How quickly can I get a quote with CoverWallet for Agents?
Over 90% of quotes are generated instantly after submitting an application online if the business is within appetite and underwriting criteria. Quotes that require an underwriter review are typically available within 24 hours.
How quickly can I receive policy documents once I bind a policy?
Policy documents are in most cases generated instantly once coverage is bound online.
How much does it cost to use CoverWallet for Agents?
It is completely free to use the platform.
What are the requirements to become a CoverWallet for Agents user?
Signing up to use CoverWallet for Agents is simple. All you need is a license in the state(s) where you do business and to show that you have Errors & Omissions coverage with a limit of at least $1M with a carrier that has an A.M. Best Rating of A- or higher.
What lines of business are available on the platform?
There are many different lines of business available through the platform including Business Owner’s Policy, General Liability, Workers Compensation, Professional Liability/E&O, Cyber Liability, Special Events, and more. Additional lines of business are added regularly.
What is the appetite like for CoverWallet for Agents?
There is broad appetite for businesses including artisan contractors, service providers, retailers, wholesale distributors, professional services, media & telecommunications, technology, healthcare, lessor’s risks, clubs/associations, and more.
Is there an appetite guide? How do I know what types of business I can place?
Agents who have been onboarded to the platform have access to a comprehensive, dynamic online appetite guide. By simply searching for a specific class and state, you can see the appetite and likelihood of getting an instant quote.
How is commissioned determined?
Commission rates are highly competitive and based on the carrier and line of business. Please contact us below to request additional information on rates.
When are commissions paid?
Commissions are paid to your agency within a month of CoverWallet receiving commission from the carrier for that account.
Can I charge a broker fee?
Any broker fee is between you and your customer. Broker fees are handled outside of the CoverWallet for Agents platform and must be compliant with your state laws.
Which carriers are on the platform?
CoverWallet for Agents works with a number of national carriers on the platform, including Chubb, Starr, Blackboard, AmTrust, CNA, Hiscox, BCS, and Guard, with more being added to the platform regularly. All carriers have an A.M. Best Rating of A or higher.
Who owns the relationship with the customer?
You as the agent own the customer relationship and the expiration of the account.
Will CoverWallet ever reach out to my customers during or after sale?
CoverWallet will not contact your customer except to share policy documents at the time of bind or alert them if their payment method fails.
Who is the broker of record? Does CoverWallet appear on the policy?
CoverWallet is the broker of record since it holds the direct appointments with the carriers. In the event a customer reaches out to CoverWallet, we provide them with your contact information.
What types of devices are compatible to access CoverWallet for Agents?
You can access the platform from any device including mobile, tablet, and desktop.
What states are you in?
CoverWallet for Agents is live across the continental U.S. in 48 states and the District of Columbia with the exception of Alaska and Hawaii.
Do you have personal lines?
CoverWallet for Agents is currently focused on commercial P&C coverage and does not have personal lines of insurance at this time.
Why CoverWallet for Agents
quoting, binding & servicing
Convert more leads
into customers faster
Increase your profits
at the click of a button