Multi-Policy Insurance Companies: Discount & Quotes

Has someone ever suggested approaching a multi-policy insurance company if you’re planning to get insurance for your business, home, car, recreational vehicle, and other belongings? If this is the case, follow the suggestion because working with one is a smart decision. In this discussion, learn what a multi-policy insurance company is, the insurance products you can avail, and more. 

What is a Multi-Policy Insurance Company?

When insurance companies in the United States first began operations, most only underwrote and sold one type of insurance product.

Customers had to approach numerous carriers if they needed more than one type of coverage. This resulted in unnecessarily expensive rates, a lot of paperwork, and difficulties in policy management.

As time went by, insurance companies realized that offering more than one type of insurance works best for all. And so, many began underwriting numerous types of insurance products. And if they can’t underwrite it, they sell policies on behalf of partners.

Benefits Of Multi Policy Insurance Company

Decide to get insured by a multi-policy insurance company to enjoy the following benefits:

Easy Policy Management

A multi-policy insurance company provides all your insurance products under one roof. This makes it easier for you to track and pay premiums, cancel your insurance, see how much coverage is left, and more.

Save Money

Multi-policy insurance companies provide discounts if you buy two or more of their insurance policies.

Save Yourself from Trouble

You're saving yourself from trouble by working with a carrier that offers a multi-policy insurance plan. Because all insurance products are found in the same place, there’s no need to jump from one carrier to the next to enjoy comprehensive coverage.

Comprehensive Coverage

Multi-policy insurance companies provide comprehensive coverage. They give generous policy limits and even allow you to customize your insurance policies. This is the core reason why multi-policy carriers work best if you’re looking for business insurance.

Add A Teen Driver for Cheap

can be expensive, to say the least. By bundling their insurance policy together with the rest of your multi-policy plan, you’ll save a considerable amount of money every single month in premiums.

Types Of Multi-Policy Insurance Companies

Those That Only Sell Business Insurance Policies

There are multi-policy insurance companies that only sell business insurance. They underwrite or partner with other carriers to offer general liability, professional liability, workers' compensation, and other business insurance products for small and big businesses.

Those That Sell Other Policies Together With Business Insurance

Some multi-policy insurance companies don’t only sell business insurance policies but also life insurance, health insurance, homeowner’s insurance, renter’s insurance, condo insurance, pet insurance, and more.

What Are The Policies Sold By Multi-Policy Insurance Companies?

Multi-policy insurance companies sell business insurance, car insurance, life insurance, etc.

Types Of Business Insurance Sold By Multi-Policy Insurance Companies 

Multi-policy insurance companies underwrite and sell several types of business insurance policies. 

Examples are general liability insurance, commercial property insurance, professional liability insurance, workers' compensation insurance, and so on. In this section, you’ll understand what these are and how they function. 

General Liability Insurance

Multi-policy companies offer general liability insurance as the primary protection for many types of businesses. 

Businesses can face liability over injuries or property damage sustained by customers, contractors, visitors, and other third parties. The job of general liability insurance is to provide protection when this happens.

The following costs are covered by general liability insurance if a claim for property damage or bodily injury is filed against  a business:

• Medical treatment-General liability insurance has a medical payments coverage included in its terms. Through this, the policyholder can pay or reimburse the medical treatment of the claimant 

• Reimbursement for property damage-You can use general liability insurance to indemnify the claimant in case his or her property got damaged due to your business

• Settlement-General liability insurance provides the funds you can use to cover the amount of settlement to be awarded to the claimant

• Defense costs-If the claimant refuses to settle and decides to take legal recourse, general liability insurance will help you cover attorney fees, court fees, administrative costs, and other legal defense expenses

Many multi-policy insurance companies underwrite their general liability insurance as a broad-form policy. This means that it doesn’t only provide protection against claims for bodily injury or property damage.

