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AmTrust 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. AmTrust’s market is small to medium businesses with relatively low-risk levels.
Covered business classes include restaurants, transportation, nonprofits, professional offices, and financial institutions. AmTrust sells products through independent agents across the country, although available products vary from state to state. Their headquarters remains in New York City.
All of AmTrust’s U.S. products are aimed at the small to mid-sized business market. These include package and a la carte coverage.
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 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 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 businesses 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 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.
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’s website has very clear access to claims information. The claims system is automated, and the site states it is a paperless system.
Claims can be filed 24/7 with two separate toll-free phone lines for Worker’s Compensation and other claims. There are also fax numbers and email addresses provided for claims filing.
The company uses their Preferred One Source network for guaranteed and streamlined repairs. As always, the insured can select any repair service, but the guarantee will not be provided.
The claims page offers a basic overview of the process and what will be required from the insured. The information is straightforward without being overwhelming, and it is easy to access contact information to get questions answered.
Ratings and Consumer Reviews
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.
The Bottom Line
Particularly when it comes to Worker’s Compensation, AmTrust is worth considering 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.
For a list of companies that we recommend, visit our Best Insurance Companies page.