A comprehensive evaluation of small business insurance across the country.
To avoid the financial ruin of your business, it is crucial to find an insurance provider that offers the right coverage for your specific needs. However, paying for more coverage than necessary can quickly drain your business's funds.
CNBC Select evaluates the advantages and disadvantages of Nationwide's small business insurance offerings to assist you in determining if it is the best choice for your needs.
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Nationwide small business insurance pros and cons
Like any other product or service, Nationwide's small business insurance has its advantages and disadvantages that can greatly influence your decision to purchase it.
Pros
- Several coverage options are available, including cyber liability, employment practices liability, and management liability.
- Both small- and medium-sized businesses (500 employees or fewer) as well as large businesses (more than 500 employees) are catered to.
- Several industries, including retail, professional services, contractors, auto services, wholesale, farms, and food service, have specialized coverage.
- Customers can view claims and pay bills online
- Offers a mobile app
Cons
- Doesn't disclose information on premiums or deductibles
Nationwide small business insurance plans
A few of the main business insurance products offered by Nationwide include:
Businessowners policy
A businessowners policy offers a cost-effective solution for business owners by bundling several types of commonly-needed coverage into one policy. According to Nationwide's website, a standard policy can include commercial property insurance, business liability insurance, business income insurance, and equipment breakdown insurance.
Business liability insurance
Your business is protected by liability insurance if someone gets hurt on your property or if your business causes damage to another person's property.
Commercial property insurance
Insurance for commercial properties protects not only the building itself but also surrounding property, such as fences, and assets located within the building, including furniture and inventory.
Commercial auto insurance
Just as personal auto insurance safeguards personal vehicles, commercial auto insurance protects vehicles used for business purposes, such as cars, vans, and trucks. This coverage includes coverage for any injuries caused by an employee to another person, as well as damages resulting from collisions with uninsured or underinsured drivers.
Workers' compensation
Workers' compensation insurance covers employees who are injured or killed while working at your business, providing financial assistance for medical expenses and death benefits to family members.
Nationwide rates
To accurately estimate your insurance coverage premiums and deductibles, it's best to contact a Nationwide agent as rates and deductibles can vary greatly between businesses. Unfortunately, Nationwide does not publish its rates on their website, so you'll need to reach out to the company directly for this information.
How does Nationwide compare to other small business insurance?
How does Nationwide compare to CNBC Select's other top choices for small business insurance?
Nationwide vs. NEXT
Both Nationwide and NEXT provide comprehensive business insurance coverage for various industries, including contractors, retail, food and beverage, and more.
While both companies offer insurance policies, NEXT enables you to obtain a quote, purchase your policy, and receive your certificate of insurance online. In contrast, Nationwide requires you to interact with an agent to purchase your policy. If you prioritize convenience, NEXT might be a more suitable choice due to its online accessibility.
Nationwide vs. Hiscox
Hiscox offers customizable coverage options for home-based businesses that can help you save money while providing the necessary protection. In some cases, you may even qualify for lower rates due to your home-based operation.
How do I get Nationwide small business insurance?
To obtain coverage from Nationwide, you can visit its website and follow a series of prompts to provide information about your business and insurance requirements. After that, an agent will contact you for further details.
You can schedule a call with an agent online or call 1- (888) 490 - 1549 to obtain a quote.
Frequently Asked Questions (FAQs)
Why trust CNBC Select?
Our goal at CNBC Select is to deliver top-notch service journalism and in-depth consumer advice to our readers, enabling them to make well-informed decisions when it comes to their finances. Each article is the result of thorough reporting by our team of experienced writers and editors, who possess extensive knowledge of small business insurance products. At CNBC Select, we are committed to maintaining our journalistic standards and ethics, even though we earn a commission from our affiliate partners on many offers and links.
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