biBERK Small Business Insurance Review 2021 2021

Last modified: October 1, 2021
  • Claims 10
  • Buying 9
  • Transparency 8.5
  • Coverage Variety 8
  • OVERALL RATING 8.9
  • Financial Strength A++
  • BBB Rating A-
  • Coverages 5/5
  • Support Amazing customer support
  • User Ratings Great customer ratings
  • Availability All 50 states

Insurance is essential because it works as a safety net and protects companies from the financial consequences of a potential mishap. Unfortunately, the sad reality is that a single lawsuit can easily wipe out the assets of a small business. Therefore, small businesses must purchase a variety of insurance to ensure maximum coverage. 

One more thing to keep in mind is that business insurance builds credibility and not only protects the employers but also the employees and customers. 

Today, we’re reviewing a small business insurance company that goes by the name biBERK insurance. If you want to compare more business insurance options – make sure to check our list of best business insurance companies

biBERK Insurance Review — Is It a Good Option to Protect Your Small Business?

biBERK is a small business insurance company that helps small business owners save up to 20% on their business insurance. The insurance company is part of Warren Buffett’s Berkshire Hathaway Insurance Group, which brings more than 40 years of experience to the table and has over 100,000 satisfied customers. 

In this article, we’ll tell you whether or not biBERK is a company small business owners should consider when purchasing insurance. 

How We Reviewed 

We have reviewed biBERK based on: 

  • Financial Stability 
  • Coverages 
  • Availability 

Apart from these factors, people looking for an insurance company also consider solid ratings, affordability, convenience, good reviews, and quality customer service. 

In this article, we will see how biBERK performs in these specific areas and will also look at biBERK reviews and biBERK insurance ratings. 

biBerk Insurance States Available

It’s a huge thing for an insurance company to be operating in all 50 states. The more states the insurance company operates in, the more successful it’s considered. However, some coverages are not available in all the states. 

Let’s take a look at biBERK coverages and their availability in the US: 

  • biBERK offers professional liability insurance, also known as errors and omissions insurance, in all 50 states. 
  • Workers’ compensation insurance is not available in four states, including Ohio, Wyoming, North Dakota, and Washington.
  • General liability insurance is not available in Oregon, Idaho, Utah, Montana, Wyoming, South Dakota, North Dakota, New Mexico, Oklahoma, Arkansas, Louisiana, Kentucky, Wisconsin, Alabama, District of Columbia, Delaware, Maine, Vermont, Rhode Island, Florida, Alaska. 
  • Property & liability (BOP) coverage is also not available in 20 states, including Oregon, Idaho, Utah, Montana, Wyoming, South Dakota, North Dakota, New Mexico, Oklahoma, Arkansas, Louisiana, Kentucky, Wisconsin, Alabama, District of Columbia, Delaware, Maine, Vermont, Rhode Island, Alaska. 
  • Commercial auto insurance is not available in six states, including Alaska, Kentucky, North Carolina, Michigan, Utah, and Delaware. 
  • Umbrella coverage is not available in Oregon, Idaho, Montana, North Dakota, South Dakota, Wyoming, Utah, Wisconsin, New Mexico, Alaska, Oklahoma, Louisiana, Arkansas, Kentucky, Indiana, Vermont, West Virginia, Maine, Delaware, and the District of Columbia.

biBERK covers different industries. However, the top ones include:

  • Accounting and finance
  • Apartment building owners
  • Auto services and dealers
  • Bakeries
  • Cleaning and janitorial
  • Construction and contracting
  • Consultants
  • Electricians
  • Health care facilities
  • Medical practices
  • Hotels
  • Information technology
  • Landlords
  • Liquor stores
  • Office owners
  • Restaurants
  • Retail
  • Townhome associations
  • Transportation
  • Trucking

Coverages available in biBerk

biBERK insurance offers seven types of coverages to small business owners, including:

  • Professional liability insurance
  • Workers’ compensation insurance
  • General liability insurance
  • Commercial auto insurance
  • Umbrella insurance 
  • Property and liability insurance
  • Cyber insurance

This small business insurance company also provides a business owner’s policy, a combination of general liability insurance and commercial property insurance.

How good is biBERK insurance? 

If you are a small business owner who wants to protect your business, biBERK is a great company to consider. 

Now, let’s talk about each of these coverages in detail:

General Liability Insurance 

General liability insurance is a must-have for all small business owners. The insurance protects companies against general claims, including:

  • Bodily injuries
  • Product liability
  • Libel, slander, and copyright infringement
  • Property damage

General liability insurance for small businesses is important because if an accident occurs at your business property, the insurance helps pay all the costs. 

