Nationwide Business Insurance reviews, pros and cons


Based on Nationwide Business Insurance reviews, it ranked third among customers for small commercial insurance, scoring 854 out of 1000 points in 2024. Its business policies are highly customizable and you can tailor it to meet the specific needs of your business. Most of the negative reviews focus on either policy cancellation or coverage denial in a claim.

1 minute Nationwide Business Insurance Review

Nationwide has been helping people protect what’s important for more than 90 years. It was founded in 1926 as Farm Bureau Mutual Automobile Insurance Company and sold its first policy in the same year. It expanded its business to 12 states and Washington, D.C. in 1943. In 1997, Nationwide Financial (NFS) openly traded as a public company. In 2002, it introduced the industry’s first sales system to include a simplified sales and underwriting process for variable universal life insurance.

Nationwide Business Insurance is a reliable and respected option for businesses seeking comprehensive coverage and access to local agents. Their website navigation and claim processing might need improvement. Their strong financial backing, competitive rates, and risk management resources offer valuable benefits.

Nationwide business insurance reviews claims 2024
Nationwide business insurance

Based on Nationwide Business Insurance reviews, it ranked third among customers for small commercial insurance, scoring 854 out of 1000 points in 2024. It offers various policies, including specialized coverage for specific industries such as construction, retail, food and beverage, and more. Nationwide is a suitable option for businesses that require specialized business insurance coverage, such as fidelity bonds and surety bonds.

Nationwide has received positive feedback from its customers for its business insurance offerings. Based on Nationwide insurance reviews, its business policies are highly customizable and you can tailor it to meet the specific needs of your business. However, it is important to note that Nationwide’s online features are limited, and you cannot purchase a policy online. You will need to call Nationwide or your agent to request a certificate of insurance or add insured.

Nationwide Business Insurance Pros and Cons

Pros

  • Extensive Coverage: Nationwide offers a comprehensive suite of products, including property, liability, workers’ compensation, cyber liability, and more. This one-stop shop simplifies your insurance needs.
  • Strong Financial Backing: Nationwide is a reputable insurance company with a long track record and a strong financial rating. However, ensuring peace of mind knowing your claims will be handled reliably.
  • Competitive Rates: While not always the cheapest, Nationwide often offers competitive rates, especially for bundled policies and businesses with good safety records.
  • Local Agent Network: Nationwide has a nationwide network of experienced agents who can provide personalized advice and support tailored to your specific business needs.
  • Risk Management Resources: Nationwide offers valuable risk management resources and tools to help you prevent accidents and losses, potentially lowering your insurance costs in the long run.

Cons

  • Not the Most Customizable: Compared to some competitors, Nationwide may offer less flexibility in tailoring policies to specific needs.
  • Website Navigation: The company website can be complex and overwhelming for users unfamiliar with insurance terminology.
  • Claim Processing: Some customer reviews mention slower claim processing times compared to other companies such as Next Business Insurance Company.
  • Limited Online Policy Management: Although online quoting is available, managing existing policies online is limited compared to some competitors.

Coverage Options and Cost

Nationwide offers a range of business insurance products for companies of all sizes. Including workers’ compensation, commercial auto insurance, commercial agribusiness insurance, and more. As a business owner, you need business insurance to protect yourself, your employees, your customers, your assets, and the future of your company. Without it, any one of those examples could jeopardize the future of your business.

Nationwide’s website provides more information about the types of products and services they offer, why you need business insurance coverage, how to get a quote, and what types of risks your business may face. You can also find a business agent to help you with your insurance needs.

Nationwide Business Owners Policy (BOP)

Business Owners Policy (BOP) is a comprehensive package that combines business liability, commercial property, business income, and equipment breakdown coverages into one cost-effective package for businesses. BOPs can be general or personalized to meet your business’s industry-specific needs. Standard BOPs include commercial property, business liability, business income, or equipment breakdown insurance. The average cost of a BOP insurance policy is around $684 annually. However, the cost can range from $500 to $4,900 depending on the business’s unique risks and exposures.

Nationwide Commercial property insurance

Commercial property insurance can help protect your business’s building, as well as any commercial property surrounding the building and the contents within. These assets may include fencing, signage, furniture, equipment, and inventory. If a covered event—such as a fire, burst pipe, storm damage, or vandalism—damages or destroys your business’s building or its contents, commercial property insurance can recoup the cost of rebuilding, repairing, or replacing the property. The median cost of it is around $67 per month or about $800 a year. See also Cheapest Home Insurance Companies in USA.

