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.
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.
Decide to get insured by a multi-policy insurance company to enjoy the following benefits:
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.
Multi-policy insurance companies provide discounts if you buy two or more of their insurance policies.
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.
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.
Insuring your teen driver 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.
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.
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.
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Multi-policy insurance companies sell business insurance, car insurance, life insurance, etc.
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.
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
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.
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
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 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.
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 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 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 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 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.
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.
Multi-policy insurance companies offer homeowner’s insurance, renters insurance, and condo 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 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 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.
Multi-policy insurance companies underwrite commercial auto insurance and personal auto insurance for their customers.
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 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.
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.
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.
You can get a multi policy insurance discount by:
Multi-policy insurance companies that underwrite personal auto and homeowner’s insurance give discounts. Discounts are 14%-15% on average.
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.
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.
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.
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
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
Compare business insurance quotes online
Stable rates
Management multiple policies and pay their premiums online via the MyCoverWallet app
Cancel your coverage anytime
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
Compare business insurance policies over the phone
Call and get covered quickly
Responsive customer service
Business insurance policies are offered by other companies
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: Tivlydoesn’t sell homeowner’s insurance
Our rating: 10/10
Quick to provide online quotes
ACORD 25 certificates of insurance
Comprehensive commercial property insurance limit
Sells short-term general liability insurance
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
Business insurance policies provide worldwide coverage
14-day money back guarantee
Offers claims management resources
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
Has a lot of discounts in its auto policy
Claims are processed quickly and fairly
Issues quotes online
Exceptional financial strength
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
Expansive network of insurance agents
Insurance agents are highly dedicated to meet your demands
Quick claims process
Comprehensive homeowner’s insurance
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
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I have dealt with many auto insurance companies in my life time but none as deceitful as AAA!! I signed up with a AAA insurance agent back in March. The premium I was would be $138/month-(all good). The agent told me I had to pay 4 months in advance so I gave my credit card to pay for the 4 months including the current month. One month later I received my monthly invoice for payment. The amount due had jumped from $138 (monthly) to $276. I called AAA and they said this was because of an accident that occurred 5 months prior where the other driver was at fault, though the case was still had yet to be closed. AAA would not accept the quoted premium of $138/month. So I shopped for a new insurance policy. A division of Farmers Insurance (Toggle) sold me their auto policy which was superior to AAA at $118/month with only $500 deductible. I canceled AAA and jumped onto the Farmers policy. I contacted AAA to cancel the policy and requested the 3 months paid in advance be reimbursed to me. I was told that I would not be reimbursed and in fact I was still responsible for the premium payment of $276 - that this payment would not be forgiven. I have since filed a claim with the BBB (Better Business Bureau) and if this fails I will take AAA to small claims court. Prior to this experience I respected the AAA name. I've learned that this company is simply TOO BIG and feel they can take advantage of their customers at will. I have since canceled EVERYTHING AAA (roadside service and an insurance policy). This big business corporation is NOT TO BE TRUSTED!!!!
Total scam. Beware. They use drive easy app to bat and switch.
Geico has the worst customer service! They changed my policy without my authorization and doubled my monthly payments in error!
Terrible company when it comes to honor their liability for other automobilists. Their driver crossed right light, destroyed my vehicle and liberty mutual denied my claim. First, for months they did not respond our emails. Than I called and their agent Danelle Bechard asked me to email her the details of the accident. another two months passed and again, no response from her. I called again and she was like, let me check your email and said, your claim is denied. She decided in few seconds after checking my email. In fact she never read my emails, just wanted to give me false hope. They could do investigation, they could read my emails, they could go through pictures but hey had already decided to deny my claim. They knew that I do not have a camera in my car or any witness. I am an Uber driver, I lost my car, and my job because of this accident. I had to borrow money from friends to purchase another car and I still owe money. Just because I cannot prove it, does not mean it did not happen. I could not do anything so just writing this review.
THE WORST INSURANCE COMPANY IN THE WORLD. Had the for 5 years, cost doubled neve had a claim of ticket, no service dept. They keep changing my policy without my approval. AND paid payment on line. They took a extra $4000 . Took a year to get them to admit there wrong. Customer service is like talking to 4 year old. I wouldn't trust this company with a dime. Now have a good HONEST company thats $489 cheaper on my auto policy alone. NEVER trust aaa..
Not all those who wander are lost.
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