CoverWallet Review: Professional Liability Insurance for Self-Employed

Your side hustle is starting to pay off. Maybe you’ve earned a few hundred or a few thousand dollars of profit (or at the very least, you have a few paying customers).

With a legitimate (if small) business on your hands, it’s time to start thinking about business insurance. When should you buy it? What type do you need? And will it be affordable given the scale of your business?

If you’re a small business owner (including an entrepreneurial side-hustler), you may want to look into CoverWallet. CoverWallet is a digital-forward business insurance brokerage that provides a full range of insurance products to meet your needs. Here’s what you need to know about it.

What Is CoverWallet?

CoverWallet is a business insurance brokerage firm. That means the company sells commercial insurance products (such as general liability insurance, professional malpractice insurance, and more) to small business owners. CoverWallet allows users to get quotes from multiple insurance providers so the business owner can make an informed decision based on cost and quality.

CoverWallet also facilitates relationships between customers and agents who can help business owners decide what type of insurance makes sense for their business.

If CoverWallet sounds very much like a typical insurance company, it is. But with two important twists. First, CoverWallet focuses on commercial insurance (not homeowners and car insurance). Since commercial insurance is complicated, it can pay to work with an agent. Second, CoverWallet has a digital-forward focus. That means even business owners who are new to buying commercial insurance can quickly figure out what they need and buy it.

What Types of Insurance Does CoverWallet Sell?

CoverWallet carries virtually any type of commercial insurance you or your business could need. Most business owners will want to carry general liability insurance. But, depending on your industry or niche, you may want more coverage. Below is a list of all the insurance types that CoverWallet advertises:

• General liability
• Workers’ compensation
• Business owner’s policy (BOP)
• Commercial property
• Professional liability
• Commercial auto
• Umbrella insurance
• Errors & omissions (E&O)
• Directors & officers (D&O)
• Employment practices liability insurance (EPLI)
• Inland marine
• Product liability
• Special events
• Cyber liability
• 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
• Fiduciary bond
• Surety bond
• Fidelity bond
• Commercial package

What If I Don’t Know What Type of Insurance to Buy?

The list of insurance types may be intimidating, especially if you’re a relatively small business owner.

CoverWallet can help you in two ways. First, you can connect directly with insurance experts whom are licensed to sell commercial insurance. I typically recommend working with insurance agents directly. While you’re likely to get talked into slightly more insurance than you planned to buy, it can feel good to have the extra safety net.

The other way you can get help is by walking through the super simple “get-a-quote” process. This will prompt you to enter a few pieces of information such as your industry and zip code. From there, it will recommend the three (or more) most popular types of insurance in your field. You can see the percentage of CoverWallet users who opted to buy that type of insurance.

I found this to be very useful as I walked through insurance requirements for a side hustle that is new to me. This process also showed the average annual price for each of the insurance products in question.

Is the Application Process Easy?

The CoverWallet application process is very easy. You can get quotes sent directly to your inbox, you can talk to someone on the phone, or you can apply directly online.

Depending on the type of insurance you’re buying, you may have to submit proof of ownership or proof of licensure to buy the insurance. However, overall the process is facilitated by an excellent website.

Final Take on CoverWallet

If you don’t have commercial, business, or professional insurance for your business (or profession or side hustle), take the time to visit CoverWallet or another insurance vendor right away. I was pleased with the pricing transparency, and I think that adds to the overall appeal of CoverWallet. For any business owners who don’t already have a trusted insurance provider, visiting CoverWallet makes a lot of sense.