Markel Business Insurance Reviews Ratings at a Glance
The Markel Corp. serves as a holding company for international operations in the insurance, reinsurance and investment industries. It consists of 16 companies that operate through 80 offices in 18 countries. Specialty insurance is its main line of business and is offered by Markel Insurance, Markel Specialty and Markel International. Markel’s underwriters typically focus on specialty risks. Agriculture, damage, commercial property, construction, cyber liability, directors and officers (D&O), errors and omissions (E&O), energy, environment, general and excess liability, ocean and inland marine, personal lines insurance, professional liability, small business , trade credit and workers’ compensation are some of the areas the company considers to be its specialties. The company also offers specialty personal insurance products, including bicycle, classic car, event, all-terrain vehicle, watercraft and wedding insurance.
Markel Insurance offers a wide range of commercial insurance products to protect your small business, including general liability insurance, property insurance and workers’ compensation insurance. Additionally, the company’s small business insurance division is dedicated to developing affordable insurance policies for small business owners.
Here are the commercial insurance offers available to Markel Insurance customers.
Workers’ compensation insurance protects employees and employers in the event of an accident at work or illness. Most states require workers’ compensation when a business employs a specific number of people. Employees of your small business will receive the following benefits under Markel’s Workers’ Compensation policy:
- Lost salary
- Legal advice and compliance services
- Funeral expenses
- Medical care and rehabilitation services
PayGo payroll reports are available as a billing option from Markel Specialty. This automatic payment solution allows business owners to pay workers’ compensation premiums based on actual payroll rather than forecast payroll, helping to mitigate the risk of a potentially significant audit.
Business Owner Policy (BOP)
Business owners’ insurance (BOP) policies 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 civil liability.
Not all commercial insurance companies allow the business owner to customize coverage options. For example, Markel Specialty’s EssentialBOP coverage includes various coverage limits, deductibles, and payment options. Additionally, Markel Specialty offers umbrella commercial liability insurance that can be added to eligible Markel EssentialBOP policies, providing small business owners with additional liability protection for the costs of large claims and lawsuits.
Errors and omissions
Errors and omissions insurance protects businesses against error or negligence when giving advice, consulting or recommending something to a client. Tax preparers, business consultants, accountants, interior designers, and printing services are all examples of professionals who need errors and omissions coverage.
Markel Specialty’s errors and omissions insurance policies can cover up to $3 million in personal injury and other damages caused by negligence in professional services. Errors and omissions insurance can also help pay for damage to person or property, sexual abuse, loss of income and expenses, and public relations expenses.
Every profession has unique liability needs. Engineers and accounting professionals have different needs. Markel Specialty offers three types of professional liability coverage. Depending on the profession, professional liability coverage may include the following:
- Professional Liability: Professional liability protects principals and the company if injury or property damage arises from 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. However, you can speak to a Markel Specialty agent about the various 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, merchants, medical centers, restaurants, salons and spas, services and entrepreneurs for youth and children.
Markel Insurance offers its insurance customers several different methods of contacting customer service, including:
- By telephone: To contact Markel Insurance by phone, call 800-842-5017.
- By email: To contact the Markel customer service team by email, use the contact email form.
You can submit a claim with Markel Insurance any time of the day, seven days a week, by phone, online or by mail. To file a claim by phone, call 800-362-7535. You can also file a claim by email to firstname.lastname@example.org. Markel provides a step-by-step guide to 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 accurate information than traditional insurers because their policies cover less common types of property. The specifics of your business and the coverage you need will determine your insurance premium.
Industry, location, gross sales, number of employees, payroll, policy limits, deductible options and claims history are just some of the things that could affect the cost of a small business insurance policy. Contact a Markel agent to discuss the specifics of the desired insurance policy. You will also better understand the prices and offers they offer.
Most insurance companies offer discounts, such as bundling policies or taking a safety course, to give you a lower premium. Be sure to ask if there are any other discounts or coverages you could discount to save money. Talking to an agent this way can help you better understand your policy options.
Policyholders can expect to receive the following benefits from Markel Trade Assurance:
- Specialized insurance coverage designed specifically for niche industries
- 24/7 complaints service
- 24/7 account service
- Additional resources including security services, HR training videos and employee background checks
Markel Insurance offers a convenient user platform allowing 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 the contact details of your agent
- 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 its corporate blog, including important safety tips to prevent workplace accidents. You can also access the online library of safety videos, webinars, and other company resources.
Markel Insurance against its competitors
Markel’s additional resources for policyholders, such as its claims control services, set it apart from its competitors. Insurers offering commercial insurance products similar to Markel Insurance include American Financial Group Inc., Berkshire Hathaway Inc. and Chubb Ltd.
Markel Insurance has excellent financial strength ratings from major insurance rating agencies, including AM Best, S&P Global and Moody’s Corp. Markel Corp. is a global insurance, reinsurance and investment holding company. Markel Specialty has been operating as an insurance provider since its inception 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 to its policyholders. All 50 states are included in coverage. AM Best classifies the company as having assets of $2 billion or more.
Markel Specialty enjoys an excellent reputation as a reliable and progressive leader in the insurance industry. Markel Specialty has been awarded an ‘A’ rating by AM Best, the world’s largest insurance industry credit rating company, assuring policyholders that they are covered by a financially stable insurer.
Is Markel Trade Assurance Good?
Markel is a 90-year-old insurance company that is a knowledgeable and reliable source for your commercial insurance needs. AM Best and the Better Business Bureau recommend Markel, which offers 24/7 online, phone, and mail claim reporting.
Markel Insurance is not a General Management Agency (MGA). However, it has a stake in subsidiaries such as The Hagerty Group LLC, a specialty insurance MGA.