CNA Financial Summary
CNA Insurance began as a provider of health and accident policies to railroad companies. It has expanded and modified its plans since that time, focusing today only on commercial insurance. Its private policies were sold to Allstate in 1999, forming the brand that is now known as Encompass. It has also sold several of its policy lines to The Hartford, most notably their group policies.
Today, CNA offers specialty insurance products in several fields, including construction, retail and real estate. It services companies of all sizes, from Fortune 500 corporations to small businesses, and it sells its policies through a network of agents.
Commercial Property and Casualty Insurance
Rather than offering multi-line insurance plans, CNA focuses purely on property and casualty insurance products for businesses. The exact products offered vary depending on the type of business, with different coverages offered to meet the needs of particular industries.
CNA offers general liability insurance to businesses of all kinds. It also offers specialty coverages for specific insurance types. For example, it provides construction bonds, directors & officers insurance and errors & omissions coverage. Depending on the needs of the particular industry, additional coverage may be available for things like international protection for business handled abroad, commercial crime protection or specialty liability for security breaches.
Because coverage can vary so much between industries, it’s best to discuss the individual needs of a business with an agent in order to craft a policy that will suit the company’s unique needs.
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Premiums for business policies can vary dramatically depending on the underwriting company and the way the contract is written. CNA writes policies for small to large businesses, and their premiums are fairly standard for the coverage they provide.
Depending on the type of policy, CNA claims are handled through different departments. All claims can be submitted over the phone, and specific numbers can be found by clicking the “claims” tab on the CNA website. There is separate contact information for the commercial, large casualty, select risk, specialty lines, healthcare, and global claims departments.
You can also establish a risk management account on the website, enabling you to log in and check the claims status or file a new claim online.
Depending on the nature of the claim, the insurance company may need to investigate a loss, review your policy or provide an inspection of damaged property. Commercial claims are frequently handled on a reimbursement basis. Before moving forward, it’s a good idea to check with your agent about the best way to handle a given claim.
CNA Insurance Companies are listed on the Better Business Bureau with an “A+” rating, but the company is not BBB accredited. In the last three years, just 29 complaints have been listed against the company, with seven having been handled during the last year. Of these, the majority are listed as problems with the product or service.
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Medium to large businesses should check out CNA and compare their quotes with other business insurance firms. Business insurance can range significantly in price depending on which company is underwriting, so make sure and price check. It is also important to compare apples-to-apples when looking at business insurance quotes. Commercial insurance policies can be written many different ways which changes the price, so be sure the different quotes are for the same coverage across the board.
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