Berkshire Hathaway – Best for Self-Employed
Berkshire Hathaway was initially a holding company that had several other businesses. But in 2013, its chairman and CEO, Warren Buffet, announced the expansion of Berkshire Hathaway into insurance and the rebranding as Berkshire Hathaway Specialty Insurance (BHSI). The idea was to venture into commercial insurance and make it substantial and everlasting for the businesses.
Since then, Berkshire Hathaway has remained a trusted business worldwide. Today, the company offers its services in the US, Middle East, South East Asia, Australia, Canada, the UK, and Europe.
According to the AM Best and S&P Global Ratings, Berkshire Hathaway has been rated A++ and AA+ for its financial strength. The company has a total of $316.5 billion in admitted assets and $185.2 billion in policyholder surplus. It is economically stable and has the remarkable capacity to offer its customers customized insurance policy coverages with maximum limits on claims to help them withstand the adverse effects of unexpected financial crises while running their businesses.
Berkshire Hathaway’s experience in underwriting is unmatched. Today, the company writes over $60 billion in insurance premiums a year across many different brands.
BHSI offers a range of insurance products and services to its worldwide customers. Some of the coverages include:
- Commercial property insurance
- Healthcare professional liability
- Executive and professional lines
- Transactional liability
- Surety bonds
- Travel insurance
- Medical stop loss
- Accidents and health-related expenses
- Homeowners insurance
- Multinational insurance
The company has offices in the following locations around the world:
- Los Angeles
- New York
- San Francisco
- San Ramon
- Stevens Point
- Hong Kong
- Kuala Lumpur
BHSI prides itself on its “claims excellence.” According to the statement on its official website, every single insurance claim application is handled with the utmost skill. Once the initial inquiry is made, the adjusters are sent to evaluate the damage and determine your case value.
There are several other smaller insurance companies under the BHSI that focus specifically on commercial or small business insurance. The insurance coverages are designed to meet the needs of self-employed professionals. In order to ensure that people from all walks of life and all kinds of financial backgrounds have access to affordable and reliable business insurance services and products, the BHSI launched three other small insurance companies:
- Three Insurance
In 2019, the Berkshire Hathaway holding company launched its Three Insurance, which offers specialized insurance coverages to small businesses. It is a public company with more than 500 employees who help customers find the best protective measures for securing their businesses from unexpected financial losses.
Its range of insurance coverages includes:
- Residential construction insurance
- Commercial auto insurance
- Small business insurance
- Property insurance
- Cyber insurance
- Liability insurances (professional, general, employer’s, etc.)
At Three Insurance, the same coverage plan, e.g., workers’ compensation, is modified to satisfy the needs of that specific business. For example, the general liability insurance coverage for a logistics business and a pizzeria will vary due to the different risks involved.
Three by Berkshire Hathaway provides comprehensive insurance policies that are simple to read and understand without any hidden terms and conditions. Bearing in mind the financial difficulties faced by self-employed professionals, Three Insurance offers cost-effective policies. The cost of its monthly premiums is 20% less than the market average for the same amount of coverage and specialization.
According to the company’s official website, being a part of the Berkshire Hathaway group has definitely given Three Insurance an edge. The company has got an AA+ rating from Standard and Poor. In 2019 alone, Three paid $38 billion in insurance claims, and it currently serves small businesses in more than 170 countries worldwide.
Berkshire Hathaway GUARD Insurance Companies are one of the most financially viable groups in the world. GUARD has been rated A+ (superior) by the AM Best. It was founded in 1983 with its headquarters in Wilkes-Barre, Pennsylvania. Since then, the company has remained a trusted insurance provider for its clients.
Today, the company boasts about its 6,700+ independent agents and brokers who are connecting small businesses with GUARD. Apart from the contract workers, the company has around 950+ employees who deliver the best-customized coverages for every business’s unique needs.
Currently, GUARD is serving hundreds of thousands of policyholders who are paying the company more than $2 billion in premiums.
The main insurance products include:
- Commercial insurance
- Personal insurance
- Specialty programs
- Excess and surplus
Under commercial insurance, its range of coverages include:
- Business owner’s policy
- Commercial auto insurance
- Commercial package (offering the best of property and casualty insurance at a fairly affordable price)
- Commercial property
- Commercial umbrella
- General liability
- Professional liability
- Workers’ compensation
To apply for the insurance claims, you simply have to visit the official website and click on the Claims tab on the topmost menu bar. You can either call the helpline number to report your claim or proceed with filling out an application form online and submit it for processing.
In 2015, Warren Buffet founded yet another company known as biBERK Business Insurance, a part of Berkshire Hathaway. To date, biBERK has catered to the needs of its 100,000 customers, whose small businesses try to make their mark in the US economy.
biBERK understands that small businesses have limited time and resources. In order to offer them the best hassle-free services, biBERK allows its clients to register for their policies online by requesting a quote. You just have to provide a few basic details about your business performance and your claims history to get customized rates on insurance coverages.
biBERK has removed the middlemen, agents, and brokers from the equation to cut the additional costs and make the monthly premium payments more affordable. Its direct connection with its customers through the transparent online system of policy registration and claims application also resulted in reducing costs. Therefore, the price of its premiums is 20% lower than the market average.
biBERK has received a rating of 4.9 out of 5 stars from its customers and an A++ from the AM Best.
The Berkshire Hathaway general liability insurance policy by biBERK is one of the most comprehensive general liability coverages in the market. It ensures the security of your business from unwanted harm.
Its general liability insurance policy covers:
- Bodily injury
- Property damage
- Product liability
- Libel, slander, and copyright claims
biBERK encourages all small businesses, even those with fewer than 10 employees, to register for general liability insurance because it is a surefire way to keep your business on the ground when a tragedy strikes. The insurance company offers tailor-made solutions to meet the unique needs of your business. You also get the option to include add-ons in your original policy as your company expands because biBERK believes in growing with the businesses it serves. Therefore, even if you change your mind about your insurance coverage, you can just request to integrate two separate policies into one instead of purchasing new insurance.
What Makes Berkshire Hathaway Unique?
Under the leadership of its people-oriented CEO, Warren Buffet, all the Berkshire Hathaway insurance companies focus on serving small businesses. Therefore, it can be rightly said that Berkshire Hathaway is the best option for the self-employed.
The small business insurance policies offered by the company are 20% less expensive compared to other plans available in the market. Berkshire Hathaway had started as a small textile business and therefore understands the needs, aspirations, and financial difficulties of the startups in great detail.
Moreover, the claims process is so fast and simple that the adjusters can be expected to arrive within a week of application.