AIG Business Insurance Review

Are They The Right Choice For Your Business?

Top down view of businesspeople having a meeting.

Are you looking to acquire insurance for your business, but you’re not quite sure where to start? Getting insurance coverage is one of the most important steps of any company’s early life cycle, but it can be a highly stressful endeavor, especially if you don’t know which insurance provider to buy your coverage from.

AIG is one of the world’s largest insurers, but that doesn’t necessarily mean they’re the perfect fit for your specific business. In this review, we’ll discuss some key characteristics of AIG’s commercial insurance policies, including the pros and cons, how to get a quote, the strength of their financial ratings, customer reviews, and more. Read on to determine whether they’re the best insurer option for your company.

Pros & Cons of AIG Business Insurance

Pros of AIG Business Insurance

  • With 90 million customers in 80 countries, AIG is one of the largest insurance providers in the entire world. Founded in 1919, they have both the longevity and customer volume to be an extremely reliable and consistent insurer.
  • AIG offers an impressive array of business insurance solutions, including their exclusive middle market property insurance. This form of coverage combines a customized all-risk commercial property insurance policy with business interruption insurance—all tailored specifically for the risk factors faced by midsize companies.
  • They’re arguably the foremost provider of crime insurance and cyber insurance in the United States. If you want either of these popular forms of coverage, AIG could be an excellent fit for your company.
  • Some people are still a bit wary of AIG after they required a $180 billion bailout from the federal government in 2008. In this light, it’s reassuring to see that they receive high scores from every major financial rating service. It’s definitely safe to trust AIG again.
  • They receive solid customer reviews, with thousands of reviews available and strong average rating scores. The insurance industry isn’t exactly one that regularly receives positive reviews, as most of AIG’s competitors have mixed feedback at best, so this is a nice little bonus for AIG.

Cons of AIG Business Insurance

  • For one of the largest insurance agencies in the world, their website is surprisingly threadbare. You can’t get commercial insurance quotes online from AIG, and you need to be located in the continental United States just to use their online bill pay.
  • The vast majority of their competitors offer business owner’s policies (BOP), which is a way for small businesses to save money by packaging together commercial property insurance and general liability coverage. Unfortunately, AIG does not offer any BOPs.

AIG Business Insurance Alternative

Hiscox is truly one of the best commercial insurance providers in America, thanks in large part to their exclusive focus on business policies. Read Review


What Types of Business Insurance Does AIG Offer?

As one of the biggest insurance providers in existence, it probably is no big surprise to hear that AIG has a wide variety of commercial insurance policies that can provide solutions for just about any company. From the basics to more advanced and custom-tailored insurance products, you can acquire various policies in the following categories:

  • General liability
  • Professional liability
  • Management liability
  • Commercial property
  • Cyber
  • Fronting and captives
  • Political risk
  • Mergers and acquisitions
  • Environmental
  • Group accident and health
  • Casualty
  • Surety
  • Surplus lines
  • Trade credit
  • Warranty
  • Specialized program solutions

How Can I Get a Quote From AIG?

As we mentioned briefly before, AIG doesn’t provide quotes through their website. If you would like to obtain a quote from AIG, you can fill out the brief contact form on their website, and they’ll have someone call you to discuss the matter further. It’s not the most convenient method, but for specialized and custom-tailored policies like those offered by AIG, it’s not surprising either.

How Does AIG Rank For Financial Strength?

One crucial aspect of insurance shopping is making sure that your chosen insurer has strong scores from financial strength rating firms. If the time comes when you do need to file a claim, the last thing you want to be concerned about is if AIG has the financial security to pay out your claim.

Considering the fact that AIG required a $180 billion bailout from the United States government in 2008, it’s entirely understandable to be hesitant about their services. That is until you check their financial strength ratings and realize that today, they’re quite strong:

A.M. Best Financial Strength Rating: A

“Assigned to insurance companies that have an excellent ability to meet their ongoing insurance obligations.”

A.M. Best Issuer Credit Rating: a

“Assigned to entities that have an excellent ability to meet their ongoing senior financial obligations.”

Moody’s Rating: A2

"Obligations rated A are considered upper-medium-grade and are subject to low credit risk.”

Standard & Poor’s Financial Strength Rating: A+

“An insurer rated A has strong financial security characteristics, but is somewhat more likely to be affected by adverse business conditions than are insurers with higher ratings.”