Markel Business Insurance Review – Benzinga | Business Insurance

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Markel Insurance through Simply Business Ratings at a glance

Markel Corp. serves as a holding company for international operations in the insurance, reinsurance and investment sectors. It is made up of 16 companies operating through 80 offices spread over 18 countries. Specialty insurance is its main line of business and is offered through Markel Assurance, Markel Specialty and Markel International. Markel underwriters typically focus on special risks. Agriculture, Accidents, Commercial Property, Construction, Cyber ​​Liability, Directors and Officers (D&O), Errors and Omissions (E&O), Energy, Environment, General and Excess Liability, Ocean and Inland Sea, Personal Lines, Professional Liability, Small Business , trade, credit and workers’ compensation are among the areas the company lists as its specialties. The company also offers specialized personal insurance products, including insurance for bicycles, classic cars, events, ATVs, boats and weddings.

Markel Business Insurance Product Offerings

Markel Insurance offers a wide range of business insurance products to protect your small business, including general liability insurance, property insurance, and workers’ compensation insurance. In addition, the company’s small business insurance division is dedicated to developing affordable insurance policies for small business owners.

These are the commercial insurance offers available to Markel Insurance customers.

workers compensation

Workers’ compensation insurance protects employees and employers if an injury or illness occurs on the job. Most states require workers’ compensation when a business employs a specific number of people. Employees of your small business will benefit from the following benefits under Markel’s workers’ compensation policy:

  • lost wages
  • Legal advice and compliance services
  • funeral expenses
  • Health care and rehabilitation services.

PayGo payroll reporting is available as a Markel Specialty billing option. This automatic payment solution allows business owners to pay workers’ compensation premiums based on actual payroll rather than projected payroll, helping to mitigate the danger of a potentially significant audit premium.

Business Owner’s Policy (BOP)

Business Owners Policies (BOPs) are one of the most popular types of business insurance because they combine several types of coverage into one policy. The BOP package policy, for example, covers property damage, business interruption, and liability.

Not all commercial insurance companies allow the business owner to customize coverage options. For example, Markel Specialty’s EssentialBOP coverage comes with various coverage limits, deductibles, and payment options. In addition, Markel Specialty offers commercial general liability insurance that can be added to eligible Markel EssentialBOP policies, giving small business owners additional liability protection for the costs of major lawsuits and claims.

errors and omissions

Errors and omissions insurance protects companies from errors or negligence when giving advice, consulting or recommending something to a client. Tax preparers, business consultants, bookkeepers, interior designers, and printing services are examples of professionals who need E&O coverage.

Markel Specialty errors and omissions policies can cover up to $3 million in personal injury and other damages caused by negligent professional services. E&O insurance can also help pay for damage to person or property, sexual abuse, loss of income, and public relations costs and expenses.

professional liability

Each profession has unique responsibility needs. Engineers and accounting professionals have different needs. Markel Specialty offers three types of professional liability coverage. Depending on the occupation, professional liability coverage may include the following:

  • Professional Liability: Professional liability protects principals and the corporation from injury or property damage caused by a principal’s business or service, such as personal training.
  • Management Liability: Management liability protects the company, its directors and officers from lawsuits by employees, shareholders and third parties.
  • Errors and omissions: Errors and omissions insurance covers alleged negligent acts, errors or omissions in professional services.

Due to policy limitations and exclusions, Markel Specialty may not provide professional liability coverage for all types of businesses. Still, you can talk to a Markel Specialty agent about the different specialty liability coverage options available to you.

Markel will work with your small business to develop insurance solutions specific to your business needs and circumstances. Markel’s specialty programs include retailers, merchandisers, medical centers, restaurants, salons and spas, youth and children’s services, and contractors.

Markel Insurance offers its insurance customers several different methods to contact customer service, including:

  • By phone: To contact Markel Insurance by phone, call 800-842-5017.
  • Via email: To contact Markel’s customer service team via email, please use the contact us by email form.

You can file a claim with Markel Insurance any time of the day, seven days a week, by phone, online or by mail. To file a claim over the phone, call 800-362-7535. You can also submit a claim by email to [email protected] Markel offers a step by step guide for its policyholders on how to report a claim.

Markel does not provide product quotes on its website. To provide an accurate quote, specialty insurance companies generally need more specific information than conventional insurers because their policies cover less common types of property. The details of your business and the coverage you need will determine your insurance premium.

Industry, location, gross sales, number of workers, payroll, policy limits, deductible options, and claims history are just a few of the elements that can affect the cost of a home insurance policy. small companies. Contact a Markel agent to discuss the details of your desired insurance policy. You will also better understand the prices and deals they offer.

Most insurance companies offer discounts, such as package policies or completing a safety course, to offer you a lower premium. Be sure to ask if there are other discounts or coverages you could reduce to save money. Trusting an agent in this way can help you better understand your policy options.

Policyholders can expect to receive the following benefits of Markel business insurance:

  • Specialized insurance coverage designed specifically for niche industries
  • Claims service 24/7
  • 24/7 account service
  • Additional resources, including security services, HR training videos, and employee background checks

Markel Insurance offers a convenient user platform for policyholders to manage their accounts 24/7. From the user portal, you can:

  • Access, view and download policy documents, including proof of insurance
  • Make payments
  • Sign up for automatic payments
  • Find your agent’s contact information
  • Additional resources for policyholders include access through company partners to background checks, human resources training, driver training and safety meetings.

Markel also provides helpful articles for policyholders on his company blog, including important safety tips to prevent workplace accidents. You can also access the company’s online library of safety videos, webinars, and other resources.

Markel insurance versus competitors

Additional resources for Markel’s policyholders, such as its loss control services, set it apart from its competitors. Insurers that offer commercial insurance products similar to Markel Insurance include American Financial Group Inc., Berkshire Hathaway Inc. and Chubb Ltd.

  • Better for

    Additional Resources

    securely through Markel Insurance through the Simply Business website
  • Better for

    craft contractors

    securely through the American Builders Insurance website
  • Better for

    International Business

    securely through CNA Insurance through the Simply Business website
  • Better for

    Specialized Coverage

    securely via RLI through the Simply Business website

Markel Insurance has excellent financial strength ratings from major insurance rating organizations, including AM Best, S&P Global and Moody’s Corp. Markel Corp. is a global insurance, reinsurance and investment corporation. Markel Specialty has been operating as an insurance provider since its founding in 1930, making it a pioneer in the insurance market.

To this day, Markel Specialty remains committed to its original mission of providing a wide variety of insurance options for its policyholders. All 50 states are included in coverage. AM Best classifies the company with assets of $2 billion or more.

Markel Specialty has a stellar reputation as a trusted and forward-thinking leader in the insurance industry. Markel Specialty received an “A” rating from AM Best, the leading credit rating firm in the insurance industry worldwide, assuring policyholders that they are covered by a financially stable insurance provider.

what

Is Markel commercial insurance good?

A

Markel is a 90 year old insurance company that is a competent and trusted source for your business insurance needs. AM Best and the Better Business Bureau recommend Markel, which offers claims reporting online, by phone, and by mail 24/7.

A

Markel Insurance is not a General Management Agency (MGA). However, it does have an ownership interest in subsidiary companies such as The Hagerty Group LLC, an MGA specialty insurer.

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