CoverWallet Review

Pros

• Easy to use
• Free quotes available
• Comparison shops across a wide field of insurers
• Keeps all policies organized in one location

Cons

• Slow customer support
• Quotes don’t always generate instantly
• Insurance only available from partners

Overview

CoverWallet is an online platform that sells business insurance through its agency partners and helps keep policy information in one cloud-based location. A self-described “concierge” service, CoverWallet helps business owners understand what insurance they need, offers quotes, and provides a platform for businesses to manage their policies, claims, and payments all in one place.

CoverWallet’s online platform is easy to use and intuitive for all users. It’s designed for business owners and is great for comparison shopping. The service is ideal for busy business owners, or new business owners, who need a quick way to compare the best business insurance options for their company and manage the policies in a single location.

Note: CoverWallet itself is not an insurance company. Rather, it is a tech company with resources to help match small businesses with the insurance industry — it is a business insurance aggregator if you will. Its carrier companies are Liberty Mutual, CNA, AMTrust, Berkshire Hathaway, Progressive, Hiscox, Chubb, and others.

CoverWallet Business Insurance Pricing

The cost of business insurance varies widely depending on all your business specifics.

CoverWallet makes comparison shopping and shopping for industry-specific insurance very easy and user-friendly. General liability coverage starts at $39/month for most businesses.

How To Get A CoverWallet Quote

To receive a free quote from CoverWallet, business owners can select which type of business insurance policy they are looking for and will be asked to provide some basic business information, such as:

• History of business earnings and losses
• How long you’ve been in business
• The type of employees you have
• Your business assets
• Details about your specific business industry
• Tax filing information

CoverWallet may ask for your social security number and federal tax ID numbers. Once you’ve provided this information, CoverWallet will send you a quote from compatible carriers, and an agent will reach out to you to go over the quotes. If CoverWallet did not receive enough business information to generate a quote, an agent will call you and ask for the necessary information. This process can take 1-2 business days.

If you’d like to skip the online portion entirely, you can call CoverWallet directly and speak to an agent on the phone to receive a quote as well.

CoverWallet Small Business Insurance Features

Here are some of the features the company offers:

CoverWallet Business Insurance Coverage Options

CoverWallet helps small business owners control their insurance needs in one central location and matches businesses with insurance providers offering more than 30 different types of insurance. Here are some of the main types of business insurance offered by CoverWallet’s carriers:

• General Liability
• Workers compensation
• Business owner policy
• Commercial property
• Professional liability
• Commercial automobile
• Umbrella insurance
• Product liability
• Directors & officers
• Business interruption insurance
• Liquor liability
• Medical malpractice
• Cyber liability insurance
• Inland marine insurance

Visit CoverWallet’s website for a comprehensive list of insurance types.

Best Suited For…

Companies of all shapes and sizes with varying insurance needs could all use an interface like CoverWallet to assist with their insurance and compliance needs. CoverWallet is ideal for small business owners who want to save money by comparing insurance policies from multiple carriers.

Larger businesses, or small businesses with multiple policies, can also benefit from having all of their insurance information centrally located on the CoverWallet platform. You can add multiple users to your online CoverWallet account if needed.

CoverWallet Claims

Filing a claim is easy with CoverWallet. There are a few options available. However, the easiest way is by using the My Wallet application.

How To File A Claim With CoverWallet

As mentioned, the best way to file a claim with CoverWallet is by logging into your account and using My Wallet to submit information about your claim. CoverWallet will then submit the information to your carrier on your behalf.

You can also manage and track the status of your claim through your account.

Additionally, you can find the information for your carrier in your account and contact them directly to file a claim.

Customer Satisfaction With CoverWallet Claims

In terms of customer satisfaction, most online reviewers are happy with the speed and ease of filing a claim.

While there are a handful of complaints, one thing worth remembering is that CoverWallet itself is not responsible for the claims — this is instead placed on the shoulders of the carrier you are insured through.

Customer Service & Support

There are many opportunities to connect with CoverWallet employees. At various sections of the website, you are directed to speak to real representatives either through email, phone, or chat. The chat feature enables users to talk to people during the company’s hours (chats sent after 6 PM EST will be answered the next business day).

