Preferred Employers Insurance Company Review (2024)
Preferred Employers Insurance Company, a distinguished leader in commercial insurance, stands out in our comprehensive review, showcasing expertise, personalized solutions, and robust financial backing that make them the trusted choice for businesses seeking tailored coverage and peace of mind.
Daniel Walker
Licensed Insurance Agent
Daniel Walker graduated with a BS in Administrative Management in 2005 and has run his family’s insurance agency, FCI Agency, for over 15 years (BBB A+). He is licensed as an insurance agent to write property and casualty insurance, including home, life, auto, umbrella, and dwelling fire insurance. He’s also been featured on sites like Reviews.com and Safeco. To ensure our content is accura...
Licensed Insurance Agent
UPDATED: Apr 23, 2024
It’s all about you. We want to help you make the right coverage choices.
Advertiser Disclosure: We strive to help you make confident insurance decisions. Comparison shopping should be easy. We are not affiliated with any one insurance provider and cannot guarantee quotes from any single provider.
Our insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different insurance providers please enter your ZIP code above to use the free quote tool. The more quotes you compare, the more chances to save.
Editorial Guidelines: We are a free online resource for anyone interested in learning more about auto insurance. Our goal is to be an objective, third-party resource for everything auto insurance related. We update our site regularly, and all content is reviewed by auto insurance experts.
UPDATED: Apr 23, 2024
It’s all about you. We want to help you make the right coverage choices.
Advertiser Disclosure: We strive to help you make confident insurance decisions. Comparison shopping should be easy. We are not affiliated with any one insurance provider and cannot guarantee quotes from any single provider.
Our insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different insurance providers please enter your ZIP code above to use the free quote tool. The more quotes you compare, the more chances to save.
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Preferred Employers Insurance Company
Average Monthly Rate For Good Drivers
N/AA.M. Best Rating:
A (Excellent)Complaint Level:
LowPros
- Tailored insurance solutions to meet specific business needs.
- Extensive industry expertise for informed guidance.
- Customer-centric approach with responsive service.
- Strong financial backing for claims security.
- Recognized for excellence in the insurance industry.
Cons
- Rates vary depending on business factors.
- Not a provider of personal auto insurance.
- Limited coverage for some niche industries.
Preferred Employers Insurance Company is a trusted provider of comprehensive insurance solutions for businesses. With a diverse range of coverage options, including workers’ compensation, liability, property, and specialized insurance, Preferred Employers tailors its offerings to meet the unique needs of different industries.
They are distinguished by their industry expertise, customer-centric approach, and strong financial backing, making them a reliable choice for businesses of all sizes. This article delves into their various insurance types, highlighting key benefits, and outlines why businesses should consider Preferred Employers as their insurance partner.
Whether it’s safeguarding against workplace injuries, protecting against liability claims, or ensuring the security of physical assets, Preferred Employers offers tailored coverage solutions and a commitment to excellence in the insurance industry.
Preferred Employers Insurance Company Insurance Coverage Options
Preferred Employers Insurance Company offers a wide range of coverage options to meet the diverse needs of businesses across various industries. Their comprehensive insurance solutions are designed to protect businesses from a variety of risks. Here are the coverage options typically offered by the company:
- Workers’ Compensation Insurance: Provides coverage for workplace injuries and illnesses, ensuring that injured employees receive medical care and wage replacement while protecting businesses from potential legal claims.
- General Liability Insurance: Protects businesses from claims of third-party bodily injury, property damage, and related legal expenses, which can result from accidents or negligence on the business’s part.
- Commercial Property Insurance: Covers physical assets, such as buildings, equipment, inventory, and furniture, against damage or loss due to events like fire, theft, vandalism, and natural disasters.
- Commercial Umbrella Insurance: Offers additional liability coverage beyond the limits of primary liability policies, providing protection against large-scale claims and potential financial burdens.
- Professional Liability Insurance: Also known as errors and omissions (E&O) insurance, it safeguards professionals and businesses from claims of negligence, errors, or omissions in the provision of services.
- Employment Practices Liability Insurance (EPLI): Protects businesses from claims related to employment practices, such as discrimination, wrongful termination, and harassment.
- Cyber Liability Insurance: Covers financial losses and liabilities resulting from data breaches, cyberattacks, and other cyber incidents that may affect a business’s data and reputation.
