CoverWallet is a commercial insurance broker that caters to businesses in different industries. It offers a wide range of insurance policies like commercial property, general liability, professional liability, and more. Its cost varies depending on the industry, and it’s especially helpful for entrepreneurs, contractors, and small companies that need multiple policies for their business.
CoverWallet Pros and Cons
Easy application process
Doesn’t offer personal lines (some commercial insurance providers do)
Competent personal advisors and staff
Who CoverWallet Is Best For
- Entrepreneurs, contractors, and small companies that need multiple policies for their business: CoverWallet partners with multiple insurance carriers, such as Liberty Manual, Berkshire Hathaway, and Progressive, to cover 30 types of insurance for small businesses. Its MyCoverWallet dashboard lets you manage all your policies online, file necessary claims, and process premium payments.
CoverWallet’s cost for its policies varies depending on the types of insurance and the specifics of the business applying for it. For instance, annual premiums for its general liability insurance policy start at $350 per year while professional liability insurance typically costs $83 to $250 per month. For its commercial property insurance, the cost depends on several factors, such as building and asset value, as well as the risk factor.
Starts at $350
$2,000 to $3,000
Business Owner's Policy (BOP)
$500 to $15,000
$1,000 to $3,000/million dollars of coverage
Directors & Officers (D&O)
Starts at $400
*Please note that the aforementioned prices are only typical price ranges taken directly from CoverWallet’s website. You may contact its team to request a customized quote.
CoverWallet Alternatives 2020
Business Insurance Broker
Sole proprietors and microbusinesses that need general liability and professional liability insurance
Ecommerce businesses looking for cyber liability insurance and cybersecurity resources
Small business owners who want transparency about extra fees
Tech-savvy business owners who prefer to easily manage their policies online
Contractors who see declines because of high-risk operations
Technology-based businesses that need coverage within 48 hours
High-growth businesses that want directors & officers insurance for investors and their board
In addition to industry-specific providers, your business might be well served by general-purpose small business insurance companies.
Central Online Platform
CoverWallet has a unified online platform that allows you to complete endorsements, update payment methods, and instantly generate certificates of insurance online and then email them out directly from the platform.
As mentioned earlier, CoverWallet has a MyWalletDashboard, which will serve as your digital wallet. It enables you to request and manage certificates from partners, vendors, and suppliers, generate new quotes, manage claims and receipts online, and access insurance agents at any time. Its digital wallet costs $99 per year.
CoverWallet lets you generate and then compare multiple, bindable quotes from top insurance carriers online. It enables you to recalculate quotes, adjust limits, deductibles, and coverages in a few clicks.
It gives you access to your own personal advisor who will guide you throughout the process. Your dedicated advisor will help you evaluate policies and recommend the right plan based on your needs.
Most Helpful CoverWallet Reviews
Up-to-date reviews of CoverWallet are all positive. Policyholders like that its application process is easy and smooth. Others commended its reasonable prices while some are impressed by its competent and responsive customer support.
Easy and smooth application process
One client who gave positive reviews on eKomi mentioned that CoverWallet’s application process is extremely smooth. He added that it is completely painless to generate quotes, policies, and certifications on the platform and that its customer support is easy to contact.
CoverWallet Frequently Asked Questions (FAQs)
What industries does CoverWallet cater to?
CoverWallet caters to the following industries:
- Administrative service and building maintenance
- Finance and insurance
- Health care
- Real estate
- Food and accommodation
- Wholesale trade
- And more
How long will it take to generate a quote and process my application?
CoverWallet’s website says that it only takes a few minutes to generate a quote and process an insurance application.
What insurance carriers does it work with?
CoverWallet works with multiple insurance carriers, including Chubb, Hiscox, Guard, Blackboard, AmTrust, Starr, BCS, and more.
Our Top Commercial Property Insurance Providers
In case you still aren’t sure if CoverWallet is right for you, then this article on the best commercial property insurance companies is a review of our top choices. In this guide, we looked at a variety of solutions and narrowed our recommendations down based on several factors, including financial strength, customer satisfaction, and convenience of multiple business policies.