AmTrust Financial Insurance Review & Complaints: Business Insurance (2023)

AmTrust North America provides worker’s compensation and other small business coverage in a variety of classes. Coverage is available across the country, in all states, and the company is international.

If you’re in the market for insurance, it can do you a world of good to shop around and get comparisons. The benefits are that you can sometimes find better rates, as well as a decent company who will take care of you when you need it most. This typically means finding customer reviews that are positive, as well as a claims process that is easy to follow. We have a free comparison tool that will let you compare quotes from different companies.

What is AmTrust Financial?

AmTrust Insurance Company was founded in 1998 in Manhattan to write small business insurance. The company grew quickly in the following years through more than 40 acquisitions that led to nationwide coverage. Within two years of founding, the company had also expanded into the European market, and today serves 70 countries.

Business in the U.S is written through a variety of subsidiaries, and the main offerings are worker’s compensation as well as business package policies. The insurer’s market is small to medium businesses with relatively low-risk levels.

Covered business classes include restaurants, transportation, nonprofits, professional offices, and financial institutions. The company sells products through independent agents across the country, although available products vary from state to state. Their headquarters remains in New York City.

What AmTrust Financial services and products are offered?

All of AmTrust’s U.S. insurance products are aimed at small to mid-sized business clients. These include package and a la carte coverage.

Worker’s Compensation

According to the company website, AmTrust is the third-largest provider of Worker’s Comp in the nation, and it is for this product that they are primarily known. Worker’s compensation insurance packages are tailored to meet the specific needs of each business and can be purchased alone or with a business insurance policy.

Business Owner’s Policy

The AmTrust Business Owner’s Policy (BOP) is a package policy that includes general liability coverage, business interruption, and property coverage as well as a selection of other coverage specific to the needs of the type of business. Options include equipment breakdown, electronic data protection, food spoilage, and more.

The variety of options allows this policy to be tailored to the needs of many different industries, although not all companies qualify for a BOP.

Auto Service Plus

This package policy is designed specifically for businesses in the auto service industry. This includes auto repair shops, dealerships, and body shops. This policy provides coverage for the particular needs of this market, including liability risks and equipment coverage.

Other Available Commercial Coverage

In addition to worker’s compensation insurance and the package business policies, AmTrust has a selection of other commercial coverage available as well.

• State Disability coverage is available in those states that mandate businesses to provide this protection.
• Commercial Auto coverage can be added on to a business package policy or purchased separately to cover vehicles owned and operated by the business.
• Cyber Liability coverage protects business clients from the results of a data breach and other risks related to Internet-related activities. The coverage can help pay for data recovery as well as a host of other costs.
• Contractor’s Equipment coverage is available for a variety of different contractors, including artisans, landscapers, general contractors, and road construction. This coverage protects the equipment used by contractors in their work.
• Employment Practices Liability coverage from AmTrust provides protection from the risks involved with employees. This can include things such as wrongful termination lawsuits, discrimination, sexual harassment, and more.

Are the company’s rates competitive?

As business insurance is very specific and particular, we are unable to provide a rate comparison for AmTrust. Rates will vary based on the type of risk, the size of the business, the number of employees, the location of the business, and more.

AmTrust agents can provide specific quotes for each individual business to ensure an accurate result. As a major insurer, particularly in the worker’s compensation market, we would expect them to be competitive.

AmTrust Financial Claims Process

Ease of Filing a Claim (Online, Over the Phone, Mobile Apps)

AmTrust Financial offers a straightforward and user-friendly claims process. Customers have multiple options for filing claims, including online, over the phone, and through mobile apps.

The online platform is designed to make the claims submission process as seamless as possible, ensuring that policyholders can quickly initiate their claims from the comfort of their own homes. Additionally, the availability of mobile apps adds convenience for on-the-go claims reporting.

Average Claim Processing Time

AmTrust Financial is committed to efficient claims processing. While specific processing times may vary depending on the nature and complexity of the claim, the company strives to handle claims promptly. Policyholders can expect a reasonable turnaround time for their claims, and the company’s use of digital tools and automation helps expedite the process.

Customer Feedback on Claim Resolutions and Payouts

AmTrust Financial has received positive feedback from customers regarding its claim resolutions and payouts. The company’s dedication to providing excellent customer service extends to the claims department, where policyholders have reported satisfaction with the fairness and timeliness of claim settlements.

AmTrust’s commitment to transparency and communication during the claims process has also earned praise from customers.

AmTrust Financial Digital and Technological Features

Mobile App Features and Functionality

AmTrust Financial offers a robust mobile app with a range of features and functionality to enhance the customer experience. The app allows policyholders to manage their insurance policies on the go, including viewing policy details, making payments, and filing claims.

Users can also access important documents and receive updates on their claims through the app, providing a convenient and efficient way to stay informed about their coverage.

Online Account Management Capabilities

AmTrust Financial’s online account management capabilities empower policyholders to take control of their insurance policies. Through the company’s website, customers can access their accounts to view policy information, update personal details, and make premium payments.

This online self-service portal streamlines the policy management process and offers a convenient way for customers to stay organized.

Digital Tools and Resources

AmTrust Financial provides policyholders with a range of digital tools and resources to support their insurance needs. These tools may include educational resources, risk management guides, and calculators to help customers make informed decisions about their coverage.

The company’s commitment to leveraging technology ensures that customers have access to valuable resources that can enhance their understanding of insurance and risk management.

Are the company’s ratings and consumer reviews positive?

AmTrust has an A- rating with the Better Business Bureau (BBB). There have been 14 complaints filed against the company in the past three years, five of which have been closed in the last 12 months. For a company this large, that is a very low complaint volume.

We did not find much in the way of consumer reviews for this company, which is not unusual for an insurer focused on business products. While individuals often use the Internet to post complaints, businesses usually handle problems through different methods. That said, it is always encouraging to see a low complaint volume for any insurance company.

What’s the bottom line?

Particularly when it comes to worker’s compensation, AmTrust is worth contacting if your business fits their market. They have shown steady growth and have developed a strong reputation over the past two decades, and offer a good range of products that will meet the needs of many small businesses. For some companies, AmTrust will be a convenient one-stop shop for several types of coverage.

Putting emphasis on workers and their safety is a big deal in the industry. Injured workers rely on worker’s compensation in the unfortunate event of an accident. If this is something that you’re concerned about, finding an insurance company that can help is crucial. Don’t forget about our comparison tool, which will help you to compare quotes from various companies.