One of the helpful features is the ability to schedule a time for a CoverWallet representative to call you back if you are not able to talk to someone on the phone at that moment. Users appreciate the support resources available, but there are some complaints about slow response times and poor support communication.

CoverWallet Insurance Reviews

As with all businesses, reviews run the gamut. It also may be hard to differentiate between negative experiences with CoverWallet versus negative experiences with their insurance partners. CoverWallet receives a rating of 2 out of 5 stars on Trustpilot and 4.4 out of 5 stars through the Better Business Bureau.

Negative CoverWallet Reviews & Complaints

Many CoverWallet reviews end up being about individual insurance carriers rather than about CoverWallet as a company.

• Poor Customer Support: Some of the insurance companies and agents brokering deals with CoverWallet are not as knowledgeable as others. Some customers experience slow response times from agents after the initial purchase.
• Difficulties Adding Coverage: Users say adding additional coverage is cumbersome.
• Poor Communication: The communication between the various moving parts (the CoverWallet representative and the agents from individual agencies) is not seamless and can be frustrating for busy business owners to navigate.

Positive CoverWallet Reviews & Testimonials

The Better Business Bureau gives CoverWallet an A- rating on its website. The positive reviews for CoverWallet are in the majority, with most people experiencing a seamless insurance experience. The biggest customer praise says:

• Quick & Easy To Use: The platform is easy to use and easy to understand. Businesses in a time crunch to show compliance can be up and running with coverage in less than a day.
• Easy To Compare The Best Deals: Users enjoy how easy it is to compare insurance policies across multiple providers.
• Good Support Materials: Despite the issues some users had with slow customer response time, users appreciate that access to CoverWallet agents and employees is easy with chat, calling, and email options. Many agents go above and beyond to secure the best insurance rates for your company and your industry. They are not happy unless you are happy.
• Competitive Pricing: No broker fees! This is a big plus for users as well as free quotes.

Final Thoughts On CoverWallet Insurance

If you are a small business owner who needs to insure yourself and your employees quickly — and you have no idea where to start — CoverWallet is a great fit.

The company is ideal for business owners who want to compare various insurance policies to get the best deal and want a single location to manage all of their policies and insurance information. Because of the company’s many support resources, using CoverWallet is easy no matter what level of knowledge you have regarding business insurance.

There are some complaints from users about slow response times as well as complaints about specific insurance providers. Additionally, the free “instant” quote isn’t always instant and can take up to 1-2 days to be completed. Despite these drawbacks, overall customer reviews rank CoverWallet favorably and highlight the easy interface as a major bonus.

Research what types of insurance you might need and then add CoverWallet to your list of places to check for comparison costs and quotes when you are ready to start the insurance buying process.

Business Insurance Review Methodology

We spend hours researching and evaluating each business insurance provider we review at Merchant Maverick, placing special emphasis on key characteristics to generate our ratings.

When rating business insurance companies and policies, we use a 26-point rubric that looks at pricing, features, customer service, and user reviews. We weigh each section differently to calculate the total star rating.

• Pricing: 45% of the total star rating
• Features: 30% of the total star rating
• Customer Support: 20% of the total star rating
• User Reviews: 5% of the total star rating

Each section is further broken down into granular, weighted subsections, in which we examine specific attributes like the relative cost of policies compared to industry standard, the transparency of pricing, and how many types of business insurance are offered. We also check to see whether the insurance provider offers multiple ways to file claims and how difficult the filing process is, awarding higher rankings to those that provide excellent customer support and an intuitive process.

Read more about how we rate business insurance companies.

The Merchant Maverick Seal of Approval 🏆

CoverWallet	Get A Quote

After hours of in-depth research and evaluation, we can confidently recommend this brand to our readers. Get started today and see CoverWallet for yourself.

The Merchant Maverick Seal of Approval 🏆

CoverWallet	Get A Quote

After hours of in-depth research and evaluation, we can confidently recommend this brand to our readers. Get started today and see CoverWallet for yourself.