Travelers Small Business Insurance Review
Last Updated on January 24, 2023
Research has shown that workplace accidents are more likely to occur in small businesses than in larger ones. These may take the form of slips and falls within the premises or injuries sustained while operating dangerous machinery.
Photo Credit: Travelers
Given the potential danger of these types of accidents, it is not surprising that Travelers was founded in 1864 with the express purpose of covering these kinds of incidents. With over 150 years of experience dealing with workplace accidents, Travelers understands the unique challenges faced by employers and workers and has become a leading provider of business insurance products for this highly specialized market.
From offering tailored coverage for specific types of businesses to services such as premium audits, Travelers works tirelessly to keep small businesses safe and minimize their risk of harm. And, by offering comprehensive coverage options at competitive rates, they help to ensure that all workers can have peace of mind, knowing that their livelihoods are protected should an accident occur.
So if you are looking for a trusted provider who understands your particular needs as a small business owner, look no further than Travelers. Their team will work tirelessly to protect you from workplace accidents and help you get back on your feet quickly if they do occur.
In this Travelers business insurance review, we take a look at the importance of insurance for business owners, its various forms and cost, and other pertinent information for you to decide if Travelers is the suitable provider for your small business.
Table of Contents
Why Accidents are a Big Problem for Uninsured Small Businesses
Coverage Offerings by Travelers
The Availability of Travelers Small Business Insurance
Why Get Management Liability?
Travelers Policy Cost and Pricing Factors
Obtain a Quote from Travelers
Travelers Insurance Company Rating
Make a Claim with Travelers
Three Other Options for Small Business Insurers
Bottom Line
Why Accidents are a Big Problem for Uninsured Small Businesses
Accidents can be a major challenge for small businesses of all types, whether they are in the manufacturing industry, the service sector, or another field. One key reason for this is that many small businesses are not adequately insured against accidents and other workplace hazards. This can lead to financial losses and legal complications that can cripple a business.
Additionally, an uninsured company may face steep penalties and fines if one of its employees gets hurt on the job. The bottom line is that avoiding accidents is crucial for any small business, but this becomes even more important for those that lack adequate coverage. By putting safety measures in place and maintaining careful oversight of operations, companies can help to minimize their risk of accident-related downtime and costly lawsuits. With these measures in place, they should be able to achieve greater success while minimizing their exposure to risk.
Coverage Offerings by Travelers
Travelers offers a wide range of coverage options for small businesses, including:
Commercial Auto Insurance: Commercial auto insurance is a type of insurance that is designed to cover vehicles used in business or commercial activities. Trucking companies, for example, typically need to purchase commercial auto insurance in order to protect their fleets from risks such as accidents and damage. This particular coverage option typically covers a wide range of potential damages, from vehicle repairs and property damage to medical costs and liability claims.
Management and Professional Liability Insurance: These types of liability are specific to certain sectors or industries, such as healthcare or legal services which are at risk of professional liabilities, errors and omissions, and malpractice claims. Management liability, in particular, covers business leaders and executives in the event of lawsuits related to their management decisions.
Cyber Insurance: Whether you are a small startup or a large multinational corporation, investing in cyber protection is one of the smartest ways to stay protected in the modern world. This protects you from costs related to cyber incidents such as attacks and data breaches.
Commercial Property Insurance: Commercial property insurance is designed to protect the physical assets of a business, such as its buildings, machinery, and equipment. Commercial property coverage typically covers losses due to fire, natural disasters, theft, or vandalism.
Workers’ Compensation Insurance: Workers’ compensation insurance is a vital part of any business, providing important financial protection for employees in the event that they are injured or become ill as a result of their work. This form of protection helps to ensure that workers can get the medical treatment and financial support that they need to recover from their injury or illness and return to work as quickly as possible.
General Liability Insurance: General liability insurance is an essential tool for protecting businesses from various types of risks and hazards. This type of coverage provides coverage for a range of different situations, including liability lawsuits and damage or injury caused by employees.
Small Business Owners’ Policy: A small business owner’s policy or SBOP is a comprehensive insurance package that offers customized coverage for all of the risks associated with running a small business. It typically includes liability and property coverage with the option to include other critical protections such as workers’ compensation coverage, data breach protection, and cyber liability insurance.
Beyond these coverages, Travelers also provides surety bonds to assist small businesses in securing contracts, as well as solutions such as risk management and loss control. By carefully assessing your business’s unique risks and needs, Travelers can help you create a customized insurance plan that will provide the right protections for your company.
The Availability of Travelers Small Business Insurance
Travelers insurance may not be available in some states such as Alaska, North Dakota, South Dakota, West Virginia, and Wyoming. However, it would be best to check with a local agent or insurance representative to confirm if the coverages you are looking for are offered in your area.
Why Get Management Liability?
