so a representative can contact you at a later time.
As well, if any time you have questions, there is contact information at the top left side of the screen you can use.
Next, you’ll need to answer a few questions about your business. This includes your business address, locations, years you’ve been in business, tax filing information, your industry, how many employees you have, and estimated revenue.
Other information you may need to provide include your Social Security number and Federal tax ID number. You’ll get a chance to review your information before you press submit.
Once complete, you may need to wait for quotes to come in — it depends on the type of coverage you need. From there you can log into see quotes and compare policies and prices or do so over email and phone.
An agent will typically reach out to go over your quotes or ask for more information which can take one to two business days.
If there’s something you like, you can click through to fill out another form to purchase and bind your policy.
Should You Use CoverWallet?
If you’re not sure where to turn as a small business owner and you need to quickly find a policy to insure yourself and any employees, CoverWallet can be a great fit.
You can be confident using the service too - it's provided by Aon, a large and reputable UK-America provider based in London and has an A+ rating and a 3.77 star rating out of 5 with Better Business Bureau.
That’s because it’s best for those who want a place to be able to compare different business insurance policies and where someone can manage their insurance claims and policies.
Plus, you can get your questions answered since CoverWallet can connect you with an agent to help you with figuring out what you need.
Keep in mind that their instant quotes aren’t exactly instant. As in, once you fill in the form, you might have to wait a day or to be able to compare products and prices.
You also need to enter your email and phone number which could mean getting calls and emails, though this can be common with similar comparison websites and many insurance companies.
Despite that, you might not be able to find business insurance this easily unless you go through an agent (which could take you longer) or call up individual commercial insurance companies.
CoverWallet is free to get comparison quotes so there’s not much to lose, except for the time it takes to fill out the application form.
It can make sense to try it out if you don’t already have an agent you’re confident you can trust to provide you unbiased advice and guidance.