Nationwide Business Insurance

Unsure what types of business insurance you need? With Nationwide agents in all U.S. states except Hawaii, you won’t have trouble getting a professional opinion. Nationwide insures businesses of all sizes with policies ranging from business liability insurance to auto, crime, and workers comp. This major insurer boasts perfect financial strength scores from A.M. Best and S&P, but its customer satisfaction scores are less stellar, according to the most recent J.D. Power studies. Compare quotes from the best business insurance companies to find out if Nationwide business insurance is the right fit for you.

The Claim

Nationwide’s business homepage claims “commercial expertise, superior claims service, [and] breadth of solutions.”

Is It True?

Yes, maybe not, and yes, respectively. Regarding “commercial expertise,” Nationwide has been in business over 90 years. The first policy, issued in 1926, offered business auto insurance for farmers. Since then, Nationwide has expanded to offer insurance products spanning home, auto, life, liability, and business, as well as several investment and banking products (so that’s a yes for “breadth of solutions.”) “Superior claims service” is tougher to substantiate. Nationwide tied for last place in J.D. Power’s most recent Large Commercial Insurance customer satisfaction study — and received 2 of 5 Power Circles in the claims category. In the Small Business Commercial Insurance study, Nationwide ranked third-to-last.

Product Overview

Best For

Business owners in agribusiness, construction, commercial real estate, and specialty care industries (Nationwide’s specialties)

Not For

Business owners in other industries who aren’t interested in customizing the standard business owner's policy (BOP)

Features

Types of coverage advertised
12
J.D. Power score - Large Business1
2/5 Power Circles
J.D. Power score - Small Business2
2/5 Power Circles
A.M. Best financial strength rating
A+
Standard & Poor’s financial strength rating
A+
Online quote available
Yes
Types of coverage - Nationwide
  • Business owner’s policy (BOP)
  • Business liability insurance
  • Commercial property insurance
  • Business auto
  • Crime insurance
  • Business interruption insurance
  • Business income insurance
  • Accounts receivable
  • Umbrella insurance
  • Equipment breakdown insurance
  • Cyber liability insurance
  • Workers compensation

1 Overall Satisfaction score in J.D. Power’s Large Commercial Insurance - Insurer Satisfaction (2017)
2 Overall Satisfaction score in J.D. Power’s U.S. Small Business Commercial Insurance Study (2017)

Many coverage options

Nationwide’s business owner's policy (BOP) is a convenient option for small businesses because it combines property, liability, and other common types of insurance in one customizable policy. Business owners can also opt to purchase the types of coverage they need individually or add industry-specific coverage with endorsements. Nationwide specializes in policies for agriculture, construction, care, food, and energy companies, but an agent can help you build a customized policy regardless of your industry.

Very strong financial ratings

Nationwide boasts some of the best financial ratings in the business insurance industry. (This is important because a financially stable insurance company is more likely to make good on large claims.) Nationwide Insurance garners A+ ratings for financial strength from both Standard and Poor’s and A.M. Best, two of the top rating agencies in the country. These ratings reflect a very strong to superior capacity to meet financial commitments. Moody’s, another top rating agency, gives Nationwide Insurance an A1 rating, indicating a low credit risk going forward. If you’re looking for an insurance company to rely on for the long haul, Nationwide is worth a careful look.

Dedicated telephone support for business policyholders

Virtually every major national insurance company provides 24-hour call-center support, but not all operate a dedicated telephone support line just for business insurance customers. Instead of talking to a support agent who may deal with life, auto, property, travel, and business insurance in the course of a single day, Nationwide business policyholders get to speak to experts who specialize in business policies.

Online tools and resources

While many insurance companies have yet to develop dedicated online services for business policyholders, Nationwide has made a concerted effort to provide the same level of online convenience most consumer auto and home insurance policyholders have long enjoyed. Log in to your Nationwide account to pay your monthly premium or set up an automatic recurring payment. Initiate a claim online at any time, and a claims agent will follow up with personalized telephone support soon after. Nationwide also delivers online policy access, a capability that remains pretty uncommon in the industry. Instead of searching through your file cabinet for policy documents or contacting your local agent for help, log in to your account and find the documents you need in seconds.

Possible Drawbacks

Inability to purchase online

You can start a Nationwide business insurance quote online, but you’ll have to agree to a sales rep callback to hear any concrete figures or purchase your policy. Lack of online purchasing is still common in the business insurance industry — though some insurers, like Geico and Allstate, have added the capability in recent years.

