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CoverWallet is a concierge service that provides small-business insurance quotes to companies in a variety of fields. The service allows businesses to get quotes and manage all of their business insurance policies in one place, including liability, workers' compensation insurance, business owner policies and commercial auto insurance.
- Personal financial advisor
- Online quote process
- Multiple insurance types
- Quotes can take a while to generate
CoverWallet is an online insurance provider that specializes in insurance for small businesses. The company provides a variety of services, including dozens of insurance options and many educational resources.
CoverWallet provides commercial insurance options designed for small businesses by collecting quotes from multiple providers. The company uses innovative features to help business owners buy and manage insurance policies, and it offers a wide variety of coverage and policy types.
According to its website, the company was created to deal with frustrations that many business owners experience trying to find affordable insurance and manage their policies effectively. CoverWallet works with many different industries, including trucking companies, retail stores and self-employed individuals.
Types of insurance
CoverWallet gives business owners the ability to cover all aspects of their business. Some of these insurance options include:
- General liability: General liability is a baseline insurance for business owners. These policies cover bodily injury, property damage, medical payments and personal injury liability.
- Workers’ compensation: Workers’ compensation applies to employers and employees and covers workplace accidents and any costs associated with lawsuits, medical expenses and loss of wages.
- Business owner’s policy: A business owner’s policy (BOP) is a way for business owners to ensure that their physical and financial assets are covered and insured.
- Commercial automobile: These policies cover any commercial vehicles used by a company.
- Cyber liability: Any company that uses online data is at risk for security breaches and network failures that could have costly consequences. Small businesses and tech companies benefit from the protection of cyber liability insurance.
- Medical malpractice: Most states and medical systems require health care workers to have medical malpractice insurance. These policies are a specialized type of liability insurance that covers doctors if they are accused of practices that resulted in a patient’s injury or death.
Managing your CoverWallet policies
CoverWallet makes it simple to manage all your policies on the same website. Through the customer portal, you can keep track of your insurance certificates, claims and policies. This “digital wallet” helps you stay on top of claim statuses and makes it simple to see and change policy terms.
CoverWallet quotes and prices
CoverWallet strives to make business insurance simple, convenient and affordable. Because the cost of business insurance depends largely on your industry, the number of employees you have, your past insurance history and the location of your business, it can be difficult to pinpoint an average cost for insurance obtained through CoverWallet.
According to the Small Business Association, the cost of general liability insurance for a small business typically ranges from $750 to $2,000 annually. This breaks down to around $60 to $170 per month.
CoverWallet may charge a fee for the placement of specific insurance policies. You should discuss this with your CoverWallet personal advisor when researching policies.
CoverWallet’s quote process
Getting a quote from CoverWallet is simple. The easy-to-use online tool lets you answer questions about your business, the type of insurance you need, your location and any additional information that relates to your policy. The company also asks how long you’ve been in business, your projected revenue, the type of business entity you’re working under, your industry type, employee details and the physical characteristics for your place of business.
Questions vary based on your industry and the type of insurance you need. Once you answer all of the questions, you're connected with a personal advisor. This insurance expert helps you review the quotes you receive from different insurance providers, assists with finalizing the details and walks you through the reviewing and submitting stages.
- How do you make a payment?
- Simply create a CoverWallet account and make all of your payments in one place using a user-friendly insurance portal.
- What types of businesses does CoverWallet work with?
- CoverWallet works with companies in almost every type of industry, including agriculture, construction, education, finance, healthcare, retail and real estate.
- Is CoverWallet based in the U.S.?
- Yes. CoverWallet was founded in New York City.
- How do I file a claim with CoverWallet?
- Filing a claim is simple on the CoverWallet website — just log in and submit a claim through the customer dashboard. An insurance expert reviews your claim, and your personal advisor will reach out to discuss the details and next steps.
Is CoverWallet legit?
CoverWallet is easy to use, its digital wallet makes it simple for clients to purchase, manage and switch insurance policies or file insurance claims. Working with the company gets you a variety of quotes from different insurance providers, and your personal advisor helps you choose the right one for you. We recommend CoverWallet for small business owners who would like to receive quotes from multiple insurance providers in one place.
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