Nationwide Small Business Insurance Review

Pros

• Free quotes
• Available in most states
• Standard policies + specialized insurance available
• Live, top-rated customer support

Cons

• Pricing quote requires sharing business details
• Not available in a handful of states

Overview

Nationwide small business insurance is a collection of commercial insurance policies available in 40+ states plus Washington, D.C. Noted for its top-rated customer service, Nationwide also earns a high A+ Superior rating for its financial stability.

Unlike some of its competitors, Nationwide is a mutual insurance company. What does that mean? Mutual insurance companies are owned by their policyholders, and profits are returned to customers as dividends or by reducing premiums. Mutual insurance companies like Nationwide provide insurance at or near cost rather than focusing on profit.

Nationwide commercial insurance includes the most common types of insurance policies small business owners need, commonly grouped under one policy known as a business owner’s policy or BOP.

Nationwide also offers specialized small business coverage such as crime insurance and cyber liability, as well as small business staples such as errors and omissions (E&O) and umbrella policies.

Safe to say, no matter what type of commercial insurance your small business needs, you’ll find it with Nationwide. That’s just one of the reasons why we count Nationwide as one of the best business insurance providers out there.

Keep reading to learn more about Nationwide commercial insurance, including the cost, features, customer service, claims, and more.

Nationwide Business Insurance Pricing

Like many companies offering small business insurance policies, Nationwide relies on personalized quotes and does not publicize pricing information, which is reflected in our ratings.

Your personalized price quote will depend on details about your business, including your industry and where you’re located.

One thing we can tell is that while Nationwide pricing is fairly competitive, its target customers are mid-sized to large businesses. Yes, you can get a quote for a much smaller business, and you may be very satisfied with Nationwide as your insurer. Still, you may find that the price you’re quoted is beyond your budget.

To give you an idea of what to expect, consider that the business insurance company Embroker says the average business will pay between $500-$2,000 a year for a business owner’s policy that combines general liability and commercial property insurance. Comparatively, we found the quotes we received to be competitive and Nationwide received good marks in our scoring rubric.

If you request a quote from Nationwide, that national average may help you understand your business insurance quote and make a fair comparison.

How To Get A Nationwide Business Insurance Quote

You can request a custom quote for business insurance online or by phone. If you start a quote online, you’ll probably have to schedule a phone call to complete the process. If you phone in for a quote, you’re likely to receive it within 30 minutes, according to the agent I spoke with over the phone.

Note that you may be subject to a credit check using a third party during the quotation process. Other information that may be gathered and evaluated can include driving records, insurance claim histories, publicly available property or geographic data, and other credit-based insurance scores.

When I requested a quote for insurance coverage for a small bakery, I was asked to provide my business name, address, and contact information. I was also asked to share revenue and salary information and details about my physical location, including how recently the roof and electrical systems had been updated, as well as what types of alarms the building has. In my opinion, you’ll want to set aside a stretch of uninterrupted time to complete the quote request process. You can also start your quote, save it, and come back when you have all the information you need.

Nationwide Commercial Insurance Features

Screenshot of Nationwide Insurance webpage, captured 2/1/2023

Nationwide has some features that make it easy to navigate your business insurance needs. Nationwide offers the basic features you would expect and some other benefits that helped the company stand out in our ratings. Here’s an overview:

• Easy Access: Nationwide customers can access their accounts through a secure portal and manage their insurance needs online. Log in to start or check on a claim and to view or pay your bill. If you don’t want to log in, you still can pay your bill, view or print an ID card, or access educational resources online.
• Online Filing For Claims: If you need to file a claim under your Nationwide business insurance, you can get started online. In fact, Nationwide encourages customers to report claims immediately, even if you don’t have all the information you’ll eventually need for your claim to be processed.
• Small Business Education Tools: Nationwide’s website includes several small business resources with general information that can help you start, grow, and run a business. Topics include tax tips, cyber security, hiring, payroll, and workplace safety.
• Loss Control Planning: Nationwide offers tools and resources, including personal assistance from a loss control services team, to help all customers review their operations and procedures. If you file a claim for loss, Nationwide agents will coordinate with this team to help you avoid future losses.
• Business Banking Services: Nationwide customers can access special offers on business banking services through a partnership with Axos Bank. Axos is a federally chartered bank, and Axos accounts are FDIC-insured. Note that we consider Axos to be one of the best business bank accounts available. So if you’re looking for both commercial insurance and business banking, this partnership could be a valuable feature.

