InsuredBetter's Berkley Risk Insurance Score
2.5 Stars
We award Berkley Risk a final rating of 2.5 out of 5 stars. The carrier has excellent ratings by AM Best and the Better Business Bureau (BBB). But while the company is not BBB-accredited, it has only had one customer complaint filed against it in recent years, which is very low.
Founded in 1967, Berkley Risk is a member company of W. R. Berkley Corporation, a Fortune 500 holding company. Berkley Corporation is comprised of individual operating units that serve a defined insurance market segment. Its headquarters are in Minneapolis, MN.
Berkley Risk is focused on providing self-insured entity programs, administration services, and insurance operations. The company underwrites, manages claims, provides risk control, places reinsurance, and provides accounting, finance, and billing solutions. Berkley Risk also specializes in workers’ compensation insurance for healthcare, senior living, manufacturers, childcare centers, and social services.
Limited coverage, discounts, and claims information on the company's official website make it difficult to fully recommend this carrier. So, if you're in need of workers' compensation insurance or any of the services offered by Berkley Risk, we say go ahead and look into the company with the help of your independent insurance agent. However, we also recommend looking into several other options along with Berkley Risk.
Berkley Risk Pros and Cons:
| Pros: | Cons: |
|---|---|
Longstanding carrier, founded in 1967
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Not a BBB-accredited company
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A Fortune 500 company
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Not much information provided about coverage
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Offers workers’ comp and self-insured programs for various businesses and risk pools
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No discount information provided
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Rated “A-” (Excellent) by AM Best
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Contact hours not specified
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Rated “A-” (Excellent) by the Better Business Bureau (BBB)
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Limited social media presence
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Berkley Risk Insurance Products by Type
Berkley Risk offers workers’ compensation insurance and self-insured programs for various businesses and risk pools. Here's an overview of the coverage and services offered by Berkley Risk.
- Workers’ compensation insurance
- Self-insured programs for pools, trusts, RRGs, and captives
- Insurance company infrastructure and strategic program management for self-insured groups
Berkley Risk Workers' Compensation Insurance Average Prices
Berkley Risk does not make its average workers' comp insurance rates readily available online without requesting a quote. However, an independent insurance agent can help you find specific quotes for the exact amount of workers' comp insurance you need and also compare quotes from multiple carriers for you.
Since workers' comp rates vary so widely by company and industry, you can also get a better idea of how much a policy might cost you by using our workers' compensation insurance calculator.
What Discounts Does Berkley Risk Offer?
Berkley Risk does not publish information about specific discounts or savings opportunities for its customers. However, you can find more information about discounts by working together with an independent insurance agent near you. Independent insurance agents are experts at finding discounts and ways to save for their customers.
Berkley Risk Customer Service
Here's an overview of Berkley Risk’s customer service options and availability.
- Phone
- Online contact form
- Snail mail
- Fax
- Online and email claims reporting
The customer service phone department hours are not specified:
| Days | Hours |
| Monday-Friday | NOT SPECIFIED |
| Saturday | NOT SPECIFIED |
| Sunday | NOT SPECIFIED |
Independent insurance agents can provide even more personalized service. If you have questions or concerns about your policy, an independent agent can advocate on your behalf.
Berkley Risk Insurance FAQs
What is Berkley Risk's average claims response time frame?
Berkley Risk does not publish an average claims response time frame.
What is Berkley Risk’s customer service availability?
Berkley Risk allows customers to contact it via phone, online form, email, snail mail, or fax. However, the carrier doesn't specify its specific contact hours.
What is Berkley Risk’s claims process?
Berkely Risk does not detail its claims process beyond how to file. Your independent insurance agent can file claims for you and keep you updated through every step of the claims process.
Does Berkley Risk create a user-friendly experience for customers?
Berkley Risk does not provide much information for prospective customers online without contacting the company directly for more details. The carrier also does not specify its specific phone contact hours or appear to have much of a social media presence outside of LinkedIn. Overall, Berkley Risk falls behind in the user-friendliness department.
Does Berkley Risk have good workers’ compensation insurance?
Berkley Risk does not publicize details about its workers’ compensation programs, and little information is available elsewhere. But workers’ compensation programs vary according to state laws, and as such, Berkley’s programs can be expected to comply with your state’s requirements. The company specializes in workers’ compensation insurance for healthcare, senior living, manufacturers, childcare centers, and social services.
Is Berkley Risk a good insurance company?
Berkley Risk has the backing of a highly rated and financially stable parent company, W.R. Berkley Corporation. The company is highly rated by AM Best and the BBB. However, it's difficult to get much information about the carrier's coverage and services without contacting it directly. So, it may be up to individual interpretation whether Berkley Risk can be considered a good carrier.
Who are Berkley Risk's insurance products right for?
Berkley Risk's products and services may be right for professionals seeking workers' compensation coverage or self-insured programs in various industries. It's unclear which states coverage is available in, however.
Sources
https://www.berkleyrisk.com
https://www.bbb.org/us/mn/minneapolis/profile/insurance-services-office/berkley-risk-administrators-company-llc-0704-14001452
https://news.ambest.com/newscontent.aspx?altsrc=149&refnum=250076
