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Nationwide Insurance Review

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Our Summary

This Nationwide Insurance review looks at coverage options, regions served, and the company’s reputation. Nationwide serves a wide range of industries, helping business owners with businesses of all sizes get the coverage they need. Small business experts work with small business owners to help them navigate the matrix of possible commercial insurance options.  

Company Overview

Nationwide Insurance was founded in 1925. Its commercial insurance arm serves more than 500,000 small businesses across the country in a wide range of industries. Nationwide takes pride in being able to customize coverage for business owners based on their needs, not generalizations. They have a wide range of insurance products to cover just about every type of loss that a business owner may experience.  

Geographic Representation

Nationwide has independent agencies licensed across the country. It has licensed agents in all 50 states and the District of Columbia. Business owners will work with a local agent in the state of their business. 

Lines of Coverage

Nationwide offers a variety of insurance products to serve the needs of all sorts of businesses. 

The types of commercial insurance policies listed with Nationwide Insurance include: 

  • Business Owners Policy (BOP): Combines a general liability policy with a commercial property policy for one convenient product.  

  • Business Liability: Pays third-party claims of property loss and/or injury that the business is responsible for.  

  • Commercial Property: Protects the business’ building as well as the contents of the building, such as inventory, machinery, and office equipment. 

  • Workers’ Compensation: Pays medical expenses and lost wages when employees are hurt while working. 

  • Commercial Auto: Pays for liability losses and property damage in at-fault accidents with work vehicles.

  • Cyber Liability: Helps recoup expenses incurred due to a cybercrime or data breach.  

Top Industries Served

Nationwide works with a wide range of businesses, including contractors, food services, professional services, and retail stores. They also have policies for agriculture businesses, wholesalers, and auto service companies. If you are unsure if Nationwide can protect your business, it is worth getting a quote to find out. Nationwide has a wide appetite for small businesses. 

Premium Costs

Nationwide doesn’t advertise rates. To find out how much you will pay for a Nationwide policy, you will need to get a quote. Your premium rate will depend on several factors that include your location, revenues, industry, and claims history. Quotes are always free and just take a few minutes.  

Underwriting Process

The underwriting process requires that you complete a basic questionnaire about your business and provide your contact information. From there, a Nationwide representative will reach out to you to complete the quote. The questionnaire takes less than three minutes to complete. How quickly you get a call will depend on the agency you are paired with, as each agency has its own protocols and office hours.  

AM Best Ratings

An AM Best rating tells consumers how financially strong an insurance carrier is. Being financially strong means that the company is able to handle its claims load without going into financial trouble. Nationwide has an A+ (Superior) rating from AM Best, the highest rating possible. 

Complaint Index

The complaint index is maintained by the National Association of Insurance Commissioners (NAIC). It states a ratio of complaints based on market share. Nationwide has a complaint index ratio of 0.0 for commercial liability. This means that they had no complaints in this area of business. The complaint ratio remained at 0.0 for the years 2019 to 2021. 

Reputation

We look at third-party reviews of customers who have dealt with Nationwide. On WalletHub, Nationwide has a 3.7-star rating. Many of the reviews are about personal insurance, not commercial lines making it difficult to discern whether consumers really like the commercial products. Nationwide is accredited by the Better Business Bureau and has a 1.14-star rating out of 195 reviews. It had 65 complaints closed in the past 12 months. 

Concluding Thoughts

Nationwide offers coverage across the country for businesses of all shapes and sizes. They believe in customizing the coverage to make sense to the company's needs, which helps keep costs down. Their website is filled with excellent resources that can help a business reduce risk and better protect them from unwanted losses. 

Methodology

CommericalInsurance.net employs its own independent research to come up with the details for reviews. We do this so that you can have as many insights as possible about a company so that you can make the best decision for your commercial insurance. We take into consideration the company’s history and where they serve. We want to highlight the appetite that a company has as this suggests where business owners can get the most competitive rates. Where possible, we include premium data. From there, we take into account formal complaints, and financial strength ratings along with public reviews painting a broad picture of the company’s reputation.

Very helpful and their customer service is top notch! Very pleased with their service.
Charla Weatherford
Hands of Hope Adult Homecare, LLC
The entire process was very easy....from initial quote to signing the policy. Their rates were very competitive. Thanks for protecting me and my business!
R Luscombe
The entire process was very quick and professional.
MICHAEL HINES