Nationwide Commercial auto insurance

Commercial auto insurance is another type of coverage that can protect the vehicles your business uses to conduct its operations—including cars, trucks, vans, and more. Commercial auto insurance typically includes three forms of coverage: Auto liability coverage, physical damage coverage, and uninsured motorist coverage. There is no overall average cost of commercial auto insurance. The cost depends on several factors, including how much coverage you need, the vehicle makes, model and year, gross vehicle weight, and driving records for all drivers. Also, it depends on what the vehicle is being used for, claims history, coverage options, including limits and deductibles, and the number of commercial autos being insured. See also Cheapest car insurance companies in USA.

Nationwide’s business liability insurance

Nationwide’s business liability insurance provides reimbursement for the resulting medical, repair, and legal expenses if your business held liable for injuring someone or damaging their property. For example, if a customer slips and injures themselves on your property, business liability insurance can help pay for any medical costs or lawsuits that may arise from the incident. Such a policy can also be supplemented with additional coverage endorsements—including fire legal liability and employment-related practices liability—based on your business’s unique risks and exposures. The cost of general liability insurance can be less than $50 per month.

Insurance meaning and types

Nationwide business insurance claims

If you need to file a business insurance claim with Nationwide, you can do so by visiting their Business Insurance Claims Center. Nationwide’s online features for filing claims are limited, but you can file a claim online or call 1-800-421-3535. ConsumerAffairs has around 30 reviews for Nationwide small business insurance, with a total score of 3.9 out of 5 stars. Most of the one-star reviews focus on either policy cancellation or coverage denial in a claim.

There are two key aspects to consider when filing a Nationwide business insurance claim: the claims process itself and customer experiences.:

Nationwide Claims Process:

  • Reporting a Claim: You can report a claim online, by phone, or through your local agent. Nationwide emphasizes 24/7 availability for claim reporting.
  • Initial Investigation: A claims adjuster will be assigned to your case and will contact you to gather information and assess the situation.
  • Documentation: Gather relevant documents like invoices, receipts, and photos to support your claim.
  • Claim Decision: The adjuster will evaluate the information and determine whether your claim is covered and for what amount.
  • Payment: If your claim is approved, you’ll receive payment in the form of a check or direct deposit.

Nationwide Business Insurance Claims Customer Experiences:

While Nationwide highlights a streamlined claims process, customer experiences can vary. Here’s a summary of what various sources indicate:

Positive Business Insurance Claims Reviews:

  • Quick and efficient communication: Some customers praise the prompt response from adjusters and clear communication throughout the process.
  • Professional and helpful adjusters: Positive reviews mention knowledgeable and supportive adjusters who guide customers through the process.
  • Fair claim settlements: Some customers report receiving fair and satisfactory settlements for their claims.

Business Insurance Claims Negative Reviews:

  • Delays in processing: Certain reviews mention longer than expected wait times for claim processing and final decisions.
  • Difficult communication: A few customers report challenges connecting with adjusters or experiencing bureaucratic hurdles.
  • Low settlements: Some negative reviews express dissatisfaction with the offered settlement amount.
Nationwide business insurance reviews pros and cons
Nationwide business insurance reviews

Customer Reviews

Positive Nationwide Business Insurance Reviews

  • I’ve had great experiences with Nationwide Insurance customer service, which I believe is the best in the business. Their representatives are quick to respond and provide helpful answers to all my queries. The range of policies they offer for businesses is impressive, and they can even customize a policy that meets my company’s specific needs. When it comes to policy-making, they are thorough and cover everything from A to Z. Although Nationwide is not the cheapest, their pricing is reasonable and they are willing to work with you to keep the costs down. They also provide educational resources to help you make informed decisions when buying business insurance. While I haven’t filed a claim yet, I feel confident that the claim process would be fast and accurate if I ever did.
  • “They have really great customer service. They are always willing to help and answer questions, making them a great company to do business with. I would recommend them to all my friends as one of the best business insurance companies for LLCs. They offer a wide range of services and are very willing to help you pick the one that meets your needs the most. Their pricing is very good, and they offer great deals all in one place. I suggest you look here first to get a great deal with lots of help with the services you need. The process is very easy and they don’t drag it out like a lot of companies do. They are always there to help make sure you don’t have a lot of problems.”
  • The customer service agents were exceptionally polite, kind, and helpful. They were also very knowledgeable and seemed to genuinely care about my needs. They were friendly and provided great assistance throughout the process. There are a variety of business insurance plans available to meet different needs based on the business type and insurance requirements. However, I wish there was an option to customize the plan a bit more. Overall, I believe the price is very reasonable and competitive. The service you receive justifies the cost of the plan you choose. While I haven’t submitted a claim yet. I am confident that the claims process would be smooth based on my previous experience and the excellent customer service they provide.

