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How to Protect Business with CoverWallet Commercial Insurance. Ultimate Review.
CoverWallet, made in NYC and acquired by AON Company, provides the easiest way to understand, manage and buy insurance for business, all online.
Today is the day of small startup businesses, and they seem to be popping out all around us. Small businesses are what makes the world economy go round, and they provide an essential service to all individuals looking to escape the grip of big business.
Yet, running a small business can be a pretty straining task all in itself. With numerous different certificates, permits, and conditions that a small business has to meet, it’s no wonder that only 50% of them survive the 5-year mark.
Don’t get us started on the insurance policies, as they’re a whole other issue that has to be tackled. But luckily for you, this unpleasant process is simplified by online insurance management platforms.
Getting the proper insurance can not only be a real nuisance, but it can also cost a lot more money than you anticipate. Using an insurance management platform is one of the essential tools that every single business needs, no matter how large or small.
Utilizing the services of an online insurance management platform has been a tough task as well. So, if you’re running a small business and are in dire need of an optimized, well built, and sturdy insurance platform, what do you do?
You can go the old fashioned way and search for insurance yourself, or you can utilize the services of an online insurance management platform. This short and comprehensive guide will show and tell you everything you need to know about CoverWallet, what they can do for you, and how to best utilize this platform for your business.
This isn’t going to be a biased review. We’re going to give you the ins and outs of the platform, in total, transparent honesty.
You can utilize an insurance platform to make your business needs that much more comfortable, and solve numerous insurance issues that would otherwise take a lot of time and resources.
CoverWallet Offer Details
The CoverWallet is an online business that deals with insurance management. It does this through a robust, purposefully built insurance management platform that aims to simplify and streamline the business insurance policy process. The main goal is providing an affordable solution to a common business problem.
It also comes chock full of exciting features, which are all centered around business insurance management. Every business is always in need of numerous insurance policies, and hiring an affordable company like this is sure to save you money in the long run.
What makes this company stand out is the simplicity. While it is not the only insurance management platform for businesses around, it’s by far the most straightforward one user wise. Don’t let its simplicity fool you, as this is a potent tool packed with features.
Another very appealing factor of this particular service is transparent pricing. You’re not going to find any hidden fees on this website. If you’re looking for a purely online service, this will suit you as well. There are no tricks, gimmicks, or blatant lies.
People who use CoverWallet can expect the following features:
Several fully centralized business insurance policies
Complete peer comparison capabilities
Free quotes for numerous needs
A fully dedicated insurance advisor
Numerous insurance carrier partnerships
Running a small business or a slightly bigger business entails that you have to purchase numerous insurance policies. Getting all of them in order can not only be expensive but provide you with an abundance of issues. What does your business need? Which insurance policies should you get?
After getting all of the insurance policies you need in order, you’re still left with the problem of picking an insurance provider. CW takes care of this overwhelming task with a breeze, and organizes all of your existing and future policies for you, in the blink of an eye.
Managing your insurance the old-fashioned way is not only hard, but it’s also a bureaucratic nightmare. Stacks and stacks of papers are a thing from the past.
You’re provided with a fully accessible online hub for all of your documents and insurance policies, which you can use to store, overview, or contemplate your insurance policies. Digging through endless stacks of papers is a thing of the past.
Not only are you given a professional, easy to use, and transparent online insurance management platform, you’re given a whole lot more. One distinct issue that all people who are looking for business insurance face is the sheer amount of carriers. There are over five thousand renowned insurance carriers in the USA alone.
CW helps you pick out the best one, having partnerships with only the most renowned insurance companies. Some of these are Liberty Mutual, Atlas, Hiscox, AmTrust, Hamilton, B.H.G., Atlas, and many more. All of these companies are highly ranked and renowned for their policies and customer support.
You should always solicit the services of a reputable insurance provider. Insurance can save your life at times, and the last thing you need is a cheap, shady, and outright dangerous insurance policy carrier.
CoverWallet Business Insurance Services
This isn’t an insurance company, as it does not provide any insurance policy itself. It is a business insurance platform, which assists you by connecting you to numerous reputable insurance carriers and providing you with a powerful management tool.