The following are other perils commonly covered by general liability insurance:

• Advertising injuries-General liability insurance can provide settlements or cover defense costs if a third party sues because of slander, libel, invasion of privacy, identity theft, or copyright infringement

• Liability to rented premises-If the space you’re renting sustains damage due to a fire and the landlord demands you indemnify his or her losses, then general liability insurance can help

• Non-owned/hired auto liability coverage-Some multi-policy insurance companies allow you to include non-owned/hired auto liability coverage in the terms of general liability insurance. This covers indemnification and defense costs if a car you hired or borrowed for commercial purposes causes an accident resulting in injuries or property damage to third parties

Professional Liability Insurance

Most multi policy insurance companies that underwrite general liability insurance also sell professional liability insurance. After all, both policies complement each other well and provide foolproof protection.

While general liability insurance provides protection against liability for bodily injuries or property damage, professional liability insurance shields you against claims filed due to issues in your work that resulted in economic or financial losses of the client.

The coverage of professional liability insurance takes effect when a claim is filed because the following was committed

• Negligence

• Misrepresentation

• Breach of confidentiality

• Breach of contract

• Violation of good faith

• Violation of fair dealing

Multi-policy insurance companies offer professional liability insurance as a stand-alone policy. However, there are new players in the market that offer the policy as an optional coverage of general liability insurance.

So how is professional liability insurance underwritten? Professional liability insurance is underwritten as a claims-made policy or as an occurrence policy. 

Claims-made professional liability insurance only provides protection if you decide to use it the moment a covered peril happened. It can’t provide protection if you decide to report the occurrence sometime after. 

Occurrence professional liability insurance, on the other hand, provides coverage to claims filed on the time a covered peril happened, after it has happened, or after the policy duration has expired. 

Workers Compensation Insurance

Another type of business insurance multi-policy insurance companies offer is workers compensation insurance. 

Workers' compensation insurance is required in all states except Texas. Multi-policy insurance companies sell this because they’re sure to make money as failure to get workers comp will result in hefty fines and penalties. 

You use workers' compensation insurance when the employees of your business sustain a work-related injury or disease. This insurance takes care of the following costs:

• Medical expenses and ambulance fees-Workers compensation insurance covers the cost of private EMT services if an employee sustains a work-related injury or disease. Also, if the employee needs medical treatment, the policy will cover emergency room fees and other related costs

• Hospitalization-Multi-policy insurance companies design workers' compensation insurance to cover bills if an employee needs to be admitted to the hospital after sustaining a work-related injury or disease. It will also pay for after-hospital visits. 

• Medication-You can use workers' compensation insurance to buy prescription medicines for an employee’s work-related injury or disease

• Rehabilitation-Workers compensation insurance takes care of expenses if your employee needs rehabilitative care due to an impairment caused by a work-related injury or disease

• Lost wages-Lost wages are covered by workers' compensation insurance if an employee can’t work due to a work-related injury or illness. The policy does this by providing a weekly allowance equal to two-thirds or 67% of the average weekly wage. 

• Death benefits-An employee who dies due to a work-related injury can receive death benefits from workers' compensation insurance. Common things covered  are the funeral and allowance to dependents

Pay As You Go Workers Compensation Insurance

Some multi-policy insurance companies underwrite and sell pay-as-you-go workers' compensation insurance. 

So how do the standard worker's compensation insurance and pay-as-you-go workers' compensation insurance differ?

Unlike the former which determines premiums based on the annual payroll of your business, pay-as-you-go workers' compensation insurance takes the monthly payroll into account. As a result, you don’t need to do annual premium audits and rates are more accurate. 

Employer’s Liability Insurance

Employer’s liability insurance covers defense costs and settlements if your business is sued by an employee who sustained a work-related injury or disease. This is sometimes offered as an add-on to workers' compensation insurance. 

Employment Practices Liability Insurance

Sometimes included in workers' compensation policies, employment practices liability insurance provides protection if a business is liable for the violation of employee rights such as sexual harassment, discrimination, wrongful termination, etc. 

Commercial Property Insurance

Commercial property insurance protects your business’s tangible assets. If material assets become lost or damaged due to fire, theft, vandalism, and other covered perils, this insurance will reimburse your loss. 

