Travelers Business Insurance Review 2023

Pros

• Local insurance agents
• Free quotes
• Available in all 50 states + Washington, D.C.
• Standard business policies + specialized insurance available

Cons

• No online quotes available
• Mixed user reviews

What Is Travelers Business Insurance?

Travelers Business Insurance is an international company covering businesses in the US, Canada, the United Kingdom, and Ireland. Travelers Business Insurance includes a small businessowners policy (BOP) that bundles property and liability insurance.

Travelers’ coverage extends far beyond these basics, however. Whether you’re looking for routine coverage like commercial auto or umbrella policy, or a specialized policy addressing the risk of data breaches, Travelers Business Insurance may have you covered.

Travelers Business Insurance Pricing

Like almost every insurance company, Travelers provides personalized price quotes for coverage and does not publish its rates.

In providing a personalized quote for business insurance, Travelers will consider your business industry, location, size, and other factors. These factors can affect not only the price but also what kinds of insurance your business needs.

How To Get A Travelers Insurance Quote

If you want a business insurance quote from Travelers, you’ll need to connect with an agent in your area. Enter your ZIP Code, and you’ll see a list of local options. You can also search by agency name.

Some agents on your list may offer online price quotes for business insurance. Others display a phone number. Note: Not all agents and their offices will display the Travelers name, but each will include a list of the types of business coverage that agency offers.

Travelers Business Insurance Features

Travelers pairs customers with a local insurance agent for account management. There’s still a lot Travelers Business Insurance customers can do online, however.

You’ll be able to log in to pay for your business insurance, monitor your account, and sign up for automatic payments, for example. You can also monitor the progress of any claims online.

Online Filing For Claims

You can phone your agent or start a claim for Travelers insurance benefits online and then wait for a claims agent to contact you. If you have an online account with Travelers, you can log in to check on your claim’s progress. And you can send photos and documents securely to your Travelers claims agent.

Small Business Education Tools

Resources available on the Travelers business insurance website offer general tips to help you manage your small business. You’ll also find specialized articles aimed at insurance specialties such as loss prevention, cybersecurity, fleet safety, facilities management, and more.

Risk Control Planning

Travelers has a risk control department that offers access to onsite, online, and on-demand risk expertise. Customers can visit a secure website to access 1,000+ risk-management resources.

Online education and training opportunities tailored to specific industries are available. Guides, articles, and self-assessments are available online.

Premium Audits

Travelers will periodically review your workers’ compensation coverage to ensure your estimated premium accurately reflects any changes in your business since the policy was issued.

Risk Management Information Services (RMIS)

Travelers uses an all-encompassing risk management system to help its customers monitor and analyze their risk management information. Dedicated RMIS professionals provide support.

Travelers Business Insurance Range Of Services

If your business needs a particular kind of insurance coverage, it’s a fair bet that you can find what you need with Travelers Business Insurance.

Here’s a rundown of the types of coverage available from Travelers:

Businessowners Policy

Travelers’ businessowners policy (BOP) protects your business property and offers general liability from risks in one bundled policy. That’s less coverage than you might find with a typical BOP, and it’s worth noting that Travelers aims its BOP at small businesses. If you want more types of coverage, you can always add additional policies.

Although Travelers does not publish its rates, and your quote for BOP coverage through Travelers will be tailored to your unique business needs, BOP coverage typically comes at a discount vs. purchasing separate policies. The discount is normally around 10% industrywide. Check with a Travelers agent to make sure their BOP pricing delivers a similar discount for you.

Individual Business Policies

Travelers offers a full spectrum of insurance products to cover your business. You can purchase coverage for the following:

• Commercial auto and trucking
• Property
• General liability
• Excess casualty and umbrella coverage
• Environmental liability
• Global insurance
• Inland marine
• Management and professional liability
• Ocean marine
• Workers’ compensation
• Boiler and machinery
• Cyber
• Surety bonds

Industry Coverage

Travelers offers insurance specifically aimed at businesses in the following industries:

• Architects, engineers, and surveyors
• Construction
• Financial services
• Healthcare
• Manufacturing
• Personal care services
• Pet care services
• Professional services
• Real estate
• Retail
• Service businesses
• Transportation
• Technology services

Specific Size Of Business

Travelers does not explicitly exclude any type or size of business. However, we note that Travelers specializes in small business and advertises its suitability for those running small businesses and looking to grow.

For example, the educational materials on the Travelers business insurance website include easy-to-understand information that can help a small business owner or a new business owner understand insurance basics and what kinds of coverage the business will need.

It’s worth noting that Travelers extends business insurance to companies doing business in three countries other than the US: Canada, the UK, and Ireland. This could make Travelers a good option for your international company.