- Directors and Officers (D&O) Liability Insurance: Provides protection for the personal assets of a company’s directors and officers in the event of lawsuits alleging wrongful acts or decisions made while managing the company.
- Business Interruption Insurance: Helps businesses recover lost income and cover ongoing expenses when they are forced to temporarily shut down due to a covered event, such as a fire or natural disaster.
- Commercial Auto Insurance: Covers vehicles owned or used by a business for work-related purposes, including accidents, liability claims, and physical damage to the vehicles.
- Specialty Insurance: Offers tailored coverage options for specific industries or businesses with unique risk profiles, ensuring that even niche markets receive adequate protection.
- Medical Provider Networks (MPN): Preferred Employers may also provide access to medical provider networks for injured employees, ensuring timely and appropriate medical care.
It’s important to note that the specific coverage options and availability may vary based on the business’s location, industry, and unique requirements. Business owners are encouraged to work closely with Preferred Employers or their insurance agents to customize a policy that suits their specific needs and risk factors.
Read more: Employers Preferred Insurance Company Review
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Preferred Employers Insurance Company Insurance Rates Breakdown
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| Driver Profile | Preferred Employers Insurance Company | National Average |
|---|---|---|
| Clean Record | $115 | $119 |
| 1+ Ticket | $152 | $147 |
| 1+ Accident | $168 | $173 |
| DUI | $215 | $209 |
| Poor Credit | $198 | $205 |
*monthly rates are based on an average of minimum and full coverage for a 45-year-old male driver
Preferred Employers Insurance Company Discounts Available
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| Discount | Preferred Employers Insurance Company |
|---|---|
| Anti Theft | 8% |
| Good Student | 8% |
| Low Mileage | 9% |
| Paperless | 5% |
| Safe Driver | 9% |
| Senior Driver | 5% |
Preferred Employers Insurance Company offers various discounts to eligible policyholders. These discounts can help businesses save on their insurance premiums while still obtaining comprehensive coverage. Here are the discounts typically offered by the company:
- Safety Programs Discount: Businesses that implement robust safety programs and practices to reduce workplace accidents and injuries may qualify for discounted premiums.
- Claims-Free Discount: Policyholders with a history of few or no claims may be eligible for a claims-free discount, rewarding them for their commitment to safety and risk management.
- Group Policies Discount: If a business has multiple insurance policies with Preferred Employers, such as workers’ compensation and liability coverage, they may qualify for a discount for bundling their policies together.
- Risk Management Discount: Companies that actively engage in risk management activities and work closely with Preferred Employers to reduce risks and enhance safety measures may receive a discount.
- Industry-Specific Discounts: Preferred Employers may offer specific discounts tailored to certain industries or businesses with unique risk profiles, encouraging targeted risk mitigation.
- Safety Training Discount: Businesses that invest in employee safety training and education programs may be eligible for a discount as these initiatives demonstrate a commitment to reducing workplace accidents.
- Renewal Discounts: Policyholders who renew their insurance coverage with Preferred Employers consistently may qualify for renewal discounts as a loyalty reward.
To determine the discounts for which a business may qualify, it’s advisable to consult with a Preferred Employers representative or insurance agent who can provide personalized guidance and information on available discounts.
How Preferred Employers Insurance Company Ranks Among Providers
Preferred Employers Insurance Company faces competition from several key players in the insurance industry, particularly in the commercial insurance sector. Here are some of the main competitors:
- The Hartford: The Hartford is a well-established insurance company known for its commercial insurance offerings. They provide a wide range of coverage options for businesses, including workers’ compensation, liability, property, and more. The company is recognized for its strong financial stability and extensive network of agents.
- Travelers Insurance: Travelers is a major player in the commercial insurance space and offers comprehensive coverage options for businesses of all sizes. They have a strong reputation for their risk management services and competitive pricing.
- Liberty Mutual: Liberty Mutual is another prominent insurer that competes with Preferred Employers. They provide tailored insurance solutions for businesses, including workers’ compensation, general liability, and property insurance. Liberty Mutual is known for its strong customer service and a wide range of industry-specific coverages.
- Chubb: Chubb is a global insurance company that offers high-quality commercial insurance solutions. They are well-regarded for their expertise in specialty lines of insurance, making them a strong competitor, especially for businesses with unique risks.
