If the name of your company is not familiar to most people, let alone insurance companies, then that should give you a solid idea on what kind of business it is and how big their influence is in the market. As an insurance provider, when it comes to naming our entity, we will have to bear the risk of failure or poor service.
In this article, I will be discussing some major insurance providers in the US. There are many more out there in other countries as well, and you can find them by searching up ‘business name insurance’ or something similar.
1) Progressive Group
It is the largest property-casualty insurer in the United States. They provide high-quality business and personal lines protection to over 12 million customers across the country. Their mission statement states, “to offer products and services of superior quality, regardless of location or customer size.” Their main focus areas include life, health, disability, employee benefits and student loans. Their rates are competitive and affordable for everyone. Progressive Group is one of the biggest names when it comes to commercial liability insurance. This company has earned awards and recognitions for its corporate reputation.
2) Liberty Mutual
They were founded back in 1808, but have since grown exponentially by providing outstanding quality insurance to customers all over the world. Some of their popular services include personal injury protection, automobile bodily injury coverage, and worker’s compensation coverages. These top-rated carriers also provide medical payments plans to help protect patients for medical reasons. Liberty Mutual has earned various accolades for being innovative. For instance, they are recognized as 2020 Most Innovative Company for Business by Fortune magazine for its initiative. Liberty is one of those companies that do everything from setting up sales offices to growing their presence within a particular category (e.g., healthcare). Despite these great things happening to this group, their financial situation is not as good as they want to be. From here on out, I will be focusing on how much money they are making and also giving tips on starting new businesses.
The oldest American business company with over $400 billion in revenue, Chubb was founded in 1813 by Charles Woodrow Pendergrass. With only 40 offices across the whole of the US, this company provides insurance services to individuals as well as small-to-medium enterprises of any type. Due to their history, they have been awarded several titles at different points since their inception such as the first Chairman of the Board, founder of the award-winning Life & Health Insurance Division. Through their aggressive growth, they are also recognized as one of 2017’s 15 fastest-growing companies within the U.S. by Deloitte. They are ranked among the top 50 Best Employers in America according to Forbes Magazine. Although they are still working towards the goal of becoming the number one company throughout the nation, Chubb currently offers excellent overall business insurance rates throughout the middle class in certain regions as well as having excellent claims handling policies. Their current policy holder’s rate ranges from $25,000-$35,000. As far as their pricing structure is concerned, there will always be discounts available depending on the job and location. It is also worth mentioning that Chubb has been serving members since 1870 and has maintained strong relationships with its clients for over a century.
4) Continental Casualty Co.
As a part of the conglomerate AMAGON, Continental Casualty Co. is currently one of the leading employers in the industry. Their portfolio contains comprehensive general and specialty types of safety coverages which includes automotive accident liability, workers’ compensation liabilities, medical injury and disease indemnity coverages, etc. Their company has won numerous prestigious awards like Employee Benefit Review Awards and Top Workplace Culture Award. Their competitors like Allstate and Travelers & Tours have also won these awards by offering very appealing premiums, excellent customer support, and efficient claim process. They also have a robust collection of standard and specialized liability insurance plans (e.g., Workers Comp.)
5) National Indemnity Co
Known to be the leader in the commercial auto sector having over 100% membership, Nationalindemnity is another giant insurance company with a long history of excellence. Founded in 1955, they offer a full range of commercial motor vehicle insurance covers covering every aspect of auto ownership, maintenance, servicing, and repairs, including fleet/lease rentals, short term rentals, commercial tractor/trailers, passenger cars, rental vans, minicavs, etc. Alongside their excellent premiums, they also make sure to pay attention to their client’s satisfaction. They are constantly striving towards adding exceptional features which would make their services more accessible and convenient for everyone. They are also known to be extremely dedicated. Their staff works closely with their agents and partners to build lasting partnerships with them. They also ensure to serve their employees with respect and dignity. Being a multinational company, they have a global footprint which means that they have a larger workforce. However, this company does not offer good premium rates since they specialize in automobiles and trucks, which makes them limited in terms of their scope. While I will discuss about the prices, you can find more information about the company online to find out about national insurers, as well as how to choose between them.
Aetna was formed in 1945 and has continued their tradition of providing excellent services to their clients for decades now. They are the second-largest private employer in the country having more than 200 thousand employees. Just like Continental Casualty, they too have received multiple awards for their services which they are proud of. Having their headquarters in the state of California, this company holds great reputations due to their reliability and consistency when it comes to their policies. Apart from the auto parts and other auto-related services, this business line also serves other related business sectors like consumer financial services, industrial and manufacturing, agriculture, retail, real estate, legal services, and more.
7) American Family Insurance
Founded in 1935, this company offers a wide variety of traditional, self-funded, Medicare Advantage, Dependent Individual Coverage, Individual Mass Market, as well as family floater plans. They have a diverse range of products and it is also worth mentioning that while their premiums are moderately lower compared to others, this company tends to have higher deductibles and copayments. Their company is located in Florida in Miami. Another highlight of the company is that it is ranked third in 2019 by State Farm Mutual Automobile Association! They are also a few ranks ahead of Nationwide, Clarity Health, Cigna, Horizon Assurance, United Healthcare Solutions, and Humana among others.