Equipment Insurance

Equipment insurance reimburses losses in case your business’s equipment becomes damaged or lost due to theft, fire, mechanical breakdown, electrical surge, electrical shorts, impact, operator error, and other covered perils. This is either offered as a coverage in general liability insurance or commercial property insurance. 

Inland Marine Insurance

Inland marine insurance protects business assets while in transit. If such business assets become lost or damaged during transportation, inland marine insurance will reimburse your losses. 

Liquor Liability Insurance

Liquor liability insurance is a coverage that provides protection if your business is liable for causing injuries or property damage due to the over-serving or negligent serving of alcohol to a patron. 

Types Of Life Insurance Sold By Multi-Policy Insurance Companies

Multi-policy insurance companies sell life insurance that grants money to dependents and takes care of the resulting expenses upon the death of the policyholder. This is either sold as:

• Term life insurance-Provides coverage if the policyholder dies within the period stated in its terms. Period of coverage is usually 10 or 30 years

• Whole life insurance-Whole life insurance, as compared to term life insurance, doesn’t have a coverage period. It applies throughout your lifetime

• Universal insurance-In a nutshell, universal life insurance works the same way as whole life insurance. What makes it different is that you can adjust the cost of premiums

• Final expense insurance-A type of life insurance that only covers funeral and burial expenses. 

Condo Insurance, Homeowner’s Insurance, And Renter's Insurance from Multi-Policy Insurance Companies

Multi-policy insurance companies offer homeowner’s insurance, renters insurance, and condo insurance.

Homeowner’s Insurance

The primary function of homeowner’s insurance is to cover losses and repair costs in case the house becomes damaged or destroyed because of fire, explosions, lightning strikes, burglary, theft, vandalism, and other covered perils. 

Aside from your house, homeowner’s insurance can also protect what’s inside. It’s because the policy comes with contents coverage that covers furniture, appliances, household equipment, etc. 

Personal effects coverage is also included in homeowner’s insurance. You can use this to cover cameras, drones, sporting equipment, and other personal belongings. 

Last but not least, homeowner’s insurance can offer liability coverage that covers settlements and defense costs in case a third party experiences an accident while in the premises of your house. 

Condo Insurance

Condo insurance is a coverage for those who own or rent a condo. This policy covers financial losses and repair expenses in case the condo unit is damaged or destroyed by fire, lightning, theft, vandalism, malicious mischief, and other covered perils. 

Renter's Insurance

Renter’s insurance will be offered by multi-policy insurance companies if you’re renting an apartment, house, or any other residential building. 

This policy functions to cover financial losses or repair costs if the rented residential building becomes damaged due to fire, theft, vandalism, lightning, impact, and other covered perils. Further coverage applies on your liability for accidents, indemnification to the property owner, and the items inside the rented apartment or house. 

Types Of Auto Insurance Sold By Multi-Policy Insurance Companies 

Multi-policy insurance companies underwrite commercial auto insurance and personal auto insurance for their customers. 

Commercial Auto Insurance

Commercial auto insurance covers costs if a business’s commercial vehicle causes an accident resulting in injuries to third parties as well as the driver and passengers. This policy also takes care of vehicle rental expenses, emergency roadside assistance, and vehicle damage. 

Personal Auto Insurance

Personal auto insurance provides coverage for vehicles not used for commercial purposes. It also covers the cost of vehicular accidents. However, unlike commercial auto insurance, it might not include coverage for vehicle rental and emergency roadside assistance. 

RV Insurance

Multi-policy insurance companies sell RV insurance for motorhomes, camper trailers, travel trailers, and toy trailers. RV insurance covers defense costs and settlements in case your RV causes an accident. The policy also provides reimbursement for losses in case the RV and its contents become damaged or lost. 

How Do You Buy Insurance from Multi-Policy Insurance Companies?

Multi-policy insurance companies cover you online. Online coverage can be bought by visiting a particular multi-policy insurance company’s website or that of its broker. Getting insured online is easy because all you have to do is choose a policy and provide pertinent information about yourself. 

Some multi-policy insurance companies don't provide coverage online. Others, while they offer this option, can’t provide a quote because they need more information. In both of these cases, you need to speak with a representative who will talk about the options and finalize the purchase. 

