CoverWallet is an online platform that allows small business insurance management services to clients. With the platform, users can identify the insurance policies they need based on their specific business, get a policy that fits their budgets, and manage their existing policies. The features that CoverWallet offers automatic risk analysis, document management, bench-making, insurance assessments, coverage recommendations, and more.
CoverWallet was launched by Inaki Berenguer and Rashmi Melgiri in 2015, it is based in New York. The company has a mission is to provide expert-level concierge service to the 20 million underserved small businesses in the United States. It helps small businesses understand risk so that they can buy the right insurance and help them to grow.
“Insurance is one of those things you hope you never need, but always need to have. This is especially true for businesses, which can face many more risks than they everyday person. Insurance isn’t free and every policy offers different protections and limits. Comparing different policies to find the best deal can be difficult but is an important thing for any business owner to do”.
The company helps with many different aspects of the most popular forms of insurance, including:
- Worker’s Compensation
- Commercial Vehicle
- Business Owners’ Policies
- Umbrella Insurance
- Errors and Omissions
- Product Liability
- Cyber Liability
- Business Interruption
The good point in my opinion was CoverWallet serves as an online wallet that tracks all the policies and makes it easy for them to manage in one place. It includes a variety of features that can help you to get the right insurance policy for the business.
There is no secret that many of the insurance are complicated but understanding the difference between general liability and product liability or knowing precisely what the insurance cover is not at all easy for the general people. Trust me! It was quite tough long back but now it is a bit simplified if you are well aware of general terms and clauses.
CoverWallet has made it easy for you, the compressive guide helps people to learn and understand the coverage available. Henceforth, everything is mentioned what the policy covers, the benefits also provides, what business needs, and what has to be done, it is related types of coverage that you might want to consider.
Free Insurance Assessment
If you don’t want to learn about every type of insurance CoverWallet offers, you can let CoverWallet do the heavy lifting for you. CoverWallet’s free insurance assessment asks you a few basic questions about your business: the industry you operate it, where it operates, the number of employees it has, and its annual revenue. It then uses that information to offer recommendations on what policies to purchase.
For example, It recommends that a construction company in Malden, Massachusetts with 10 employees and $500,000 in revenue purchase:
- General Liability
- Business Owner’s Policy
- Worker’s Compensation
- Commercial Auto Coverage
Once you know what types of insurance are right for your business, you need to compare different policies and quotes. Each policy comes with different monthly costs and different levels of coverage. Policies start at just $39 per month.
You’ll need to fill out an application with CoverWallet. The company will ask you for some basic information, such as where your business is located, what it does, the number of people you employ, and expected revenue.
Businesses often need multiple insurance policies, with CoverWallet, you can get quotes for each quote for the type of policy and you might wind up using a different company for each. This can make things very confusing as you try to remember which company you purchased each policy.
Your CoverWallet Dashboard lets you view all of your policies in one place. Make it much easier to keep track of all of your different coverages. The dashboard can also track the payment due dates and help you access your policy documents as needed.
Certificates and compliance
In many states, businesses need to be able to produce insurance certificates or other documents to prove that they certain minimum coverages. Your CoverWallet dashboard lets you access all the documents in one place and instantly download insurance certificates.
This can make proving your insurance, which can sometimes turn into an ordeal, much easier, letting you focus on running and growing your business.
No one wants to think about having to file an insurance claim, but the whole point of buying a policy is that it’s there if you need it.
Every insurer has different requirements when it’s time to file a claim. Remembering each company’s paperwork with different requirements can be difficult, and filing them out can take more time.
CoverWallet supports the filing and managing of active claims. You can file a claim from your dashboard and will assist you in the best possible way. Pre-filling of the certain forms and giving the page that lets you a view of the active claims.
Pricing and Fees
CoverWallet offers two levels of services. If you are still waiting for your insurer yet, you can use CoverWallet to get quotes and purchase them at the best possible price. Using CoverWallet in this way completely seems to be free. If you purchase insurance through one of the quotes then take the help from CoverWallet. It provides you get and full access to the services, including the digital insurance wallet, dashboard, and claims support.
Singing up to the CoverWallet is easy. You can automatically create an account on CoverWallet and set it up with the required information.
CoverWallet doesn’t have a dedicated mobile app, but the website is mobile responsive, meaning it is easy to navigate from your mobile phone and another mobile device.
You can even sign in with your account through your phone easily. Yes! You will have access to the full dashboard. All of the features available through the desktop version of the site can be used through your phone’s browser.
Pros and Cons
- Easily compare multiple insurance quotes: Search and compare the quotes with CoverWallet’s Insurance.
- Get Help Choosing what insurance to purchase: CoverWallet will assist in helping you understand what types of insurance coverage you need and why you need them.
- Track all your policies on one dashboard: Multiple policies can be difficult to manage manually; with the CoverWallet dashboard view all your policies, access into, file, claims, and make payments and renew policies.
- Get help with filling claims: If you don’t feel comfortable going at it alone filing a claim on the dashboard, a personal advisor will walk you through the process step-by-step.
- CoverWallet only shows policies from partners, so you might miss a better deal.
- $99 annual fee services beyond the wallet, like dedicated service and claims assistance.
What types of companies does CoverWallet work with?
You will be surprised to know that CoverWallet works with any type of company. It offers you a wide variety of insurance policies for most businesses that will get the coverage that they need to through CoverWallet.
Where is CoverWallet based?
CoverWallet operates mostly online, but the company was found in New York. You can use the website to get most types of insurance in almost every state.
How long does it take the get the quote from CoverWallet?
CoverWallet claims can produce 90% of quotes instantly. These quotes are for businesses that meet typical underwriting criteria and other qualifications.
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CoverWallet features with the insurance guide and getting advice on the different types of coverages with your business. The website is easy to navigate and the process should be quick, so if you’re looking for insurance and want to know more about it. In my opinion, the website is well-designed and the ease of using it with different options make it worthy to invest the time on.