Nationwide Small Business Insurance Coverage Options

Nationwide offers the full range of small business insurance basics, plus specialized packages aimed at different industries and types of businesses. In all, the company earned strong scores in this category.

Let’s start with the basics:

Business Owner’s Policy

Nationwide’s business owner’s policy (BOP) offering combines business liability, commercial property, business income, and equipment breakdown coverage. If you’d like, you can customize your Nationwide BOP to meet your particular needs more closely.

Nationwide’s inclusion of business income and equipment breakdown coverage in the BOP is unusual and notable. A typical BOP combines just two policies, typically general liability and commercial property. If you’re not interested in business income and equipment breakdown protection, you probably should steer clear of Nationwide’s BOP.

Of course, BOP coverage usually comes at a discount vs. purchasing the included policies separately. The discount is around 10% industrywide, so check with a Nationwide agent to make sure their BOP pricing delivers a similar discount for you.

Individual Nationwide Business Insurance Policies

You can purchase a wide variety of additional commercial coverage from Nationwide. For starters, here are four types of coverage where our Merchant Maverick experts have found that Nationwide excels:

• Business Liability: Nationwide has earned a spot on our list of the best general liability insurance for small businesses.
• Commercial Property: You’ll find Nationwide on our list of the best commercial property insurance coverage, too.
• Commercial Auto: Nationwide also appears on our list of the best commercial auto coverage for small businesses.
• Worker’s Compensation: Our list of the best workers’ comp coverage includes Nationwide.

You’ll also be able to buy these types of commercial coverage from Nationwide:

• Business Income
• Crime Insurance
• Employment Practices Liability
• Cyber Liability
• Errors and Omissions (E&O)
• Equipment Breakdown
• Umbrella
• Inland Marine
• Accounts Receivable
• Builder’s Risk
• Crime & Fidelity
• Fiduciary Liability
• Financial Institutions
• Private Company Management Liability

Industry Coverage

Nationwide offers specialized products for larger organizations, including but not limited to those in the following business categories:

• Retail stores & services
• Professional offices
• Contractors
• Auto service & repair
• Wholesalers & distributors
• Food service
• Barber shops & beauty salons
• Consultants
• Farms & ranches
• Human services
• Photography studios
• Veterinarians

Additional Products

You can also request information from Nationwide regarding their offerings in the following categories:

• Fidelity and surety bonds
• Commercial and business bonds
• Group insurance plans
• Medical stop loss
• Key person benefits
• MedPair supplemental health
• Retirement plans

Best Suited For…

Nationwide is probably best suited for mid-sized or larger businesses although it claims to be able to suit the insurance of needs of anyone. For very small businesses, you may not find Nationwide to be cost-effective but they have a full range of services to cover anyone.

Nationwide Claims

When it comes to insurance, most of the time, payments flow only in one direction.

However, when something goes wrong for your small business, and you need to file a claim, you’ll appreciate an insurance company that makes it easy to do so and one that pays claims swiftly and fairly.

Many insurance companies have opaque claims processes, and you can’t find out everything you need to know until you need to file a claim yourself. However, we can glean some clues about a company’s claims process. And the first comes from how easy the company makes filing a claim.

How To File A Claim With Nationwide Small Business Insurance

Nationwide customers can start their insurance claim online. If you haven’t already set up online access for your Nationwide account, you can contact your agent directly or call a general 800 number for assistance.

Nationwide asks for the following information when you file a claim:

• Contact information for you and others involved in the claim
• Your policy information
• The date of the incident
• A description of the injury or damages.

Customers are encouraged to file their claims immediately, even if they don’t yet have all the necessary information. If you have general questions about claims, check out the extensive and informative Nationwide Claims FAQ section.

It’s noteworthy that Nationwide employs 5,000+ workers in claims services, with support centers open 24/7 to help you with claims. Claims workers specialize in different types of coverage, such as general liability, material damage, commercial auto, and so on. Nationwide also offers claims specialists in specific industries, such as construction.

