Foxquilt Review (April 2024) – Pros, Cons, Features, & Pricing

Business comes with risk, regardless of size. A study by the Commerce Institute showed that 50% of companies never make it past the fifth year.

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Last Updated: Apr 04, 2024

Foxquilt

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While we could debate the reasons for failure, insurance—the core of this Foxquilt review—is often overlooked.

Foxquilt provides an innovative insurance solution to small-to-medium-sized businesses, leveraging technology to create broad and customized insurance coverage.

It eliminates the long hours of talking with a traditional insurance agent, resulting in quicker and more affordable business insurance. The platform brings a wealth of experience via its staff and several proprietary products to match your business needs.

We will explore the products and services in this Foxquilt review and how to get started. So, here is everything you need to know about Foxquilt, the tech-based insurance company.

What makes Foxquilt a good option?

Let’s think briefly about the intricacies of getting traditional business insurance. Do you see people filling out forms with long calls or physical talks?

Switch to Foxquilt insurance to see a different picture. The long calls and talks give way to a swift online process that gets your business tailored insurance coverage in 24 hours.

So, what makes Foxquilt a good option among the many alternatives in the industry? Here are a few reasons to consider the insurance-as-a-service platform for your company.

Tailored insurance policies

This company kills two birds with one stone. First, you will get a tailored policy that fits your business needs. Second, it helps you save on your business insurance.

Swift policy creation

Using machine learning technology, the team of experts comes up with policy options as quickly as possible. A few taps will bring out the possibilities for you to choose from.

Extensive product range

Although we will explore the products later in this Foxquilt insurance review, it is worth mentioning here. The company covers many businesses, including media, photography, catering, e-commerce, construction, accounting, and even tech companies.

Foxquilt-business-insurance-comparewise

Pros and cons of Foxquilt

It is worth mentioning in this Foxquilt review that the company is available in 10 Canadian provinces. That alone is a significant advantage, especially with a physical office in Toronto, Ontario. Nonetheless, here are a few more pros and cons.

The pros of Foxquilt

Machine learning for service delivery

This insurance-as-a-service platform does not rely on human insights alone. Moreover, it would take ages to comb through so much data to create an optimal cover.

Tailored for small-to-medium businesses and B2B networks

Foxquilt does not attempt to take on the entire insurance industry, which is worth almost $6 trillion. Instead, it focuses on small-to-medium businesses and B2B networks.

Commendable customer service

The company offers 12-hour customer service every day, from Monday to Friday. It includes telephone and email support to give clients the flexibility they need.

The cons of Foxquilt

No 24/7 customer service

We just praised its customer service in the previous section of this Foxquilt review. However, you cannot reach them 24/7.

There is no policy for vehicles

Unfortunately, Foxquilt’s umbrella policy does not cover vehicles, even though they are part of your business. You need to purchase a separate auto insurance plan for them.

Foxquilt products and services

The policy library on this platform is quite extensive. It covers almost all the aspects of running a business. Below are the products offered by the company:

Umbrella insurance

This product gives your business a bigger safety net. It is broader than excess liability insurance and is essential to this Foxquilt review. As a result, you will get protection on several policies.

Crime

Criminal activity is not limited to theft. It extends to burglary, staff compromise, etc. In other words, the policy covers your business in the event of an inside or outside theft.

Builder’s risk

Those in the construction industry know that a lot can go wrong during construction. Natural disasters or bad weather can inflict damage and lead to losses.

Nonetheless, the builder’s risk insurance covers the construction period until completion.

Commercial property

Protecting your business premises, including machinery, IT infrastructure, and other supporting equipment, is prudent.

Commercial property insurance offers this cover, and it extends to leased properties. Hence, you will get coverage for theft, fire, water, and even physical damage.

Cyber insurance

Don’t leave this aspect to e-commerce and IT businesses. You need cyber insurance, provided your company has an online presence.

This product insures you against phishing scams, ransomware attacks, and impersonation acts. Even your email needs active protection.

Management and professional liability

Foxquilt offers directors’ and officers’ (D&O) liability to protect against financial difficulties or accusations. You can get all three types: Sides A, B, and C.

On the other hand, errors and omissions liability (E&O) protects against mistakes that could cost your business. This cover falls under the regulation of specific professions.

Commercial general liability insurance

Your interactions with the public, including virtual interactions, threaten your business. Commercial general liability insurance covers you against bodily injury claims. It also extends to property damage claims on your premises or where you do your job.

foxquilt review - comparewise

Foxquilt product and service quality

We covered the products in this Foxquilt review. The company offers an extended range, and it does it most smoothly. You can already tell how far it goes in tailoring a policy for each scenario.

Foxquilt is an independent and privately owned company. It has no direct or indirect ties with any insurance company. Hence, the services it provides are on its exclusive terms.

The broker only shares what other insurance companies or credit organizations need to obtain or renew your policy. The privacy officer is available for physical meetings and via email and telephone.

How to get started with Foxquilt

This broker lives up to its promise by providing a swift onboarding system. Do the following to get started:

  • Visit the official Foxquilt webpage.
  • Click “Get a quote” on the top right corner of the page.
  • Fill out the details, starting with the insurance start date.
  • Enter your country, province, and industry or profession.
  • Provide your name, email, and phone number.
  • The next page is where you will provide information about your business.
  • The required details include the business name, address, website, years in business, years of insurance, projected annual revenue, etc.

Alternatives to Foxquilt

We have had quite an extensive Foxquilt review, but there is one more area to touch on. The broker is brilliant, but you can try other alternatives if it does not fit your bill. They include the following:

Foxquilt vs Insurely

This company brings over 20 years of experience to simplify and speed up the insurance purchase process. You can get home insurance from Insurely or extend coverage to your rental properties.

Either way, you will receive coverage for voluntary property damage, identity theft, sewer backup, tenant vandalism, liability coverage, etc.

Foxquilt vs Policy Advisor

Consider Policy Advisor if you are more into life insurance and mortgage protection. The brokerage offers online services that cover disability, children’s life, and critical illness insurance.

Also, its straightforward approach will get you on board in the shortest possible time.

foxquilt insurance review - comparewise

Foxquilt review conclusion

Foxquilt’s speedy delivery of quotes gives it an edge over traditional platforms. We expected nothing less, given the heavy technology integration into the process. Furthermore, we have seen its extensive services in this Foxquilt review.

The brokerage provides quick quotes for insurance policies for small-to-medium businesses. Also, you can save up to 35% on the same-day acquisition of policies.

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FAQs about our Foxquilt reivew

Can I cancel my policy with Foxquilt?

You can terminate your use of the platform at any time. However, you must provide a ten-day notice on the intended day of termination.

Does Foxquilt provide car coverage under business insurance?

The brokerage offers a comprehensive umbrella insurance policy covering many business aspects. Nevertheless, you must insure your vehicles with third-party car insurance. It does not matter if the cars are part of your company.

Is customer support available on weekends?

Foxquilt’s customer service is available only on weekdays, from Monday to Friday. However, it offers ample telephone, email, and live chat channels. The web chat option is available to clients or those in the process of getting quotes.

March 5, 2023
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