Markel Business Insurance Review

Markel Insurance via Simply Business Ratings at a Glance

The Markel Corp. serves as a holding company for international operations in the insurance, reinsurance and investment sectors. It consists of 16 companies that operate through 80 offices spread across 18 nations. Specialty insurance is its main line of business, and it is offered through Markel Assurance, Markel Specialty and Markel International. Underwriters at Markel typically concentrate on specialty risks. Agriculture, casualty, commercial property, construction, cyber liability, directors and officers (D&O), errors and omissions (E&O), energy, environmental, general and excess liability, ocean and inland marine, personal lines, professional liability, small businesses, trade credit and workers' compensation are among the areas the company lists as its specialties. The company also offers specialty personal insurance products, including bicycle, classic car, event, off-road vehicle, watercraft and wedding insurance.

Markel Insurance offers a wide range of business insurance products to safeguard your small business, including general liability insurance, property insurance and workers' compensation insurance. In addition, the company's small-business insurance division is dedicated to developing affordable insurance policies for small-business owners.

Here are the business insurance offerings available to Markel Insurance customers.

Workers’ Compensation

Workers’ compensation insurance protects employees and employers if an on-the-job injury or illness occurs. Most states require workers' compensation when a company employs a specific number of people. Employees of your small business will benefit from the following benefits under Markel's workers’ compensation policy:

• Lost wages
• Legal counsel and compliance services
• Funeral costs
• Services for medical care and rehabilitation

PayGo payroll reporting is available as a billing option from Markel Specialty. This automatic payment solution enables business owners to pay workers’ compensation premiums based on actual payroll rather than predicted payroll, which helps mitigate the danger of a possibly significant audit premium.

Business Owner’s Policy (BOP)

Business owner's policies (BOPs) are one of the most popular types of business insurance because they combine multiple types of coverage in one policy. The BOP package policy, for example, covers property damage, business interruption and liability.

Not all commercial insurance companies allow the business owner to customize coverage options. For example, EssentialBOP coverage from Markel Specialty comes with various coverage limits, deductibles and payment options. In addition, Markel Specialty offers commercial umbrella liability insurance that can be added to eligible Markel EssentialBOP policies, giving small business owners extra liability protection for the costs of large claims and lawsuits.

Errors and Omissions

Errors and omissions insurance protects businesses from mistakes or negligence when giving advice, consulting or recommending something to a client. Tax preparers, business consultants, bookkeepers, interior designers and printing services are all examples of professionals who need E&O coverage.

Errors and omissions policies from Markel Specialty can cover up to $3 million in personal injury and other damages caused by negligence in professional services. E&O insurance can also help pay for damage to a person or property, sexual abuse, loss of income and expenses and public relations costs.

Professional Liability

Each profession has unique liability needs. Engineers and accounting professionals have different needs. Markel Specialty offers three types of professional liability coverage. Depending on the occupation, professional liability coverage may include these:

• Professional liability: Professional liability protects principals and the corporation if injury or property damage originated from the business or a principal's service, such as personal training.

• Management liability: Management liability protects the company, its directors and officers from employee, shareholder and third-party lawsuits.

• Errors and omissions: Errors and omissions insurance covers alleged negligent acts, errors or omissions in professional services.

Because of policy limitations and exclusions, Markel Specialty may not provide professional liability coverage for all business types. Still, you can talk to a Markel Specialty agent about the different specialty liability coverage options available to you. 

Markel will work with your small business to develop insurance solutions specific to your company's needs and circumstances. Markel's specialty programs include retailers, merchants, medical centers, restaurants, salons and spas, youth and children's services and contractors.

Markel Insurance provides its insurance customers with several different methods to contact customer service, including:

• By phone: To contact Markel Insurance by phone, call 800-842-5017.
• Via email: To contact Markel’s customer service team through email, use the contact us by email form.

You can submit a claim with Markel Insurance any time of 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 at newclaims@markel.com. Markel provides a step-by-step guide for its policyholders on how to report a claim.

Markel does not provide product quotes on its website. To provide an accurate quote, specialty insurance firms typically need more particular information than mainstream insurers because their policies cover less common property types. The specifics of your business and the coverage you need will determine your insurance premium.

Industry, location, gross sales, number of workers, payroll, policy limits, deductible options and claims history are just some of the elements that might affect the cost of a small-business insurance policy. Contact a Markel agent to discuss the specifics of your desired insurance policy. You'll also better understand the pricing and deals they offer. 

Most insurance companies offer discounts, such as bundling policies or completing a safety course, to provide you with a lower premium. Be sure to ask whether there are any other discounts or coverages you might cut to save money. Confiding in an agent this way can help you better understand your policy options.

Policyholders can expect to receive the following benefits from Markel business insurance:

• Specialty insurance coverage designed specifically for niche industries
• 24/7 claims service
• 24/7 account servicing
• Additional resources, including safety services, HR training videos and employee background checks

Markel Insurance offers a convenient user platform for 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 your agent’s contact information
• Additional policyholder resources include access through the company’s partners to background checks, human resource training, driver’s training and safety meetings

Markel also provides useful articles for policyholders on its company blog, including important safety advice for preventing workplace accidents. You can also access the company’s online library of safety videos, webinars and other resources.

Markel Insurance Versus Competitors

Markel’s additional policyholder resources, such as its loss-control services, sets it apart from its competitors. Insurers offering similar business insurance products to Markel Insurance include American Financial Group Inc., Berkshire Hathaway Inc. and Chubb Ltd.

Markel Insurance has excellent financial strength ratings from the major insurance rating organizations, including A.M. Best, S&P Global and Moody’s Corp. The Markel Corp. is a global insurance, reinsurance and investment holding corporation. Markel Specialty has been operating as an insurance provider since its founding 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 for its policyholders. All 50 states are included in the coverage.   A.M. Best classifies the company as having assets of $2 billion or more.

Markel Specialty has a stellar reputation as a dependable and progressive leader in the insurance industry. Markel Specialty has been given an "A" rating by A.M. Best, the top insurance sector credit rating firm worldwide, assuring policyholders that they are covered by a financially stable insurance provider.