Note that when it comes to business insurance, almost all multi-policy insurance companies issue a certificate of insurance once you get insured. This is a document that will show all of the policies you purchased, who is covered, policy duration, and current policy limits. 

How To Get A Multi Policy Insurance Discount?

You can get a multi policy insurance discount by:

Bundling Auto And Home Insurance Quotes

Multi-policy insurance companies that underwrite personal auto and homeowner’s insurance give discounts. Discounts are 14%-15% on average.

Bundle Business Insurance Policies

If you’re buying business insurance from a multi-policy insurance company, it’s best to not only buy one insurance policy but two or more. By doing so, you get a 5%-10% discount on premiums. 

Already An Auto Insurance Policyholder? Then Return

Some multi-policy insurance companies offer a 5% discount if you’re an existing auto insurance policyholder who returned to make another purchase for homeowner’s insurance, business insurance, RV insurance, etc. 

Best Multi-Policy Insurance Companies 

These are the best multi-policy insurance companies. Read to know their pros, cons, and average cost for general liability insurance, personal auto insurance, and homeowner’s insurance. 

NEXT

Pros

• Best overall

• Issues an online proof of insurance instantly

• Great customer service and reputation

• Excellent rates

• Outstanding value for money

• Get a 10% discount if you buy two or more business insurance policies 

Cons

• Couldn’t find any

NEXT insurance specializes in providing coverage for independent professionals and small businesses 100% online. That said, you don’t need to speak with an agent to get the business insurance policies this company underwrites. AM Best rates NEXT with A- (Excellent). 

Business insurance policies you can buy from this company are as follows:

• General liability insurance

• Workers’ compensation insurance

• Professional liability insurance

• Commercial auto insurance

• Commercial property insurance

• Business owner’s policy (BOP)

• Hired & non-owned auto insurance

• Tools & equipment insurance

• Liquor liability insurance

• Product liability insurance

Note that NEXT provides coverage for more than 1,300 types of professions and more than 600 types of business industries. Also, this insurance company partners with Tivly to insure customers with highly specialized needs.

Best for: Best overall; Fast business insurance policies

Average cost of general liability insurance: $11 per month 

Average cost of personal auto insurance: NEXT doesn’t sell personal auto insurance

Average cost of homeowner’s insurance: NEXT doesn’t sell homeowner’s insurance

Our rating: 10/10

CoverWallet

Pros

• Compare business insurance quotes online

• Stable rates

• Management multiple policies and pay their premiums online via the MyCoverWallet app

• Cancel your coverage anytime 

Cons

• Not an insurance company but an insurance broker

CoverWallet is a multi-policy company that sells different types of business insurance policies underwritten by partners. It started providing services in 2015. Right now, CoverWallet is a subsidiary of AON. 

This company earns an A+ rating from Better Business Bureau. It earned four stars on average from 537 google reviews. 

Note that CoverWallet is a multi-policy company that only sells insurance for small and large businesses. Policies offered by this company are:

• General liability insurance

• Workers compensation insurance

• Professional liability insurance

• Commercial auto insurance

• Employment practices liability insurance

• Excess liability insurance

• And more

To get covered, you need to use CoverWallet’s online quotes comparison tool, choose insurance policies, and provide pertinent information. After doing so, it will then show the quotes of its partners you can buy online. 

Best for: Business insurance quotes comparison online

Average cost of general liability insurance: $29 per month 

Average cost of personal auto insurance: CoverWallet doesn’t sell personal auto insurance

Average cost of homeowner’s insurance: CoverWallet doesn’t sell homeowner’s insurance

Our rating: 10/10

Tivly

Pros

• Compare business insurance policies over the phone

• Call and get covered quickly

• Responsive customer service

• Business insurance policies are offered by other companies

Cons

• Doesn’t issue online quotes 

Tivly (formerly CommercialInsurance.NET) offers different kinds of business insurance policies such as general liability, workers compensation, commercial auto, BOP, commercial property, umbrella liability, cyber liability, employee benefits liability, employee dishonesty, product liability, and professional liability insurance. 