It’s by far the best business insurance accessory and helps you accomplish quite a lot from the comfort of your office chair. Cover Wallet is not a policyholder, but it matches you with proper policyholders. The sheer amount of indexed insurance policies that this firm offers is staggering, numbering at over 30 different forms of insurance.
All companies, no matter how big or small, need their proper insurance policies. Some of the essential insurance policies you can expect from this insurance platform are the following:
General Liability Protection
General Liability protection provides most of the coverage against damages such as injuries, liable, slander, and defense costs for various lawsuits.
Every single business is unique and might require unique forms of insurance. This is why you’re provided with a professional, direct business insurance agent to discuss any possible addon insurance you might need.
Business owner policy is a policy that entails all of the required insurance a business owner needs. Business owner insurance policy includes property insurance, liability insurance, crime insurance, and business interruption. It’s much cheaper than purchasing all of the coverage individually and is generally seen as an essential bundle.
Workers’ Compensation Insurance
Workers’ compensation is a mandatory insurance policy for any business with employees. This insurance compensates workers for injuries, lost wages, and medical expenses for work-related injuries. Workers Compensation protects the business against lawsuits for any injuries, payments, and costs.
Business Auto Insurance
Commercial or Business auto insurance provides coverage for your business vehicles, in the same niche that personal auto insurance does.
Professional Liability Insurance
Professional liability insurance protects you from any errors that you might make when dealing with your clients. If you’ve provided shoddy or subpar services to your client, Professional liability insurance protects you against any possible lawsuits. Now, this isn’t a comprehensive policy, exempting human errors such as purposeful wrongdoing.
Business Health Insurance
Businesses that have less than 50 employees working for them don’t have to have health insurance. But this shouldn’t deter you from providing your employees with health insurance. Proper health insurance policies increase employee benefits, tax cuts, and employee productivity.
Ocean Marine Insurance
If your business is export or import, it’s essential to cover it with insurance. Ocean Marine protects your cargo and shipping method.
Crime Protection Insurance
Crime insurance protects your business from any possible losses that were caused by criminal activity. If you’re robbed, wronged, or any malice has been done to you, you’re protected by this insurance policy. This provides additional protection against loss of currency, money, security, and others compared to business property insurance.
Cyber Liability Insurance
Most businesses operate on the internet to hold their data. A piece of data can be incredibly sensitive and require protection. If your company has been the victim of a horrible data breach that leaked any private or confidential information, you’re protected by Cyber Liability insurance. You’re required by law to inform both your employees and clients if this is to occur. Cyber Liability protects against any possible lawsuit that might result from this. (See: ID Theft Protection Offers)
Business Interruption Insurance
If your company is forced to cease operation or temporarily close due to an event or any occurrence, you’re provided with continued income. This type of insurance covers any business operation events, such as concerts, protests, and events.
Surety Bond Insurance
The purpose of surety bonds is to assure that your contractor fulfills all of his duties. The stigma is sadly correct, as most contractors don’t accomplish their work as they’re hired to do so. Sometimes they don’t finish it at all. This form of insurance helps you deal with faulty contractors, and entails you for financial reimbursement in the case of defective contractor work.
Fidelity Bond Insurance
The purpose of fidelity bonds is to assure that you’re completely protected against any employee’s wrongdoing. It’s sadly not a rare occurrence that a business is robbed by its employees, and fidelity bonds provide financial reimbursement for the incident. Firing the said employee is up to you, and you’re free to press criminal charges.
If we would list all of the forms of insurance a business needs, we would spend the whole day writing this article. Every business is unique and requires specific protection. Contact your personal insurance advisor in CoverWallet to discuss any insurance you might need. You don’t want to be paying for things you don’t need.
CW Additional Offers
There are numerous additional insurance offerings. This firm is partnered with the leading insurance providers of the country and provides a virtually endless stream of insurance policies.
If you’re looking to purchase some additional insurance, we encourage you to discuss it with the personal insurance advisor you automatically get when you’re using this platform. You can consult an insurance policy with your insurance advisor, and you can come to an agreement that suits you best.
Every business needs specific insurance. It’s best to purchase some form of additional protection for your company, to adequately protect you against any issues that might occur.
