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Cost-effective coverage for small businesses needing basic policies

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Our Summary

CoverWallet is a small, online insurance provider that helps small business owners navigate the process of buying small business insurance with ease. It uses technology to help price policies right and make them more affordable than many competitors. 

Company Overview

CoverWallet is an Aon company that was founded in 2015 in New York, New York. It has only 346 employees that help it generate $45 million in revenues each year. As far as an insurance company, CoverWallet is still considered a small, growing company providing insurance through its online platform. The company was acquired by insurance powerhouse, Aon, in January of 2020, giving it the backing needed to get to the next level in insurance. 

Geographic Representation

CoverWallet operates in 48 states and Washington D.C. It does not currently serve Rhode Island or Vermont. 

Lines of Coverage

A small business owner can get any number of common policies through CoverWallet. The online application takes just minutes. 

The types of commercial insurance policies listed with CoverWallet include:

  • Business Owners Policy (BOP): Combines general liability insurance with commercial property insurance in one simple policy
  • Professional Liability: Protects against the financial loss of class that you did not perform your job professionally leading to injury or property damage
  • Business Umbrella: Adds general liability protection on many business policies carrying liability coverage such as a business owners policy and commercial auto
  • Workers’ Compensation: Pays medical bills and lost wages of employees hurt while working
  • Commercial Auto: Protection from the financial repercussions of an at-fault accident in company vehicles
  • Inland Marine: An inland marine policy that covers business property that is taken to job sites and client locations

Top Industries Served

Every insurance provider has an appetite that describes the industries that the company is most comfortable underwriting. CoverWallet has a wide appetite for business insurance. It readily writes construction, retail, and transportation industries, giving it a competitive edge by working with higher-risk businesses. It has a medium appetite for Main Street, agriculture, and manufacturing companies. CoverWallet will also underwrite healthcare companies under specific circumstances. 

Premium Costs

CoverWallet does not advertise premiums and your policy cost will depend on a variety of factors. Your company’s premium is contingent on your industry, location, revenues, and claims history to name just a few. While CoverWallet does not advertise premiums, it is known to use technology to help simplify the process of obtaining insurance which helps it keep costs down. 

Underwriting Process

CoverWallet has two ways that you can get a quote for business insurance: online or via phone. The online process uses smart technology to guide you through an interview-style application. Quotes are offered at the end of the application and emailed to you. Small business owners can bind most policies right from the quote process. The entire process takes about 10 minutes. 

AM Best Ratings

AM Best provides financial strength ratings for insurance companies so that consumers can determine whether or not the company is a financial risk. Consumers may not want to rely on a poorly rated company to back their financial risks. Instead, they should choose companies with a solid financial strength rating. 

On its own, CoverWallet does not have an AM Best rating since it is not an actual carrier. We looked at its parent company, Aon for financial strength. Aon holds an A (Excellent) financial strength rating from AM Best.

Complaint Index

One of the things that the National Association of Insurance Commissioners (NAIC) does is track insurance companies for complaints. They maintain a complaint index that scores the company based on market share. For example, while the average score is always 1.0, companies with a score above 1.0 had more complaints than expected. A score of 2.0 would indicate that the company had twice as many complaints as it should have for its size. 

CoverWallet is not a company that is in the NAIC database so it is hard to know whether customers are satisfied with the service or not. We also looked for Aon, but as a UK company, it is not in the database either. 


Taking a look at a company’s online reviews can offer some insights into the customer experience. CoverWallet only has four reviews on Trustpilot with an average score of 2.6 out of five stars. Bad reviews cite poor customer service and policy cancellation without notice. CoverWallet is rated with an A+ by the Better Business Bureau, with a 3.6-star rating.

Concluding Thoughts

CoverWallet aims to simplify the process of buying small business insurance. It has the backing of a major international insurance carrier, Aon, to help place small businesses in the right policy. It has a long list of insurance products and can serve most businesses from A to Z on their insurance needs. 

Learn more about CoverWallet 

Methodology employs its own independent research to come up with the details for reviews. We do this so that you can have as many insights as possible about a company so that you can make the best decision for your commercial insurance. We take into consideration the company’s history and where they serve. We want to highlight the appetite that a company has as this suggests where business owners can get the most competitive rates. Where possible, we include premium data. From there, we take into account formal complaints, and financial strength ratings along with public reviews painting a broad picture of the company’s reputation. 

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Perfect, Fast, and outstanding service!!!
Five Star Rating
Sammi Thomas
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The representative was very efficient and able to provide details about the services that I was purchasing. The representative was very courteous. So far a great buy!
Five Star Rating
Cortez E
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The service has been great, very efficient, easy to talk to, and they explained everything. I recommend them.
Five Star Rating
Wendy R