CoverWallet Review

CoverWallet Review [Is CoverWallet Insurance Legit? 2021]

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CoverWallet Review

If you have a company and you build it up, sooner or later you’re going to want to protect it. If you don’t have business insurance, your company could be at risk if you suffer a catastrophic event, you are injured, or you are exposed to liability risk in a lawsuit.

Effective business insurance policies can help limit your exposure to risk and protect your livelihood. However, finding the right business insurance to meet your needs can be challenging.

It can be difficult to ensure you have all of the coverage you need, or to determine whether or not you’re paying too much for your insurance policies, too.

Fortunately, thanks to the Internet and mobile devices, there are tools like CoverWallet that can save you time and money when you are shopping for business insurance.

Let’s take a quick look at CoverWallet, so you can see whether or not it would work for your business with our CoverWallet review. 

What is CoverWallet?

CoverWallet is an online platform that provides small-business insurance quotes to companies in a variety of fields. The service was founded in 2015 and is based in New York City.

CoverWallet enables companies to obtain quotes in a comparison format, and since it is cloud-based, it maintains all of your policy in a single location.

Businesses can search on CoverWallet for quotes on policies including liability, workers’ compensation insurance, business owner policies, and commercial auto insurance.

The company prides itself on making business insurance purchasing simple, fast, and affordable for business owners.

CoverWallet Eligibility Requirements

Businesses of nearly every type or field are eligible to use CoverWallet. The platform supports companies working in construction, contracting, finance, healthcare, agriculture and education, and many other industries. Users must be at least 18 years old in order to use the site as well. 

CoverWallet Review

How Does CoverWallet Work?

It’s no surprise that CoverWallet is so popular; the site is well-designed and quite simple to navigate.  You simply request a quote on their website, at which point you’ll identify the type(s) of business insurance you’re interested in.

From there, CoverWallet will then ask you for additional information; you’ll first have to identify the type of business you operate, then the location of your business as well.

CoverWallet will ask for specific data on the business, including how long it has been in operation and your expected salary; you’ll also have to provide information on the type of business you have (i.e. healthcare, agriculture, etc.).

Once you’ve filled out these basic forms, CoverWallet will generate quotes on insurance policies that are available for you. While this is often a fast process, occasionally it can take the platform several minutes to generate these quotes.

This entire process is entirely free, so you won’t pay anything for searching for quotes on CoverWallet. 

CoverWallet Customer Service 

People who want to contact CoverWallet can do so by scheduling a call with one of their customer service representatives, an innovative feature that is not available on many other insurance comparison platforms. Alternatively, people can just call CoverWallet directly at (646) 844-9933.

CoverWallet Reviews 

CoverWallet has only 4 reviews on Trustpilot at this time, so its immature profile there makes it difficult to assess. The platform is accredited with the Better Business Bureau however and carries an “A+” rating with the BBB. It has an average of 3.64 out of 5 stars after 140 reviews on the BBB as well.

The Better Business Bureau indicates that it has closed out 45 complaints with CoverWallet in the past three years, with twelve complaints closed out within the last twelve months. Some of the complaints are due to perceived issues with customer service, while others are due to dissatisfaction with the business insurance policies that individuals purchased through the platform. 

Coverwallet insurance reviews:

  • Trustpilot: 2.6 out of 5 stars
  • Better Business Bureau: A+ rating
Coverwallet Insurance

CoverWallet Pros and Cons

There are several pros and cons to consider before opting to use CoverWallet; here are a few that you should definitely take into consideration. 

Pros

  • Easy to Use. CoverWallet has a great website design and its online forms are really easy to navigate. If you want to use the CoverWallet service, you can figure it out on your own quickly and get started in no time at all.  
  • Free. The CoverWallet site does not cost you anything at all; it is entirely free to use, so even if you opt to buy your business insurance somewhere else, it can still work great as a comparison tool. 

Cons

  • Slow Quote Generation. Sometimes, after you have input all of your information in pursuit of business insurance, it can take several minutes for the platform to actually generate quotes for you. Compared to other insurance sites, this slow speed and the subsequent wait can be a bit annoying. 
  • Uneven Customer Support. Complainants and reviewers on the Better Business Bureau website and elsewhere have indicated customer service and support at CoverWallet needs to be improved; many complaints have zeroed in on inadequate customer support as the main reason they are unsatisfied with the platform.     

CoverWallet Competitors & Alternatives

There are several online platforms offering alternatives to CoverWallet. Some of these sites include InsureYourCompany.com, Insureon, and Embroker. All of these sites are a little different, and they are worth checking out as you search for comprehensive, affordable business insurance. 

Coverwallet competitors:

  • InsureYourCompany.com
  • Insureon
  • Embroker

Frequently Asked Questions (Faq)

Is Coverwallet legit?

Is Coverwallet insurance legit? Yes, Coverwallet is a legitimate company offering comparison business insurance quotes online.

What is the Coverwallet insurance phone number?

 The Coverwallet phone number is (646) 844-9933.

What other services does Coverwallet offer?

The platform offers all sorts of business insurance like the Coverwallet workers comp, cyber liability, and more.

  • General Liability
  • Workers Compensation
  • Business Owners Policy (BOP)
  • Commercial Property
  • Professional Liability
  • Commercial Auto
  • Umbrella Insurance
  • Errors & Omissions (E&O)
  • Directors & Officers (D&O)
  • Employment Practices Liability Insurance (EPLI)
  • Fiduciary Liability
  • Cyber Liability
  • Inland Marine
  • Product Liability
  • Special Events
  • Liquor Liability
  • Medical Malpractice
  • Ocean Marine
  • Health Insurance
  • Hired & Non-Owned Auto
  • Business Interruption
  • Equipment Breakdown
  • Garage Liability
  • Disability Insurance
  • Pollution Liability
  • Crime
  • Employee Benefits Liability
  • Surety Bond
  • Fidelity Bond
  • Commercial Package
  • Management Liability
  • Fiduciary Bond

Parting Thoughts: CoverWallet Review

Finding the right business insurance policy for your company doesn’t have to stress you out or cost a fortune. Tools like CoverWallet can help put you on a path to finding the coverage you need to keep your livelihood secure. So, check out the platform when you get a chance and see if you can put it to work for you. 

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