Travelers Business Insurance Claims

Paying your insurance premiums can seem like a grudging task, at least until your business faces damages. As soon as you need to file a claim, the expense starts to feel worth it.

Insurance companies don’t always reveal a lot of information about their claims processes before you file one of your own. However, Travelers provides a fair amount of information that can indicate how their claims process works. And it seems transparent and well supported.

How To File A Claim With Travelers Insurance

You can start your claims process by visiting the Travelers business insurance claims center. There, you’ll find information not only on how to file a claim but also on whether you should file a claim. If you decide to file a claim, you can start the claims process online, via email, or with a phone call 24/7.

To help you decide if you need to file a claim, Travelers offers these four questions, saying that if you answer Yes to one or more, you probably should file a claim:

• Was anyone injured?
• Did you damage someone else’s property or vehicle?
• Is it unsafe to be in your building or drive your car?
• Are the damages above your deductible?

Travelers urges businesses to start the claims process as soon as possible after an incident, although you may have six months to file a claim with a property policy. When you file a claim, you may be asked for the following information:

• Photos of damages
• Your contact information
• Names and contact information for other involved parties
• Your policy information, if available
• The type of loss you are reporting
• The date the incident occurred and a description of what happened
• A description of any injuries

Once you file a claim, you’ll be given a claim number and can track your claim online. For more information about the Travelers claims process, you can visit the Travelers Claims library online.

Customer Satisfaction With Travelers Business Insurance Claims

Data analytics company J.D. Power rated Travelers business insurance 847 on a 1,000-point scale, reflecting overall customer satisfaction on its 2022 US Small Commercial Insurance Study. That places Travelers seventh out of 10 companies studied and above the industry average of 842 points.

This J.D. Power rating includes consideration of claims as one of five factors evaluated, along with billing and payment, interaction, policy offerings, and price.

Furthermore, Travelers is rated A++ for financial stability by the credit rating agency AM Best. This assessment notes that Travelers has a strong balance sheet, reflecting a strong loss reserve. That means you can rest assured that, should you need to file a claim on your Travelers business insurance policy, the company has enough cash on hand to pay out your claim.

Customer Service & Support

Travelers encourages new customers to connect with a local insurance agent offering coverage in their area. However, there is a general 800 number you can call if you prefer.

In fact, Travelers lists a number of different phone numbers, covering everything from quotes to claims, with hours of operation listed for each phone number. In a time when many companies are using chatbots and encouraging customers to use support tickets and email to do business, I found it refreshing to find an insurance company that not just supports but seems to encourage phone communication.

Of course, if you prefer less personal contact, you’ll find good options there, too. Don’t overlook Travelers’ useful online resources.

Travelers Business Insurance Reviews

Travelers Companies Inc. is not accredited with the Better Business Bureau but maintains an A rating with the BBB. The company has had 570 complaints closed in the past three years.

Travelers has a 100% response rate to customer complaints lodged with the BBB. A scan of BBB complaints and Travelers’ responses shows that the complaining customers typically accept the insurance company’s responses, and the complaints can be considered resolved.

Keep in mind that the BBB and other review sites do not separate user reviews according to policy type (business or personal). After a careful read of complaints and reviews, it’s noteworthy that very few online comments were specific to business policies.

Negative Travelers Insurance Reviews & Complaints

On the review site WalletHub, Travelers Insurance has 530 reviews and a composite rating of 2.2/5 stars. So what are Travelers customers complaining about? Here’s a sampling of some patterns we observed:

• Inconsistent service
• Slow claims processing and payout
• Overcharging on policies
• Billing problems
• Denial of claims

Positive Travelers Insurance Reviews & Testimonials

Not surprisingly, people are more quick to share their complaints online than their praise.

Keep in mind that Travelers is highly rated within the insurance industry and is the second-largest insurance company in the nation. So it’s important to keep the relative lack of online love for Travelers in perspective.

Here are some positive comments we were able to identify:

• Local agents
• Excellent customer support
• Wide range of policies

Final Verdict Of Travelers Business Insurance

Travelers is a safe choice when you’re shopping for business insurance. With more than 165 years in business and ranked number 98 on the Fortune 500 list, Travelers obviously is doing insurance right.

Will it be the right choice for your business, though? That depends.

Shopping for insurance can be a complicated process because it’s very difficult to get a cost estimate for the coverage you need without contacting a company for a personalized quote. Part of that quote process involves choosing your levels of coverage and deductibles. These factors help determine your insurance costs.

Our suggestion: Put your trust in Travelers business insurance’s strong reputation and long history. If you’re looking for the types of business insurance Travelers offers, contact the company for a price quote, compare it to the quotes you receive from one or more other companies and make your decision.

Travelers Business Insurance FAQs

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