Positive Nationwide Business Insurance Reviews part 2

  • I’d be happy to help you rewrite the text you provided. Here’s a clearer version with corrected spelling, grammar, and punctuation errors:”I have had a great experience with my local insurance agent from Nationwide. They offer us excellent coverage at extremely low prices, and their customer service is friendly and helpful. I would recommend this company to anyone I know. Our coverage includes our home, our adjoining sports card store, and our two cars – a Ford and a Chrysler. Additionally, the policy covers any issues that may arise with customers entering our business. The prices we pay are the lowest we have been able to find, and our local agent makes any necessary adjustments easy to manage. We have been with Nationwide for over twenty years. And if any issues were to arise, we know that we can simply visit our local agent for assistance. They work with us in person to help solve any problems we may encounter.”
  • The staff at this business were very knowledgeable and seemed to have years of experience working there. They were always ready to answer any questions I had and were also very friendly. Although there were not many options for business insurance coverage programs. The ones they did offer were very relevant and exactly what my company needed.
  • I spoke with several individuals who were extremely helpful and knowledgeable about business insurance. Initially, I was not well-versed in this area. However, they provided me with all the necessary information and guidance. There were various policy options available for my small business, which was important to me as I required affordable coverage. While the price was reasonable, I would have preferred more coverage for the same amount of money. Nonetheless, compared to other companies, I believe I received the best value for my money.
  • The service I received was excellent and I was able to get the insurance I needed quickly. They were very responsive to my calls and I would definitely recommend them to my friends and co-workers who are looking for insurance. They offer coverage for home, car, property, wind damage and even motorcycle insurance. I also appreciate that they offer home insurance for all aspects, including flood and water damage. The price I am paying for the amount of coverage I am receiving is fair and I am satisfied with all the coverage I have.

Nationwide Business Insurance Negative Reviews

  • I was looking for a company to switch my business insurance to, so I called Nationwide and got a quote. The salesman was supposed to email me the quote which I never received so I messaged him and still did not hear back. After a month or so I called Nationwide again and was told that the salesman I had would get back with me. I told them I had already messaged him and never heard back but I was REASSURED that Chris would call me back asap. I have now been waiting for 3 days to hear back…. If you don’t want my business well this is exactly how to go about it.
  • We had a major toilet backup requiring new pipes and destroying the entire 1800 sq ft of office space with feces leading to a massive cleanup and cost to renovate and 11 weeks of lost revenue. Even with lost revenue insurance of up to 1yr, Nationwide would not pay a dime requiring us to hire an attorney and requiring us to file suit. They clearly don’t give a darn about you or small business les and are “not on your side”.
  • After only a few weeks of coverage, I received a Notice of Cancellation. I called the number on the letter asking for clarification but the rep could not find a specific reason. I’ve found my experience with Nationwide extremely unprofessional and disappointing, to say the least. When I signed up for insurance with Nationwide, the rep seemed enthusiastic about my brand and was quick to get me coverage. As soon as I sent them payment, it was difficult to get the certificates I needed and now my insurance coverage is cancelled. Can you imagine how horrible it would’ve been if I actually needed to file a claim? This company is not dependable. When I was looking for insurance, I went on here to read the reviews. If you are in the same position trying to find an insurance company for your business – LOOK ELSEWHERE.

Negative Nationwide Business Insurance Reviews part 2

  • They wrote me a policy for my commercial insurance policy and assured me that I was covered and after two months dropped my policy for no reason. I called and ask because I just had received my paperwork in the mail a month prior. Never got a response back from agent out of the Decatur, Alabama office. I was upset but I got other insurance now. Thank God for other companies.
  • I called Nationwide for a quote on a commercial property I have. The agent and I went over the property, the history of the property, and every detail pertaining to this property. As well as the specific types of business insurance and coverage needed. We spoke daily and finally a quote was given to me which was a reasonable quote so I proceeded with the underwriter and they actually downgraded our coverage to another insurance policy we had so I thought great. Only to find out that now for some unexplainable reason the amount doubled from the quote!! I have excellent credit with no outstanding debts!?! They wasted a week of my time with no indication that the policy would cost more than their initial quote. And gave no reason why it doubled! Does anyone at Nationwide have any integrity? Shameful.
  • If you are looking for a company that is good and is truly on your side, Nationwide is not the company for you. They will quote one thing, then stick you with another, first chance they get.

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