CoverWallet Small Business Insurance Review

CoverWallet is a commercial insurance platform that uses deep analytics, thoughtful design, and state-of-the-art technology to provide businesses with policies tailored to their industry's specific needs. The company was started by tech entrepreneurs to provide small and medium-sized business owners the ability to save money and time when handling their insurance needs.

Services and Features

CovrWallet can instantly deliver insurance policy quotes online from leading national insurance providers. Additionally, once a policy is purchased,  business owners organize their policies, as well as receive risk assessments, get recommendations, claims support, and much more through MyCoverWallet, a digital wallet.

CoverWallet's quoting process is very user-friendly. It only takes a few minutes to complete, and, from the moment it starts, users are assigned a personal advisor who they can call, email, or chat with online.

The first thing CoverWallet asks is what type(s) of insurance users need a quote for. The options include: General Liability, Workers Compensation, Business Owners Policy (BOP), Commercial Property, Professional Liability, Commercial Auto, Umbrella Insurance, Errors & Omissions (E&O), Directors and Officers (D&O), Employers Practices Liability Insurance (EPLI), Inland Marine, Product Liability, Special Events, Cyber Liability, Liquor Liability, Medical Malpractice, Ocean Marine, Health Insurance, Hired & Non-Owned Auto, Business Interruption, Equipment Breakdown, Garage Liability, Disability Insurance, Pollution Liability, Crime, Employee Benefits Liability, Fiduciary Bond, Surety Bond, Fidelity Bond, Commercial Package, and other. If the user does not know what type of insurance they need yet, they can select the "I don't know or I'll decide later" option as well.

The quoting process then asks for the user's basic company information including: address, locations, and information. This information also includes the business' start year, its projected annual revenue, physical headquarters location, type of entity, and the industry it belongs to, among other things. After reviewing the information,  users can expect their quotes through email.

CoverWallet's digital insurance wallet, known as MyCoverWallet, fulfills a number of purposes for business owners who sign up for the service. Available for residents of all 50 US states, it is wholly separate and distinct from CoverWallet's brokerage operations. Through MyCoverWallet, users can:

• Consolidate and manage all their business insurance policies

• Enjoy dedicated concierge-like service

• Get unlimited certificates of insurance online

• Be notified before their policies expire

• Receive price alerts and save money

• Get peer risk assessments and policy comparisons

• Obtain recommendations and claim support

Consumers can enjoy a 30-day trial before committing to the Wallet, which has a yearly cost of $99.

Business Insurance at CoverWallet

CoverWallet goes above and beyond regular business insurance processes by providing users with a handy digital wallet. The company's wallet service is comprehensive and can streamline many of the processes that having an insurance policy—or several—can entail. Those who don't want to spend money on its online insurance policy management platform can still benefit from the company's streamlined quoting service and the ability to purchase policies instantly online. 

In addition, the company shows a very strong reputation online, with an A+ ratiing with the BBB. The rating is bassed on, among other factors,  over 100 cosnumer reviews  with an average score of 4.7 out of 5 stars. In addition, the European rating organization  eKomi awarded CoverWallet its Gold Seal of Approval and a 4.9 out of 5.0 rating. With a wealth of policy options to choose from, 24/7 support from personal advisors, and a friendly user interface, CoverWallet is an excellent choice for small to medium business owners who want to compare personalized business insurance quotes and purchase and manage them online.