Frequently Asked Questions About
Commercial General Liability Insurance
How much does commercial insurance cost?
Costs can vary widely based on industry and are also determined by zip code and often payroll and/or gross sales. Request a free quote to get an exact number.
What kind of business insurance do I need?
Most business owners need General Liability Insurance at the very least. If you have any non-owner employees, you will need workers compensation insurance too.
What is a Certificate of Insurance?
A Certificate of Insurance is proof of coverage. It lists the type and amount of liability coverage you have and other policy information when a third party requests it.
Is business insurance tax deductible?
Yes. you can deduct the cost of commercial insurance premiums. The IRS considers insurance a cost of doing business as long it benefits the business & serves a business purpose.
CoverWallet Reviews 2019 (Ratings, Coverage & Complaints). CoverWallet is an online platform that offers small business insurance management services to its clients. Through 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. Its features include automatic risk analysis, document management, benchmarking, insurance assessments, coverage recommendations, and more.
CoverWallet was launched in 2015 by Inaki Berenguer and Rashmi Melgiri and is based in New York. The company's mission is to provide expert-level concierge service to the 20 million underserved small businesses in the United States. It helps these businesses understand risk, so that they can buy the right insurance and manage it.
If you are a business owner looking to buy liability insurance, read CoverWallet reviews to learn about CoverWallet's products.
Check out CoverWallet small business insurance reviews & ratings for general liability, workers comp and other commercial policies.
CoverWallet's Business Insurance
Business insurance refers to a range of covers that protect businesses against losses suffered during the course of normal activities, particularly in the face of a compensation claim. Different covers look after different risks, such as legal liability, property damage and employee-related issues. CoverWallet reviews are fair. Following are some of the commercial insurance policies offered by CW:
General Liability - General liability insurance provides coverage against various damages such as bodily injuries, libel and slander as well as defense costs for lawsuits. Because your business is different from other businesses, you should speak with the insurance agent at CoverWallet to discuss the possible add-ons. Possible add-ons include protection for business property, even if they're not under your roof during the time of the damage. CoverWallet ratings are ok.
Workers Compensation - Mandatory for most businesses with non owner employees, workers comp protects your employees when they get injured in the workplace. It covers an employee's lost wages as well as medical expenses due to work-related injuries or illnesses, plus it'll protect your business from being sued over workplace conditions that result in injuries or illnesses.
Business Owners Policy (BOP) - A business owner policy combines all the required coverage for a business owner. Often, BOPs include property insurance, liability, business interruption and crime insurance. You can alter the package based on your company's specific needs. The policy is often cheaper than purchasing the coverage individually.
Commercial Property - Property insurance covers you from various losses including:
- Buildings: Coverage would be required here if you are the owner of the building your business occupies. In the event the premises is leased, your landlord will provide the coverage.
- Business Property: Coverage for tables, desks, chairs, and equipment. Also, you will want to include the tenant's improvements you might make to leased premises.
Professional Liability - Consider this the liability for service-based businesses. It's a way to protect you from mistakes you make in client services. You'll get covered for errors, omissions or negligence. Let's say you are a professional wedding photographer, you know that equipment failure could be a disastrous experience. If the devastated couple pursues legal action, your professional liability insurance covers the incident. CoverWallet reviews are not visible.
Commercial Auto - If your company uses vehicles in the regular course of business - transporting employees, products, or equipment - a business auto insurance policy will protect these vehicles against damage and collisions. Non-owned auto liability policies may also be considered to protect the company in cases of employees driving their own cars on company business.
Product Liability - Product liability insurance is critical for businesses that sells products rather than services. This is because if the products that you sell are found with an issue, you may end up in costly and time consuming lawsuits. Product liability insurance will protect you from medical and legal costs that come up in such instances.
Cyber Liability - A data breach can be crippling to your company. If you store private information about your employees or clients, it's your responsibility to keep that information safe. Moreover, if data breaches occur, you're required to notify your customers and employees, and this can be an expensive and overwhelming task. Your cyber liability insurance covers the expenses you incur when doing so. CoverWallet ratings are fine.
