Nationwide Business Insurance 2023 Review: Pros, Cons, Coverage Options

Nationwide business insurance

Nationwide Mutual Group underwrote the tenth most commercial insurance policies in the United States in 2021, totaling nearly $9.7 million in premiums according to the Insurance Information Institute. The company's business insurance offerings include everything from standard policies to specialized coverage for specific industries such as construction, retail, food and beverage, and more.

Nationwide may be a good fit for businesses that need specialized business insurance coverage, including fidelity bonds and surety bonds.

Nationwide business insurance: Pros and cons

Nationwide business insurance product types

Nationwide offers a wide range of business insurance products, which is helpful for small businesses looking to bundle several types of insurance.

Business owner's policy, or BOP

A business owner's policy combines several major components of insurance in one convenient package. Nationwide’s standard BOP includes basic business liability, commercial property, business income and equipment breakdown insurance. Each of these products can be purchased separately as well.

Nationwide recommends a BOP if some or all of the following criteria apply to you:

• Your business is located outside of your home.

• You have fewer than 100 employees and less than $5 million in sales.

• You have property or equipment you need to protect.

• You want to protect investments you've made in your business.

Nationwide offers customized BOPs for several industries that share common risks:

• Auto.

• Food.

• Office.

• Retail.

• Service.

• Wholesale.

Business liability insurance

Business liability insurance, also called general liability insurance, is a standard component of a BOP and protects you if you’re liable for someone’s medical expenses, attorney fees or damage when your company is at fault. Note that most business liability policies do not include employee injuries, vehicle-related incidents or intentional acts of harm, which fall under separate categories of insurance coverage.

If you want to purchase business liability insurance as a standalone product, Nationwide offers several basic plans customized for various industries. Additional commercial liability insurance options are called endorsements and can be added to your basic policy to provide the coverage you need.

Commercial property insurance

Nationwide commercial property insurance protects your physical place of business in the event of damage or loss. A commercial property policy through Nationwide will cover your building, inventory, furniture and equipment, as well as any signage, storage sheds, landscaping and fences.

Your commercial property coverage may also extend to property owned by others, depending on the event and the policy.

Commercial property insurance typically excludes certain events, such as broken glass or damage from earthquakes. If you want protection from these risks as well, you can upgrade your basic Nationwide commercial property insurance policy.

Commercial property insurance is included in a BOP, but also can be purchased as a stand-alone product.

Business income insurance

Business income insurance, also called business interruption insurance, protects your finances when your business operations are disrupted by circumstances out of your control. This type of policy can help you cover lost business income, payroll, taxes, loan and mortgage payments, temporary expenses such as overtime pay or relocation costs, and more.

Business income insurance is included in Nationwide BOPs and can also be purchased separately. However, Nationwide does not cover undocumented income, closures from power lines, losses from partial closures and any losses that are not covered under property insurance, such as floods or earthquakes.

Equipment breakdown insurance

Nationwide includes equipment breakdown insurance as a standard component of a BOP. This type of coverage protects you when you can’t use the tools that help you operate your business. Your equipment breakdown insurance can help pay for repairs or replacements, the cost of replacing any spoiled materials or goods, and other expenses that arise as a result of covered breakdowns.

As with the other types of coverage within Nationwide’s standard BOP, equipment breakdown insurance can also be purchased as an individual product.

Commercial auto insurance

Commercial auto policies are similar to consumer auto coverage, with up to five standard components: liability insurance, medical coverage, comprehensive, collision, and uninsured or underinsured motorist coverage.

Business owners who purchase commercial auto insurance through Nationwide can also add the following options:

• Roadside assistance.

• New vehicle replacement cost coverage.

• Hired auto physical damage with loss of use coverage, which covers vehicles you lease or rent.

• Auto loan or lease coverage.

• Expanded towing range coverage, as well as jump-starts and minor roadside repairs.

• Rental reimbursement.

• Medical payments or personal injury protection coverage.

Other coverage options

Beyond the essential coverage options listed above, Nationwide also offers the following products:

• Workers' compensation insurance, which is required in many states if you have employees and contractors.

• Employment practices liability insurance, which can protect you against employee lawsuits.

• Cyber liability, which protects you if your digital data is compromised in a cyber breach.

• Errors and omissions insurance is a type of professional liability insurance, and it can protect you in cases of negligence or copyright infringement.

• Umbrella insurance, or personal liability insurance, serves as a fail-safe when your other coverage runs out. For example, if you are responsible for paying a $1 million claim but your business liability insurance covers only $500,000, your umbrella policy could cover the remaining $500,000.

• Inland marine insurance protects goods you transport across land.

• Accounts receivable insurance protects you from any expenses related to unpaid payments from your customers, as well as any damaged accounts receivable records.

• Builder's risk insurance protects your construction projects from start to finish.

How to get a Nationwide business insurance policy

Signing up for a Nationwide insurance policy is relatively straightforward. You can either call Nationwide at 888-490-1549, or use the tool on its website to generate a customized quote in less than 30 minutes.

You’ll need to provide the following details for an accurate insurance quote:

• Basic information about your business, including your annual sales receipts.

• If applicable, construction details on any buildings you own including age, material and square footage.

• Employee information, as well as the number of workers you have on staff. In some states, you may also need to provide information on contractors who may be eligible for workers’ compensation.

• For commercial auto or fleet insurance, you will need to list your vehicle types, vehicle identification numbers and the names of any drivers.

• Details on any prior insurance claims your company may have made.

» MORE: How to get business insurance

Should you purchase Nationwide business insurance?

Insurance policies vary from company to company and from provider to provider. As with all vendors, it’s a good idea to collect quotes from several insurance providers and evaluate the estimates that make the most sense for your business.

You may want to consider going with Nationwide if several or all of the following characteristics are true of your company:

• Your business needs bonding services. Nationwide sells surety bonds and fidelity bonds, which are important components of construction business insurance and cleaning business insurance.

• You want to negotiate a multiple-policy discount. Nationwide offers virtually every type of business insurance, which may make it a good fit for businesses with broad insurance needs.

• You want to get a quote online. Nationwide policies are sold by independent agents around the country, but you can get a quote online on your own.