In today’s fast-paced business environment, executives and leaders face unique challenges and risks on a daily basis. Whether they are managing projects, making crucial decisions, or overseeing the day-to-day operations of their organization, all of these tasks carry a certain degree of risk. This is why it is so important for executives and leaders to have the right kind of insurance in the form of management liability.
This type of insurance helps to mitigate the risks associated with leadership roles, protecting executives against legal claims related to employment practices, personal liability, and more. It provides financial support in the event that an employee sues for wrongful termination or sexual harassment, or if a client or customer brings suit against an organization for negligence or breach of contract. And since every situation is different, management liability can be tailored to meet individual needs by incorporating things like directors’ and officers’ coverage, fiduciary coverage, cyber liability insurance, and more.
Travelers Policy Cost and Pricing Factors
Travelers business insurance cost will vary based on a number of factors, including the industry in which a business operates, its size and location, the level and type of coverage chosen, and the claims history of the business. However, you can expect to pay upwards of $100 monthly if your business involves vehicles.
However, Travelers’ customizable policies allow for flexibility in finding the right balance between coverage and cost for your unique business needs.
Choosing the right policy for your small business is an important decision, and it can be a complex process. That’s why working with a knowledgeable agent or representative can make all the difference in finding the best coverage for your specific situation and budget. To learn more about Travelers small business insurance options, reach out to one today.
Obtain a Quote from Travelers
Although Travelers offers online quotes for cars and individuals, they recommend finding an agent for commercial insurance.
On the bright side, you could easily be connected to independent insurance agents by entering your ZIP code on their website.
Travelers Insurance Company Rating
AM Best has rated Travelers A++ while Standard and Poor’s gave them an AA rating. Overall, Travelers has a solid reputation for financial strength.
Make a Claim with Travelers
As opposed to their quoting process, filing a claim for small businesses with Travelers can be done online.
Specifically, they request you to select the type of claim you would like to file and allow you to proceed either through their website or via email or phone.
Regardless of what option you choose, Travelers has ensured that policyholders are fulfilled with their swift and seamless claims process.
Three Other Options for Small Business Insurers
Besides Travelers, you may also want to consider State Farm, Chubb, and GEICO for your small business needs. These business insurance companies also have solid financial ratings and offer customizable coverage options. Ultimately, though, it is important to do your research and compare quotes to find the best fit for your business.
Remember to consider factors such as cost, industry experience, customer satisfaction, and the level and type of coverage needed for your specific business. With the right coverage in place, you can protect yourself and your business against potential risks and unexpected events.
State Farm
State Farm is one of the largest and most well-known insurance companies in the world. Founded over 100 years ago, State Farm has become trusted by millions of people for their auto coverage needs.
However, the company’s purpose goes beyond auto insurance in that they help individuals and families protect what they value most: their cars, homes, and businesses. And with a reputation for outstanding customer service, you can trust that State Farm will work hard to not only keep you safe on the road but also that your business is protected even in usual activities such as when you construct buildings, hire employees, or use vehicles to transport goods and/or travel.
Chubb
Chubb is a leading insurer for small business owners, offering coverage options such as business property insurance, general liability, and professional liability protection. They also have a wide range of industry expertise, with specialized insurance options for industries such as construction, retail, real estate, and technology.
Chubb offers the widest range of coverage options that could extend globally and even includes political risk and environmental liability. They are available in 54 countries so if your business is a multinational enterprise, Chubb may be the way to go.
GEICO
When it comes to selling auto insurance policies, GEICO has emerged as Travelers’ biggest competitor. GEICO may be best known for its auto insurance, but they also offer coverage options for small businesses. From property and liability insurance to workers’ compensation and commercial auto insurance, GEICO can help protect your business against various risks. However, Geico does not offer an online quoting process and requires you to get connected with a local agent to get insured. This may be something to consider especially if you prefer convenience, although this insurer still features online claims processing and monitoring.
Additionally, GEICO offers medical malpractice coverage while Travelers does not, so if you are in the business of health and wellness, it may make more sense for you to go with this company.
Bottom Line
Coverage is a critical part of ensuring that you are protected in the event of unexpected accidents or mishaps. Whether it is property protection to provide financial security in the event of damage to your assets to professional liability coverage to protect your services and reputation, having adequate coverage is essential.
As one of the leading providers of insurance products and services, Travelers has had a long history of helping businesses and individuals to protect themselves against all kinds of risks. Because no one is perfect, even the best businesses make mistakes that can cost them dearly. Travelers provides outstanding protection against lawsuits, accidents, and other financial disasters that can strike without warning. With protective policies in place, you’ll have peace of mind knowing that your business is safe from harm.
Therefore, when looking for coverage for your small business or personal needs, make sure to consider Travelers. Their dedication to protecting individuals and businesses against accidents and risk makes them the premier choice in today’s market.