Are you shopping for business insurance, whether for a new company or an established business? If so, you’re likely already aware that it can be a time-consuming and often confusing process. Not only do you need to figure out what types of policies your unique business needs but you also have to decide which insurance provider you want to purchase them from.
Nationwide has long been a major player in the American commercial insurance landscape, but are they really a superior option to their competitors? And beyond that, are they the right choice to provide your company’s insurance policies?
In this review, we’ll take a look at some vital attributes of Nationwide’s business insurance, including their pros and cons, the ease of acquiring a pricing quote, their financial strength ratings, and more. We hope this article will help you decide if Nationwide is the best insurance provider for your company.
Pros and Cons of Nationwide Business Insurance
Pros of Nationwide Business Insurance
- While some of their competitors only offer a handful of business insurance policies, Nationwide has a dozen different general coverages as well as many industry-specific policies. For businesses with complex insurance needs, Nationwide is an excellent choice.
- Positive customer reviews aren’t exactly the norm for commercial insurance providers — most receive mixed feedback, at best. However, customer feedback is a strength for Nationwide, as their clients seem to be quite pleased in general.
- The Commercial Coverage Advisor tool on Nationwide’s website is a great option for entrepreneurs who aren’t quite sure what coverages they need. In a matter of just a few minutes, you can get a wealth of information about what kinds of policies businesses like yours purchase as well as customized recommendations for your unique company.
- Nationwide has strong ratings from every major financial strength metric, including A.M. Best and Standard & Poor’s. This means that if you do have to file a claim, you won’t ever have to worry about whether Nationwide has the funds to pay it.
- Nationwide has nearly a century of experience in the insurance industry. They originally opened their doors in 1925 as “The Ohio Farm Bureau Federation.”
Cons of Nationwide Business Insurance
- While it’s always difficult to make apples-to-apples comparisons between insurance providers — they may be more costly than a competitor for one policy, but less expensive for another — Nationwide usually has prices that come in on the high side compared to many competitors.
- Instead of providing an online quote estimate tool like some of their competitors do, Nationwide only allows you to fill out the request form on their website. To actually obtain your quote, you’ll need to call their toll-free line, or you can request for one of their brokers/agents to call you. Long story short, you’re going to need to spend some time on the phone.
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What Kinds of Business Insurance Does Nationwide Offer?
Nationwide has more business insurance policies available than the majority of competitors do. In fact, they have a dozen general commercial policies that apply to a wide variety of businesses, and then they also have 18 industry-specific coverages beyond that. Let’s take a look at what all they have to offer:
Business Insurance Coverage Options:
- Business owner’s policy (BOP)
- General liability insurance
- Commercial property insurance
- Commercial auto insurance
- Crime insurance
- Business interruption insurance
- Business income insurance
- Accounts receivable
- Umbrella insurance
- Equipment breakdown insurance
- Cyber liability insurance
- Workers compensation
Industry-Specific Coverage Options:
- Retail store and services
- Professional offices
- Auto Service and repair
- Wholesalers and distributors
- Food and beverage
- Medical clinics
- Self-storage facilities
- Commercial real estate
- Food processing
- Senior living
- Specialty care services
- Loss control & risk management
- Employee benefits
How Can I Get a Quote From Nationwide?
While you can fill out a quote request form on Nationwide’s website, you’ll need to either call a broker or agent or request a phone call from a national Nationwide representative. Unlike some of the competition, you cannot acquire quotes for any business insurance policies online with Nationwide.