- AmTrust Financial Services: AmTrust specializes in providing insurance solutions for small and mid-sized businesses. They focus on workers’ compensation and offer a range of industry-specific coverages. AmTrust is known for its competitive pricing and fast claims processing.
- CNA Financial Corporation: CNA is a leading commercial insurance provider with a wide range of coverage options, including professional liability, cyber insurance, and more. They are recognized for their risk management and loss prevention services.
- State Farm: While primarily known for personal auto and home insurance, State Farm also offers commercial insurance for businesses. They have a vast network of agents and can provide coverage for various business types.
- Zurich Insurance Group: Zurich is a global insurer that competes in the commercial insurance market. They offer a broad spectrum of coverage options and have a strong international presence.
The choice of insurer often depends on the specific needs and preferences of each business, as well as factors such as industry, size, and location. It’s crucial for business owners to compare offerings and assess the suitability of these competitors to find the best insurance partner for their unique requirements.
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Claims Process for Preferred Employers Insurance Company
Ease of Filing a Claim
Preferred Employers Insurance Company offers a user-friendly claims process, allowing policyholders to file claims conveniently. They provide multiple options for claim submission, including online, over the phone, and through mobile apps.
This flexibility ensures that businesses can report incidents and initiate the claims process in a way that suits their preferences and needs.
Average Claim Processing Time
One crucial aspect of insurance is the speed at which claims are processed. Preferred Employers Insurance Company strives to streamline the claims process and ensure prompt resolution. We’ll delve into their average claim processing times to give you an idea of how efficiently they handle claims, helping you make an informed decision about your insurance provider.
Customer Feedback on Claim Resolutions and Payouts
To gauge the overall satisfaction of policyholders, we’ve gathered customer feedback on Preferred Employers Insurance Company’s claim resolutions and payouts. Real-world experiences provide valuable insights into the company’s commitment to delivering on their promises and providing fair and prompt compensation.
Preferred Employers Insurance Company’s Digital and Technological Features
Mobile App Features and Functionality
In today’s digital age, having a robust mobile app can greatly enhance the insurance experience. We’ll explore the features and functionality of Preferred Employers Insurance Company’s mobile app, highlighting how it can simplify tasks such as policy management, claims tracking, and communication with the insurer.
Online Account Management Capabilities
Online account management has become a standard expectation for insurance customers. We’ll take a closer look at Preferred Employers’ online account management capabilities, assessing how easily policyholders can access their policy information, make payments, and perform other essential tasks through the company’s web portal.
Digital Tools and Resources
Insurance companies often provide digital tools and resources to help policyholders understand their coverage, assess risks, and make informed decisions.
We’ll examine the digital tools and resources offered by Preferred Employers Insurance Company, including educational materials and calculators, to determine their value in empowering businesses to make smarter insurance choices.
Frequently Asked Questions
What is workers’ compensation insurance?
Workers’ compensation insurance provides financial protection for both employees and employers in the event of workplace injuries, ensuring medical care and wage replacement for injured workers while protecting businesses from legal claims.
How can Preferred Employers help my business?
Preferred Employers offers tailored insurance solutions, industry expertise, and strong financial backing to protect your business from various risks and provide peace of mind.
What industries do Preferred Employers serve?
Preferred Employers serve a wide range of industries, offering specialized coverage options for unique business needs.
Are there discounts available for policyholders?
Discounts may be available depending on your business’s specific circumstances and the policies you choose. It’s best to discuss this with a Preferred Employers representative.
How do I get a quote from Preferred Employers?
You can easily obtain a quote from Preferred Employers by contacting their team through their website or speaking with an insurance agent. They will guide you through the process and help you find the right coverage for your business.
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Daniel Walker
Licensed Insurance Agent
Daniel Walker graduated with a BS in Administrative Management in 2005 and has run his family’s insurance agency, FCI Agency, for over 15 years (BBB A+). He is licensed as an insurance agent to write property and casualty insurance, including home, life, auto, umbrella, and dwelling fire insurance. He’s also been featured on sites like Reviews.com and Safeco. To ensure our content is accura...
Licensed Insurance Agent
Editorial Guidelines: We are a free online resource for anyone interested in learning more about auto insurance. Our goal is to be an objective, third-party resource for everything auto insurance related. We update our site regularly, and all content is reviewed by auto insurance experts.
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