Last Updated 22 October 2018 | By:

Nationwide Business Insurance Review

Are They The Right Choice?

nationwide business insurance review

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

  1. 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.

  2. 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.

  3. 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.

  4. 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.

  5. 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

  1. 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.

  2. 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.

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
  • Contractors
  • Auto service and repair
  • Wholesalers and distributors
  • Food and beverage
  • Medical clinics
  • Self-storage facilities
  • Breweries
  • Churches
  • Commercial real estate
  • Food processing
  • Manufacturing
  • 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.

How Does Nationwide Rank for Financial Strength?

It’s important to find an insurance carrier that has good financial strength rankings. The whole point of buying insurance is so that you can be compensated for covered losses, so if you do have to file a claim, you definitely don’t want to be worrying about whether or not your insurer can pay the bill. There’s really no need to worry with Nationwide though, as you can see by their ratings.

A.M. Best Financial Strength Rating: A+

“Assigned to insurance companies that have a superior ability to meet their ongoing insurance obligations”

A.M. Best Issuer Credit Rating: aa-

“Assigned to entities that have a superior ability to meet their ongoing senior financial obligations”

Moody’s Rating: A1

“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”

How Much Does Nationwide Business Insurance Cost?

For many different reasons, it’s very hard to make blanket comparisons between any two insurance providers regarding cost. While one company may offer cheaper general liability insurance than another provider, that same company might have a surprisingly expensive workers’ compensation policy. There are many variables when it comes to insurance pricing.

With that said, Nationwide generally falls on the high side of the scale when it comes to business insurance pricing. While there may be a certain amount of getting what you pay for, it’s still sometimes a bit surprising to see Nationwide’s quotes compared to some other insurance providers’ offerings.

Customer Reviews

When looking at online customer reviews for major insurance carriers, it’s important to keep in mind that it’s difficult to separate out how many reviews are for commercial insurance as compared to personal policies. Still, they can give you an overview of how a company’s clients feel about their insurance coverage on a general level. Nationwide receives quite good customer feedback, at least compared to many of their competitors:

While the score from the BBB is rather low, it’s not only a significantly smaller collection of reviews than the other two sources, but for whatever reason the Better Business Bureau almost always has much lower average scores than other review aggregate sites. All told, we would say that customer reviews are a positive for Nationwide.

Final Thoughts

Final ThoughtsAll told, Nationwide earns a score of 4.3 out of 5. There’s a lot to like about Nationwide’s business insurance coverage. They may not offer the most affordable policies available, but they’re still a good value due to their strong claims service, high customer-satisfaction levels, and rock-solid financials.

Nationwide is an especially good choice for growing, mid-sized companies that have outpaced the offerings from some more limited insurance providers who may not have the advanced solutions or uniquely tailored coverages that Nationwide can provide.

We hope that by reading this review, you were able to find answers to most of your tough questions about Nationwide business insurance. Whether you end up purchasing your commercial insurance from Nationwide or from another provider, we wish you the best of luck with your business.

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