The insurance usually doesn’t cover:

  • Your commercial property
  • Your business vehicles 
  • Accidents resulting in injuries to your employees 
  • You or your employees intentionally hurting a customer 
  • Negligence 

The cost of general liability insurance usually depends on the type of business a company conducts and the level of risk it’s exposed to. But a general rule of thumb says that the higher the risk, the higher is the premium fee for general liability insurance. 

Commercial Auto Insurance 

Commercial auto insurance covers company-owned vehicles if you or an employee cause an accident. It provides:

  • Medical payments
  • Property damage coverage
  • Comprehensive physical damage coverage
  • Collision coverage
  • Bodily injury liability coverage
  • Uninsured motorist coverage 

biBERK small business car insurance covers the following vehicles:

  • Cars
  • Limousines
  • Pickup trucks
  • Buses
  • Food trucks
  • Motorhomes
  • Truck tractors
  • Motorcycles
  • Emergency vehicles
  • Delivery/cargo vans
  • Tow trucks
  • Passenger vans
  • Box trucks
  • Flatbed trucks
  • Dump trucks
  • Dry van trailers
  • Refrigerated trailers

While determining the premium fee of commercial auto insurance, most insurance companies bring into consideration the number of vehicles, their value, and their business use. The insurance doesn’t cover personal or leased vehicles. 

Errors and Omissions Insurance 

So, let’s answer your first question: what is errors and omissions insurance? 

Errors and omissions insurance, also known as malpractice insurance and professional liability insurance, is one of the essential coverages that service businesses invest in. It costs around $500 to $1,000 per employee per year. So, if you want to protect your business from getting shut down, make sure you contact biBERK for the errors and omissions insurance quote

This insurance protects small businesses against the claims of: 

  • Negligent actions  
  • Errors in service provided 
  • Misrepresentations 
  • Inaccurate advice 
  • Violation of good faith
  • Inadequate work

Errors and omissions insurance excludes:

  • Regular accidents not related to your expertise 
  • Employee injuries
  • Damage caused to the business property 
  • Illegal acts of defense for criminal prosecution

Workers’ Compensation Insurance 

biBERK workers’ compensation insurance provides wage replacement and medical benefits to employees who get injured at work. 

Workers’ compensation insurance covers:

  • Wage replacement
  • Long term care
  • Death benefits 
  • Disability benefits 
  • Funeral expenses

A few exclusions of workers’ compensation insurance include:

  • Injuries caused to the employees during commuting
  • Injuries like cuts and scrapes 
  • Intentional injuries
  • Injuries caused due to the usage of drugs or alcohol consumption
  • Injuries due to illegal activities at the work premises 

Umbrella Insurance 

biBERK also sells umbrella insurance to small business owners. The insurance works to exceed the limits of your current policies. Commercial umbrella insurance helps pay the costs associated with bodily injuries, customer property damage, product liability, slander and copyright infringement, and defense fees. 

This insurance protects you from expensive claims, ensuring that your business never runs out of money. Commercial umbrella insurance never covers your own costs. It only pays for damages that you are found liable for. 

The cost of umbrella insurance depends on how much coverage you need. 

Business Owner’s Policy 

A business owner’s policy, also known as BOP, is a package that combines business property insurance and general liability insurance. It protects business owners against business interruption, property damage, and liability.

To qualify for a BOP, businesses are usually required to have: 

  • A low-risk industry
  • Less than 100 employees
  • A commercial space
  • Annual revenue less than $5 million 

Many small business owners opt for BOP instead of purchasing the two policies separately because it’s cheaper that way. Typically, a business owner’s policy costs anywhere between $500 to $3,500 per year. 

While determining the price of a business owner’s policy, insurance companies consider the value of the business, its location, and coverage limits. 

Financial Strength Rating 

The great thing is that all of the company’s major insurance subsidiaries are rated A++ by A.M and AA+ by Standard & Poor. In addition, the company sold 150,000+ policies. 

biBERK Small Business Insurance Pricing

The reason biBERK is considered the best small business insurance is because of its affordable prices.  biBERK is known for providing top-tier and cost-effective insurance to small business owners. 

Small business insurance costs can be really high. But, if you are working with biBERK insurance, prices won’t be a problem for you. 

The insurance company aims to keep things simple. Thus, no additional discounts are offered. But, the truth is that you wouldn’t need an extra discount because the prices biBERK offers are 20% lower compared to the other insurance companies. 