Lack of some industry-specific policies

While Nationwide offers insurance protection packages for businesses in more than 10 different industries, it does lack policy packages in some common sectors, including manufacturing and hospitality. The lack of policy packages for these industries doesn’t mean you’re ineligible for Nationwide business insurance — but you’ll need to work with a Nationwide agent to customize a suitable policy.

Customer service scores

For insight into customer satisfaction, we turn to J.D. Power, an agency that ranks the best companies in a variety of industries on several customer satisfaction metrics. In J.D. Power’s Large Commercial Insurance - Insurer Satisfaction (2017), Nationwide shared last place with AIG. It received 2 of 5 Power Circles in every category. It’s almost the same story in J.D. Power’s U.S. Small Business Commercial Insurance Study (2017), except for a slightly higher score (3 of 5 Power Circles) in the interaction category (which rates customers’ satisfaction with the insurer’s agents, website, or call center.)

The Competition

Nationwide Allstate Farmers
Types of coverage advertised
12
4
7
J.D. Power score - Large Business1
2/5 Power Circles
Not rated
Not rated
J.D. Power score - Small Business2
2/5 Power Circles
4/5 Power Circles
5/5 Power Circles
A.M. Best financial strength rating
A+
A+
A-
Standard & Poor’s financial strength rating
A+
A-
A
Online quote available
Online purchasing available
Types of coverage by insurer

Nationwide

  • Business owner’s policy (BOP)
  • Business liability insurance
  • Commercial property insurance
  • Business auto
  • Crime insurance
  • Business interruption insurance
  • Business income insurance
  • Accounts receivable
  • Umbrella insurance
  • Equipment breakdown insurance
  • Cyber liability insurance
  • Workers compensation

Allstate

  • Business owner’s policy (BOP)
  • Commercial property insurance
  • Business liability insurance
  • Commercial auto insurance

Farmers

  • Business owner’s policy (BOP)
  • Crime insurance
  • Business auto insurance
  • Workers compensation
  • Umbrella insurance
  • Employee life insurance
  • Loss control

1 Overall Satisfaction score in J.D. Power’s Large Commercial Insurance - Insurer Satisfaction (2017)
2 Overall Satisfaction score in J.D. Power’s U.S. Small Business Commercial Insurance Study (2017)

Nationwide vs. Allstate business insurance

While Nationwide offers sample policies online for a handful of industries, Allstate offers 36, from accounting services to medical offices and retail. This makes comparing coverage options online quick and simple. Explore Allstate’s business insurance offerings by business type for a detailed outline of different coverage options you might want to consider — and, more importantly, why each item is uniquely relevant to your business. Allstate fared better than Nationwide in J.D. Power’s U.S. Small Business Commercial Insurance Study, with 4 of 5 Power Circles for overall satisfaction (a score that equates to Better Than Most) and the second highest score in the study. (Farmers took first place.)

Nationwide vs. Farmers business insurance

In addition to its perfect customer satisfaction score, Farmers Insurance boasts a network of dedicated agents who only sell Farmers policies. (Other insurers work with independent agents; Nationwide recently announced it’s switching to this model.) While working with a dedicated agent has both pros and cons, it means your agent should have intimate working knowledge of Farmers products to better assist you in building your plan. Farmers’ industry “cheat sheets,” available online, equate common risks with coverage types, so you’ll know what types of policies to research (and what to ask about when you speak with a Farmers agent).

Nationwide Business Insurance FAQs

What types of business insurance does Nationwide offer?

Nationwide offers 12 types of coverage for business owners:

  • Business owner's policy (BOP)
  • Business liability insurance
  • Commercial property insurance
  • Business auto
  • Crime insurance
  • Business interruption insurance
  • Business income insurance
  • Accounts receivable
  • Umbrella insurance
  • Equipment breakdown insurance
  • Cyber liability insurance
  • Workers compensation

What factors affect business insurance rates?

As with other insurance products, your business insurance quote depends on several factors, including:

  • The location of your business
  • How many employees you have
  • Your industry
  • Your business’s financial and claims history
  • Your policy details (deductible, limits, endorsements, etc.)

What type of business insurance do I need?

That depends largely on your industry. For example, the owner of a rental fleet would need commercial auto insurance, while a company that handles sensitive consumer data might need specialized cyber liability insurance. Nationwide offers business insurance policies in 10 industries, but business owners in any industry can work with a local agent to customize their coverage.

The Bottom Line

Nationwide is a big name in insurance for a reason. It’s been around a long time and offers solutions for businesses large and small. Since insurance policies are highly individualized, it’s best to request quotes from several of the best business insurance companies before you purchase a policy.