Call Tivly now to compare quotes over the phone. 

Best for: Comparing business insurance policies over the phone

Average cost of general liability insurance: $31 per month 

Average cost of personal auto insurance: Tivly doesn’t sell personal auto insurance

Average cost of homeowner’s insurance: Tivly doesn’t sell homeowner’s insurance

Our rating: 10/10

Thimble 

Pros

• Quick to provide online quotes

• ACORD 25 certificates of insurance

• Comprehensive commercial property insurance limit

• Sells short-term general liability insurance

Cons

• You can’t reach customer service by calling 

Formerly known as Verifly, Thimble started operations by selling short-term and long-term drone insurance for hobbyists and professionals. As it grew, this company then offered business insurance policies. Thimble’s AM Best rating is A (Excellent). 

Similar to NEXT, Thimble’s underwriting appetite mostly consists of small businesses and independent professionals in a wide range of sectors. It provides the following types of business insurance:

• General liability insurance

• Professional liability insurance

• Business equipment insurance

• Business owner’s policy

• Commercial property insurance

• Workers compensation insurance

• Event insurance

• Drone insurance

Best for: Drone insurance and business insurance policies 

Average cost of general liability insurance: $49 per month 

Average cost of personal auto insurance: Thimble doesn’t sell personal auto insurance

Average cost of homeowner’s insurance: Thimble doesn’t sell homeowner’s insurance

Our rating: 9/10

Hiscox 

Pros

• Business insurance policies provide worldwide coverage

• 14-day money back guarantee

• Offers claims management resources

Cons

• Poor customer reviews at BBB 

Hiscox dates back to 1901 and is one of the oldest insurance companies. Its business insurance policies transcend territories as they provide worldwide coverage. Thus, businesses with local and international operations make the most of this insurance company. AM BEST rates Hiscox with an A.

Hiscox offers the following business insurance policies online. 

• Professional liability

• General liability

• Commercial property

• Cyber liability

In addition, the following are other insurance Hiscox offers in partnership with other commercial insurers:

• Short-term liability insurance

• Workers compensation insurance

• Employer’s liability insurance

• Umbrella insurance

• Directors and officers liability insurance

• Commercial auto insurance

Best for: Business insurance with worldwide coverage

Average cost of general liability insurance: $30 per month 

Average cost of personal auto insurance: Hiscox doesn’t sell personal auto insurance in the USA

Average cost of homeowner’s insurance: Hiscox doesn’t sell homeowner’s insurance in the USA

Our rating: 9/10

GEICO

Pros

• Has a lot of discounts in its auto policy

• Claims are processed quickly and fairly

• Issues quotes online

• Exceptional financial strength

Cons

• Agents are very limited

GEICO is a commercial insurance company widely known for its entertaining and viral commercials featuring the mascot GECKO. According to the company, it has insured 17 million customers as of 2019. AM Best rates GEICO with an A++ rating. 

This company offers business insurance, homeowner’s insurance, personal auto insurance, travel insurance, boat insurance, event insurance, pet insurance, cellphone insurance, life insurance, and more. 

Best for:  Auto insurance with numerous discounts

Average cost of general liability insurance: $42 per month 

Average cost of personal auto insurance: $40 per month 

Average cost of homeowner’s insurance: $38.91 per month 

Our rating: 8/10

State Farm 

Pros

• Expansive network of insurance agents

• Insurance agents are highly dedicated to meet your demands

• Quick claims process

• Comprehensive homeowner’s insurance

Cons

• Small business insurance can’t be availed online 

State Farm is one of the largest insurance companies  with an expansive network of agents and numerous branches throughout the United States. AM Best rates this company with an A++. 

Insurance products you can avail from State Farm are homeowner’s insurance, renters insurance, farm insurance, small business insurance, disability insurance, health insurance, and auto insurance. 

Best for: Comprehensive homeowner’s insurance

Average cost of general liability insurance: State Farm doesn’t state how much its general liability insurance cost

Average cost of personal auto insurance: $52 per month 

Average cost of homeowner’s insurance: $51.33 per month 

Our rating: 8/10