Directors & Officers (D&O) -D&O insurance is designed to support good corporate governance by providing liability cover for your directors and managers. If anyone on your leadership team finds themselves in a legal battle as a direct result of their actions at work, D&O insurance can help you cover the costs of a lawsuit. It can even cover any resultant fines or penalties they incur following government investigation.
Ocean Marine - If you import or export goods for business, it is imperative to cover them against damage, destruction or pilferage during their transit from one port or country to another by air, sea and land with Ocean Marine Insurance. Your cargo is protected, wherever its final destination may be.
Health Insurance - Unlike businesses with more than 50 full-time equivalent employees, businesses with fewer than 50 full-time equivalent employees are not mandated by law to provide health insurance. However, there is a value in providing health coverage for businesses nonetheless. Some of the benefits to offering health insurance to your employees include a greater perceived value of employee benefits, tax advantages and credits, and more productive employees.
Business Interruption -If your company is forced to temporarily cease operations because of a covered event, this coverage can provide you with continued income so that you can pay employees and cover your monthly bills and expenses. This coverage is usually limited to one year.
Crime Insurance - Crime insurance covers a firm from losses caused by criminal acts. It covers certain losses that aren't covered by business property insurance. For instance, many commercial property insurance policies exclude cover for thefts perpetrated by business employees. They also don't cover loss or damage to currency, money, food stamps, securities and similar property.
Surety Bonds - The purpose of surety bonds is to ensure that the contractor you hire fulfills the job you hired them to do. For instance, if you hire a remodeler and they fail to complete their job according to your contract, or if they fail to follow state laws and regulations, you can file a claim on your surety bond and get some compensation.
Fidelity Bond - As a business owner, you have decisions to make every day that can have a direct impact on the success of your business. Hiring valuable employees is necessary, but what happens when your ideal candidate has a questionable background? What if you must hire a professional with critical fiduciary responsibilities?
CoverWallet Claims Process
24-hour claims service is available by calling CoverWallet. Once the initial report has been filed, you'll need to wait for their consultant to contact you to finish the claims process, including obtaining an estimate and, if necessary, providing a written statement about the loss. CoverWallet reviews look promising.
Purchasing & Managing Policies
CoverWallet makes the insurance-shopping experience for small businesses easier. Their platform makes it simple to understand your needs and purchase coverage digitally. CoverWallet also offers free consultations with licensed insurance experts to discuss options.
Managing multiple insurance policies for your business can be quite overwhelming, especially if you have policies from various carriers. Traditional practices of managing your insurance mean having tons of documents filed and stored in cabinets, and this can be a pain if you need to access them and find that they are not organized well. CoverWallet allows you to manage your policies online.
CoverWallet Reviews - Pros & Cons
- Website is easy to navigate.
- Saves time in comparison shopping.
- Some customers report that the response time is slow.
- Getting insurance certificate also takes time.
CoverWallet's Contact Information
Address: 100 Ave. of the Americas, 3rd fl., New York, NY, 10013
The Bottom Line On CoverWallet
With a comprehensive list of standard coverage items, CoverWallet offers good protection against unexpected losses and expenses. With many A-rated insurance companies to choose from, small businesses can be assured that they're working with insurance companies capable of delivering on its promises.
More Commercial Insurance Company RatingsSmall Business Insurer Ratings: Acuity, AIG, Allstate, AmTrust, Chubb, CNA, Dongeal, Erie, Esurance, Farmers, Foremost, GEICO, Guard, Hanover, Hiscox, Liberty Mutual, Merchants Insurance Group, Nationwide, Philadelphia Insurance Companies, Progressive, Selective, State Farm, The Hartford, Travelers, USAA, USLI, Westfield, Zurich
Commercial Insurance Broker ratings: BB&T Insurance Services, Bolt, Brown & Brown, Burns & Wilcox, Contractors Edge, CoverWallet, Day Care Insurance Services, Inc., Insureon, TechInsurance, USG Insurance Services
Small Business Independent Insurance Association Ratings: Trusted Choice
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