Personalized Commercial Insurance
CoverWallet provides personalized commercial business insurance for the following businesses:
Cost of Signing Up for Wallet Use
Unlike most other internet insurance hubs, CoverWallet provides transparent, reliable, and affordable service. There are two levels of accounts on this platform. You’re free to try the service out free of charge for a free trial period.
After that period has expired, you can inquire about the company to get a specific quote. The price that covers wallet entails differs quite a lot based on the insurance provider, a form of insurance, and the number of policies you’re willing to purchase.
Users report that all forms of insurance and services are very reasonable when it comes to pricing. The price is entirely fluid and unique to your needs. In short, the whole pricing model of the service is quote-based.
How to Use CoverWallet Platform
Using this service to fulfill all of your insurance issues is not only simple, but it’s also a real lifesaver.
This is an entirely online platform for your insurance, taking the stacks upon stacks of paper and turning them into an easy to access and assess virtual document. It was designed by business owners in cooperation with professional designers, so you’re in for a real treat.
The website is straightforward to use, courtesy of it’s intuitive and modern grid-based GUI Interface. It’s not only aesthetically pleasing, but it’s also extremely functional when it boils down to it’s a dynamic approach to insurance policies.
It is the ideal service for any business owner who is looking to organize their insurance. After signing up for the service, you’re provided with your individual account, which you can navigate without any prior knowledge on internet platforms.
Every step of the way is simple and guided. CoverWallet knows that not all business owners are particularly tech-savvy, so the design is centered around simplicity. After you’ve made your account, you can begin browsing the website and finding all of the possible quotes along the way.
If you want to modernize your business and insurance policies but don’t particularly fancy navigating a website, you’re provided with a number you can call. This number is going to connect you with a private insurance advisor with whom you can discuss any insurance capabilities and work out a deal that best suits your business.
You’re not going to find an online service that provides such a platform quite like CoverWallet. Centered around simplicity and utility, the real-life application is immense. It offers a full range of insurance policies and connects you to an advisor who will personalize all of your needs.
Chock full of useful features
Important service at a fluid price
Personal insurance consultant
Helpful customer support
Top of the line security features
A lot of policyholders
Numerous forms of insurance
Slow customer support
Slow certification process
Faulty claim processing
Why We Like CoverWallet
We like CoverWallet because it provides an essential service at a very affordable and fluid price. It’s transparency, security, and, most of all, service is revolutionary and offers critical solutions to a long-standing issue.
Organizing all of your insurance policies has been a real nightmare for most business owners, especially startup owners. If you’re a new business owner, you might not know all of the insurance ins and outs.
Even if the fluid quote based pricing program might sound frightening, it’s still very affordable. The plan range ranges from $22 to $179 a month, which is nothing compared to the insurance it provides. Insurance doespay for itself in the long run. A person with numerous insurance policies is a fool every day, but one, when it pays for itself quite lucratively.
Another reason that makes this platform stand out from the competition is the sheer applicability and simplicity of the service itself. If you’re not too keen on using the internet, but still want to modernize your business model, You can contact the customer support team and work out a deal by phone.
If you’re more tech-savvy, you’re provided with an excellent mobile friendly website. The platform is all-inclusive, suiting the needs, wants, and capabilities of all business owners. With the website you can effortlessly skim over your insurance policies, and utilize the interface to garner new ones.
And don’t get us started on the sheer amount of insurance providers and policies that are offered. Aside from the cooperation with the best insurance providers in the industry, the unmatched amount of possible systems will have any business safe and insured.
What Can Be Better
Nothing in life is entirely perfect, and neither is this service. CoverWallet comes with a couple of issues, the most prevalent of which is the slow quote generation. Speed seems to be the general issue of all features. When you’re a business owner who is looking to find out which insurance will suit you best and do it fast, this one can lack speed.
This lack in speed is made up by the more than decent customer support though, but if you’re in a time crunch, it can be a real hassle. The customer support, while entirely generous and hard-working in the support they offer, can be painfully slow.
If you’re looking to make a claim, it’s available 24/7. But again, it can be painfully slow. Once you’ve filed in your initial report, you will have to wait up to 48 hours to get an estimate. If you’re looking to get a written statement about your loss, this can take even more time.
