Penn-America Group Ratings
Penn-America Group Reviews 2023 (Ratings, Complaints & Coverage). Penn-America is one of the major insurance companies out there that offers a great number of specialty property and casualty products designed for small businesses. This company group has a long history of providing these products to consumers through admitted licenses in all 50 states as well as the District of Columbia.
The company has been around for nearly 50 years and has offices across the country. Most recently, they were awarded with the letter "A" for the 11th year in a row by financial rating company A.M. Best. Let's take a closer look at Penn-America Group reviews and find out whether they are the right company for you to choose for your commercial, excess and surplus and specialty insurance products.
Check out Penn-America Group reviews, ratings, complaints & coverage for general liability, professional liability, commercial property and other small business insurance commercial policies.
Following are some of the answers to commonly asked Penn-America Group small business insurance questions:
- Does Penn-America Group Offer Business Insurance?
- What Types Of Commercial Insurance Does Penn-America Group Offer?
- How Much Does Penn-America Group's Small Business Insurance Cost?
- Are Penn-America Group's Commercial Insurance Reviews & Ratings Good?
Does Penn-America Group Offer Business Insurance?
Yes, Penn-America Group offers business insurance with a focus on small business commercial policies.
What Types Of Commercial Insurance Does Penn-America Group Offer?
Penn-America Group offers small business insurance policies including: General Liability, Commercial Property, Workers Compensation, Commercial Auto and others.
How Much Does Penn-America Group's Small Business Insurance Cost?
The average cost of Penn-America Group's commercial insurance policies ranges from $82 to over $271 per month, and is mainly based on your business's: Industry, Location, Gross Sales, Employees and/or Payroll, Policy Limits, Endorsements, Deductibles, Experience & Claims History.
About Penn-America Group
The company history goes back to its founding in 1975. It was founded by Irvin Saltzman, and officially open for business on July 6 of 1976. However, Saltzman had been running businesses since his first one in 1947. The first policy was issued with a premium of $35 a month in 1976, and by the following year, the company had written more than $1 million in policies.
By 1993, the organization had created a parent group called Penn-America. The company went public for the first time in 1993 and then added a second offering in 1997. This allowed them to grow considerably, and by 2002, they had made a stock deal that allowed them to become subsidiary of United American Indemnity Limited.
The company has seen a great deal of growth in recent years as well. Starting in 2010, the parent company's name was changed from United American indemnity Limited to Global Indemnity PLC. There has been a great deal of growth throughout the years, but the thing that has expanded the most is the company reputation. They have become well-known as a commercial insurance company within the United States; both under the flag of their parent company and as Penn-America insurance themselves.
The Penn-America Group reviews for excess and surplus (non-standard) business insurance are above average.
Penn-America Group Business Insurance Products
As far as commercial products go, they have plenty to choose from including general liability insurance, commercial auto insurance, professional liability such as the type of liability insurance acquired by physicians, property insurance, inland Marine insurance, crime insurance and supported umbrella insurance.
Most of the company's that Penn-America works with are small businesses that are not able to get standard line insurers and are looking for coverage to supplement what they already have an a fair price because of their nonstandard risk. Some of the main small business insurance products offered are:
- Commercial Auto
- General Liability
- Inland Marine
- Misc. Professional Liability
- Supported Umbrella
According to the Penn-America Group: - Their customers are small businesses with limited access to larger standard lines insurers and are seeking insurance in the excess and surplus lines markets due to their non-standard risk characteristics. Following of some of their preferred classes.
- Alarm Installers
- Artisan Contractors
- Builders Risk
- Contractors Equipment
- Daycare Facilities
- Dwellings (LRO)
- Garage - Service & Repair
- Home Inspectors, Incl E&O
- Hotels / Motels
- Lessors Risk
- Machinery/Equipment Repair
- Pre-Cut Christmas Tree Lots
- Restaurants, Bars & Taverns
- Retail Mercantile
- Risk Purchasing Groups
- Special Events
- Vacant Commercial Products
- Miscellaneous Professional Program
- Beauty & Nail Salons
- Barber Shops
- Health & Exercise Clubs
- Pet Groomers & Trainers
- Tanning Salons
- Teaching Professionals
- Vocational Schools
Bloomberg.com has this to say about them: "Penn-America Group, Inc. provides specialty property and casualty products for small businesses. It provides general liability, supported umbrella, and commercial auto insurance; professional liability insurance; property, inland marine, and crime insurance.
The company offers its insurance for alarm installers, apartments, artisan contractors, builders risk, campgrounds, contractors equipment, daycare facilities, dwellings, garage-service and repair, home inspectors, hotels/motels, lessors risk, machinery/equipment repair, offices, pre-cut Christmas tree lots, risk purchasing groups, roofers, special events, vacant commercial products, welders, beauty and nail salons, barber shops, counselors, health and exercise clubs, pet groomers and trainers, tanning salons, teaching professionals, and vocational schools; and restaurants, bars, and taverns retail mercantile.
It provides its insurance through a network of wholesale general agents in the United States and the District of Columbia. The company was founded in 1975 and is based in Bala Cynwyd, Pennsylvania with additional offices in Philadelphia, Atlanta, and Los Angeles. As of October 14, 2004, Penn-America Group, Inc. operates as a subsidiary of Global Indemnity plc."
Penn-America Group reviews are good for it's commercial lines products.
Penn-America Group Network
The insurance network is composed of wholesale general agents that have specific binding authority. In other words, something offered by the company as a whole may not be available in your particular area; although you may still be able to get that type of insurance by going through a different insurance broker.
Are Penn-America Group's Commercial Insurance Reviews & Ratings Good?
Penn-America Group businesss insurance reviews are above average. They have a Financial Strength Rating of "A" (Excellent) XI by A.M. Best and the Better Business Bureau gives them an A.
- BBB.org - The Better Business Bureau has no reviews yet, but they have an A rating.
- USInsuranceAgents.com - US Insurance Agents rates them 2 out of 5 stars.
- GlassDoor.com - GlassDoor rates them 4.3 out of 5 stars.
Penn-America Group Contact Information
Address: Three Bala Plaza East, Suite 300, Bala Cynwyd, PA 19004
Other related companies: Penn-America Insurance Company, Penn-Patriot Insurance Company and Penn-Star Insurance Company.
The Bottom Line On Penn-America Group
The bottom line is that this is an excellent insurance company that you should definitely consider if your needs fall into their product lines. There are plenty of insurance companies out there, but the group that offers the specialized types of insurance is actually pretty small.
You can look around and see that most of them have limited product lines and really high prices, and while there aren't that many ratings, Penn-America Group reviews are generally good - and there isn't much negative information out there about them either; which is a good sign.
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