To get a small business insurance quote,  all you have to do is get in touch with biBERK’s customer service representative. Once you purchase a policy, you can easily manage it online. So, it’s safe to say that biBERK insurance doesn’t only believe in providing affordable prices, but it also aims to offer excellent customer support and convenience. 

Users can easily make biBERK insurance payments online by stating their policy number and contact details. 

Customer Satisfaction Rating of biBERK Small Business InsuranceHow Good Is biBERK Insurance? 

According to the customer review rating, biBERK gets 4.9 out of 5 stars. Plus, it receives an A- rating from the BBB. 

biBERK insurance customer service is considered excellent. 

Here are a few customer reviews uploaded on the official website:

  • “It was an easy process, and I am very happy with the price and coverage.” (5 stars by Steven T. of Enfield, CT)
  • “Quick, easy, and fairly priced. Thanks!” (5 stars by Terry S. of Elk Grove, CA)
  • “Easy online application. Very user-friendly.” (5 stars by Craig W. of Rockville) 

Pros & Cons

The Pros

  • Sells insurance policies directly 
  • Offers 20% lower prices than other insurance companies operating in the market
  • Provides fast online quotes, ensuring that business owners can buy coverages in a matter of minutes
  • No brokerage fees
  • Allows users to manage their policies online
  • Offers the convenience of canceling a policy over a phone
  • A great customer support team, providing nothing but the best to the clients

The Cons

  • Only offers business insurance policies
  • Doesn’t provide disability benefits insurance

Final Verdict

Small business insurance can cost a lot. Therefore, business owners are always on the lookout for an affordable insurance provider that makes managing policies easy. 

Insurance is essential for small business owners if they don’t want a lawsuit to wipe their assets. It gives them peace of mind that their business is well-protected against all the what-ifs the future might hold. 

biBERK insurance is a legit company that not only provides affordable products but also prioritizes user convenience. It’s one of the best small business insurance companies out there. It ensures that business owners can conveniently manage their policies and pay for them online. The company operates all over the US. However, some coverages are not available in all 50 states.  The major advantage of insurance from biBERK is that its prices are significantly lower than other insurance companies. However, that’s not the only perk biBERK insurance is known for. 

From the excellent customer ratings to the affordable prices, everything about biBERK insurance is a 10 out of 10.

FAQs

Is biBERK Insurance Legit?

biBERK holds an A- rating from the BBB, and it has been offering services since 2015. The insurance company is extremely reliable and doesn’t believe in overselling and complicating claims. 

You can buy seven different types of coverages:

  • Commercial auto insurance
  • General liability insurance
  • Property and liability insurance
  • Umbrella insurance
  • Workers’ compensation insurance
  • Professional liability insurance
  • Cyber insurance

How Do I Cancel My biBERK Insurance?

To cancel a policy, you will have to give a call at 1-833-291-9699. Keep in mind that you cannot cancel a policy by leaving a voicemail or sending an email.  

What Does an Errors and Omissions Policy Cover?

Errors and omissions insurance, also known as E&O and professional liability insurance, is a type of coverage that protects companies from lawsuits claiming that they have made an error in the provided services. 

It covers claims against negligent actions, errors in service provided, misrepresentations, inaccurate advice, violation of good faith, and inadequate work. In addition, the insurance pays for attorney fees, settlement and judgment costs, administrative costs, and courtroom costs. 

How Does Commercial Auto Insurance Work?

Commercial auto insurance is a must-have for companies that run businesses using vehicles for their operations. Commercial auto insurance is a type of coverage that pays for liability damages, collision, and third-party medical costs. The insurance also pays legal expenses if another driver sues you for hurting them physically. 

What Is Not Covered by Errors and Omissions Insurance?

Similar to other types of insurance, errors and omissions insurance has certain exclusions too. The insurance doesn’t cover:

  • Intentional harm caused to the clients 
  • Employee injuries
  • Damage caused to the business property 
  • Illegal activities 

Do I Really Need Errors and Omissions Insurance?

Every business that provides a service for a fee requires errors and omissions insurance. If you fail to deliver the service on time or perform it incorrectly, the effects could cost you a client. If you are a business professional who shares knowledgeable advice and recommendations with customers, you should purchase errors and omissions insurance. 

Errors and omissions insurance costs $500 to $1,000 per employee per year. It’s mainly required by business professionals like doctors, attorneys, real estate agents, mechanics, and plumbers; basically, every business professional whose job involves direct contact with customers.