Another timely issue with this platform is ultimately its slow service. While it does offer a lot of different insurance providers and policies, getting the actual certificate for any of these policies can take a lot of time. Users report that they have had to wait a significant amount of time until they have received their certificate.
Ultimately, the pros outweigh the cons when it comes to the CoverWallet internet insurance management platform. If you have a little time to spare, this is an ideal tool to modernize your business operations.
If you’re looking to utilize the best that this service has to offer, you’re going to have to give it a little time. File, all of your insurance or quote, needs in advance, so you’re not in a time crunch.
100 Ave. of the Americas
New York, NY, 10013
The Bottom Line
When it all boils down to service, CW offers a competitive one at an affordable price. The affordable, quote-based, fluid pricing is one of the most redeeming aspects of this service.
Combine an affordable price tag with above-average service and the sheer amount of insurance providers, policies, and features, and you have the recipe for a great management platform. If you’re looking to modernize the way that your insurance documents are stored, you can benefit from using this service.
If you’re looking for speedy service, on the other hand, this platform might not be the best option for you. They’re known for their responsive and reliable service, but slow speeds as well. Ultimately, CoverWallet is a powerful tool that will help you with your business insurance policies a lot. The price pays for itself in the long run.
Since the company themselves are in between you and the insurance provider, it officially appears on the document as the deal broker service. If there is any need for it, they will gladly provide proof of insurance, certification, or any paperwork that you might need.
It operates as a cloud-based platform, meaning that all of your documents are stored online. All of the documents stored online are legally viable and stored in Cover Wallet HQ in paper form.
How do I know which forms of Business insurance do I need?MPS Staff2020-02-07T00:29:32-06:00
If you’re a business owner who is relatively new to the industry, no one can blame you for not knowing which forms of insurance you need. You need quite a lot, and this is exactly why this service provides you with a personal insurance advisor.
You can reach the personal insurance advisor through the landline, or on the website itself. You can discuss all of your needs and wants, and he will advise you on the forms of insurance you might need. This is a user-orientated service, so you’re getting only the best bang for your buck.
What can this CoverWallet platform do for me?MPS Staff2020-02-07T00:27:40-06:00
This is a very simple service. It helps you organize all of your insurance policies in one, centralized, simple to use platform. It is not an insurance provider but cooperates with the best in the industry to provide you with insurance policies.
The sheer amount of insurance types you can purchase are unmatched by any other service. Cover Wallet can help you get, organize, and utilize the best that insurance has to offer. If you’re concerned about the price, it is again completely personalized to your own needs.
In other words, Cover Wallet can (a) Give Advice, (b) Provides Free Quotes, (c) Helps Organize Policies.
Is this Service a Third-Party Complaint?MPS Staff2020-02-07T00:32:24-06:00
If you’re a small business owner, you will have to prove that you’re insured for a variety of reasons. Lucky for you, this service provides a lot of third party compliance options. It generalizes and hubs all of your insurance policies, and is widely accepted as proof of insurance.
If you have any issues with this, you can contact the customer support, which will gladly help you prove your insurance status.
How much does it cost?MPS Staff2020-02-07T00:31:11-06:00
This might be one of the best features that come with this service. While other platforms might offer you some insane deals, they always come with shady fine print.
CW doesn’t operate on a fixed price system, opting for a quote based payment. The website has a free trial, and the payment is based on the quotes, insurance, and provider in question. The average monthly price ranges from $22-$179, which is more than reasonable.
Is CoverWallet an insurance company?MPS Staff2020-02-07T00:23:29-06:00
CW is not an insurance provider, per se. It’s a platform that helps you organize all of your insurance policies, and cooperates with the best in the business. You can get an insurance policy or free quotes, but they’re not the insurance provider.
Which insurance providers does CoverWallet cooperate with?MPS Staff2020-02-07T00:21:56-06:00
As stated above, Cover Wallet is based on the cloud platform. It protects its data with numerous encryption levels and standard and comes with top of the line cybersecurity features. All of your information is protected by Cloud Wallet. If there is an unlikely data breach, all of your data is automatically frozen and unavailable to hackers.
If you’re thinking of your paper documents, they’re safe and sound in the company office. If need be, the company will provide them via safe mail shipping.
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