Small business insurance is what prevents your business’s bad day from becoming its last day. But paying for more coverage than you need is a quick way to burn through thousands of dollars better spent elsewhere. That’s why it’s important to find a provider offering exactly what you (and your business) need.
Nationwide has built its reputation in the insurance world by offering a wide variety of coverage, including just about anything a small business could need. Below, CNBC Select looks at the pros and cons of Nationwide’s small business products to help you decide if it’s the right pick for you.
Nationwide Small Business Insurance
Nationwide Business Insurance
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Cost
The best way to estimate your costs is to request a quote
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Policy highlights
Nationwide offers insurance policies for small and large businesses alike in a variety of industries. A number of insurance types also help business owners to tailor their coverage.
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App available
Pros
- Highly rated for customer satisfaction and financial strength
- Wide variety of industries and coverages sold
Cons
- App doesn’t support business policy management
Compare business insurance offers
Nationwide small business insurance pros and cons
As with any other product or service, Nationwide’s small business insurance offers some considerable pros and cons that can really make or break your decision to sign up.
Pros
- Offers several coverage options including cyber liability, employment practices liability, management liability and more
- Caters to small- and medium-sized businesses (500 employees or fewer) as well as large businesses (more than 500 employees)
- Has specialized coverage for several industries including retail, professional services, contractors, auto services, wholesale, farms, food service and more
- 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 combines several types of commonly-needed coverage into a single policy. According to Nationwide’s website, a standard businessowners policy can include commercial property insurance, business liability insurance, business income insurance and equipment breakdown insurance. Because this policy bundles several types of insurance, it can be fairly cost-effective compared to buying individual policies for each coverage type.
Business liability insurance
Business liability insurance covers your business if someone injures themselves on your property, or if your business damages another person’s property.
Commercial property insurance
Commercial property insurance covers damage to the building where you do business, as well as surrounding property (like fences) and assets within the building (like furniture and inventory).
Commercial auto insurance
In the same way that personal auto insurance covers personal vehicles, commercial auto insurance covers vehicles you use to conduct business, which can include cars, vans, trucks and more. This coverage is for any injury an employee causes to another person, as well as collisions and damages caused by another uninsured or underinsured driver.
Workers’ compensation
Workers’ compensation is a type of insurance that covers you if one of your employees is injured on the job or dies as a result of operating equipment at your business. Workers’ compensation can cover the employee’s medical expenses and can pay out death benefits to surviving family members.
Nationwide rates
What you pay for insurance coverage varies wildly from business to business, so getting a quote from a Nationwide agent is the best way to estimate your premiums and deductibles. Nationwide doesn’t disclose its rates on its website, so you’ll have to get in touch with the company to find out that information.
How does Nationwide compare to other small business insurance?
Next Business Insurance
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Cost
The best way to estimate your costs is to request a quote
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Policy highlights
Next covers small businesses in dozens of industries, and a number of different coverage types to choose from. Quotes and claims online make the process quick and digital-friendly.
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App available
Pros
- Wide variety of policies available and quotes are available online
- Certificate of insurance available online immediately
Cons
- Not ranked for customer satisfaction
Both Nationwide and NEXT offer business insurance coverage that spans multiple industries, including contractors, retail, food and beverage and more.
One key difference between the two companies is that NEXT lets you get a quote and purchase your policy completely online. You can also receive your certificate of insurance online. Nationwide, however, requires you to get in contact with an agent to purchase your policy. If you value convenience, NEXT may seem like a more appealing option since it allows you access to several processes online.
Nationwide vs. Hiscox
Hiscox Business Insurance
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Cost
The best way to estimate your costs is to request a quote
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Policy highlights
Hiscox offers a variety of policies for small businesses, including general liability, professional liability, business owner’s policies (BOP), workers’ compensation and medical malpractice. It also offers directors and officers (D&O) liability insurance, which many competitors do not.
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App available
Pros
- Can buy coverage, file claims and make policy changes online
- Multi-policy and work-from-home business discounts available
- Short-term liability insurance available for small businesses
Cons
- High volume of complaints according to the NAIC
- BOP insurance not available in many states
If you’re running a home-based business, Hiscox has coverage options that can help you save money while providing the protection you need. Coverage can be customized and in some cases, you may qualify for lower rates because you’re operating from your home.
How do I get Nationwide small business insurance?
One way to begin the process of getting coverage from Nationwide is to visit its website. You’ll be walked through a series of prompts to collect info on your business and insurance needs, and then an agent will get in touch with you for more details.
You can also schedule a call with an agent online or call 1- (888) 490 – 1549 to get started on your quote.
Frequently Asked Questions (FAQs)
FAQs
Do you need liability insurance to run a business?
General liability insurance isn’t required to run a business but it’s recommended. Not only can it protect your business’s finances under covered circumstances, but some clients may require you to have it in order to work with you.
What does small business insurance cover?
Small business insurance coverage depends on the policy you select. For example, workers’ compensation can cover the medical bills of employees who are injured while doing the job.
Should my small business have business income insurance?
Business income insurance provides you with income in the event your business has to shut down temporarily due to a covered loss (like from a fire or other disaster). It can be helpful for some businesses whose operations would be completely devastated by certain losses.
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At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every article is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of small business insurance products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics.
Editorial Note: Opinions, analyses, reviews or recommendations expressed in this article are those of the Select editorial staff’s alone, and have not been reviewed, approved or otherwise endorsed by any third party.
Based in New York, Stephen Freeman is a Senior Editor at Trending Insurance News. Previously he has worked for Forbes and The Huffington Post. Steven is a graduate of Risk Management at the University of New York.