Should you file a claim, you’ll be assigned to a commercial Claims Business Consultant or CBC. This CBC will serve as a single point of contact and liaison as you manage your claim. Your CBC will also coordinate with Nationwide’s Loss Control Services to help you manage future risk.

Nationwide Customer Service & Support

You’ll have numerous support options when you need them, including customer service by phone. Nationwide customers work directly with an agent, and you will be given options for contacting that person directly. Self-service options are available for managing your account or filing and checking claims online.

The general contact options are adequate. I called the general number listed online, made my way carefully through the phone tree prompts, and when I found my way to a live agent, she was friendly but told me I was in the wrong place for answers regarding business insurance.

She helpfully transferred me to what she said was the correct number, and I waited through announcements about “heavy call volume” only to have the agent who picked up tell me I was again in the wrong place. After one more transfer, I received the answers I was seeking.

Nationwide also has a mobile app.

Nationwide Small Business Insurance Reviews

Nationwide has been accredited with the Better Business Bureau since 1955 and maintains an A+ rating there. The company has had 220 BBB complaints filed in the past three years and has a 100% response rate. That’s important, as the BBB considers how frequently and effectively complaints are resolved, and the way a business responds to complaints is an integral part of BBB Business Ratings.

Keep in mind that Nationwide offers personal insurance for home and auto in addition to its business policies. So it’s hard to single out specific reviews only of Nationwide’s business insurance policies.

Furthermore, complaints found online often come from people who were involved in an accident with a Nationwide policyholder but are not themselves Nationwide customers.

For these reasons, we at Merchant Maverick make an effort to not only sift through online complaints in search of our target audience but also look at Nationwide’s response to complaints. Given those parameters, here are a few common rants and raves we found online which we then reflected in our scoring system.

Negative Nationwide Reviews & Complaints

The Better Business Bureau currently shows 298 customer reviews, with a composite rating of 1.13/5 stars. Nationwide consistently replies to BBB complaints with documentation to support its position. Again, it’s important to note that these reviews are primarily for coverage other than business insurance, such as home, personal auto, and even pet insurance. Nevertheless, we could discern some patterns in the complaints that are worth highlighting:

• Lengthy claims process
• Difficulty canceling policies or sudden cancellation of coverage
• Sudden price increases

Positive Nationwide Reviews & Testimonials

On the review site WalletHub, Nationwide Insurance has almost 3,000 reviews and a composite rating of 3.25/5 stars. Here are a few things Nationwide customers say they like about their insurance:

• Affordable rates compared to other carriers
• Expert, helpful customer service
• Professional, supportive claims process
• Strong online tools

Final Verdict Of Nationwide Business Insurance

Nationwide Mutual Insurance Company is one of the oldest and largest insurance companies in the US. And it’s ranked Number 83 in the 2023 Fortune 500 list.

These facts, while impressive, don’t necessarily make Nationwide a good choice when it comes to insuring your small business.

Other facts do favor Nationwide, however. For one thing, the company offers a range of commercial policies that cover just about any business insurance need a small or large company could present.

Whether you’re a newer small business looking for basic liability and property insurance, or a large, established organization looking for better coverage at a better price, Nationwide could be able to meet your needs.

The only way to find out is by going online or by calling Nationwide for a personal business insurance quote.

If you’ve already started gathering quotes and you’re suffering from sticker shock, our post on the cost of business insurance not only breaks down the numbers but also helps you see some ways to save.

Business Insurance Review Methodology

We spend hours researching and evaluating each business insurance provider we review at Merchant Maverick, placing special emphasis on key characteristics to generate our ratings.

When rating business insurance companies and policies, we use a 26-point rubric that looks at pricing, features, customer service, and user reviews. We weigh each section differently to calculate the total star rating.

• Pricing: 45% of the total star rating
• Features: 30% of the total star rating
• Customer Support: 20% of the total star rating
• User Reviews: 5% of the total star rating

Each section is further broken down into granular, weighted subsections, in which we examine specific attributes like the relative cost of policies compared to industry standard, the transparency of pricing, and how many types of business insurance are offered. We also check to see whether the insurance provider offers multiple ways to file claims and how difficult the filing process is, awarding higher rankings to those that provide excellent customer support and an intuitive process.

Read more about how we rate business insurance companies.

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