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AIG business insurance review Oct 2020

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Find a haven in AIG's wide business coverage, especially for global or specialty risks.

All 50 states and DC

Available states

Workers' comp

General liability

Product liability

AIG offers a large number of business insurance offerings, including commercial property, professional liability and foreign commercial insurance. It also offers multiple consulting services so your business can evaluate risks or damage and minimize that damage as much as possible. However, the company has received multiple complaints about its hard-to-reach customer service. And the few methods for reaching customer service outside of claims seem to support that thought.

What types of business insurance does AIG offer?

AIG Business Insurance includes a product for every kind of risk that a business might be exposed to. These products include:

  • Accident and health insurance covers groups traveling out of the country for their employer or organization.
  • Crime insurance protects you from damage or financial losses related to employee theft or dishonesty.
  • Cyber insurance helps your business pay the expenses of dealing with a cyber attack. Those include managing the situation, recovering data and repairing networks.
  • Fronting and captive services can help your business stay compliant with laws in different countries you trade in.
  • Environmental. This suite of products provides coverage for a variety of environmental exposures, including pollution releases, clean up costs, injury and property damage claims.
  • Kidnap and ransom coverage protects against threats to employees’ or key leaders’ well-being, especially when working abroad.
  • Management liability helps businesses stay on top of claims that they’re mismanaging funds, employee benefits or promoting or demoting employees.
  • Mergers and acquisitions. AIG protects businesses during major transitions, including tax and contingent liability insurance.
  • Political risk covers businesses with overseas interests against political perils such as confiscating goods, foreign currency problems or political violence.
  • Product liability protects your company if products it manufactures, sells or distributes causes other people harm, even away from your premises.
  • Professional liability helps your firm defend itself for claims against your services or advice given to clients. This coverage can protect against defamation, fraud or dishonesty, wrongful errors, acts or omissions, lost documents or professional misconduct.
  • Product recall coverage can help your business recover from the costs of recalling a product for its lack of safety or contamination.
  • Property insurance covers your business buildings against weather damage and theft as well as equipment breakdowns and more.
  • Surety bonds make sure the terms of the contract get honored, especially in industries like construction, infrastructure, support services, transport, telecommunications and energy.
  • Surplus lines help businesses with high-risk industries or projects, backed by the AIG partner Lexington Insurance.
  • Trade credit backs your financial loss if a customer defaults when you offer products on credit.
  • Umbrella or excess liability offers up to $50 million extra for your business’s liability coverage.
  • Warranty coverage allows your retail or manufacturing business to offer insurance for your products, including extended service plans and mobile insurance.
  • WorldRisk Foreign Commercial Package includes a variety of coverage for companies doing business on a global scale. Those include general and vehicle liability, travel accident and sickness, commercial property, kidnap and ransom, marine ocean cargo and emergency security and political evacuation.
  • Workers’ compensation helps your employees get medical help for workplace injuries. AIG offers solutions for small and midsized businesses and international projects too.

What other services does AIG offer businesses?

When you buy insurance coverage for different types of damage, you can expect a support team to help you. In some situations like cyber attacks, you’ll receive support specialized to a specific area.

  • Crisis management support helps your business assess the situation and deploy contractors and medical support during a catastrophic emergency.
  • Dedicated cyber claims team. Once you know about a cybersecurity breach, you can call AIG’s cyber hotline. You’ll get immediate help in designing and implementing a response plan.
  • Risk consulting helps your company assess its risk, prevent losses and implement safety measures to reduce the dangers involved with your business.
  • Pollution and environmental response. With pollution coverage, you’ll gain access to a network of emergency contractors and environmental specialists. These services can help you reduce losses and pollution caused by your business.
  • Property claims. AIG promises to provide 50% of the funds for the repair estimate within seven days of agreeing to the settlement.

Which industries does AIG Insurance serve?

AIG’s business insurance serves industries like the following:

  • Aerospace
  • Construction
  • Education
  • Energy
  • Financial institutions
  • Healthcare
  • Hospitality and lesiure
  • Marine
  • Public entities
  • Technology
  • Transportation

Pros and cons of AIG

As a major insurer with a long history in the industry, AIG has a lot to offer prospective business customers and professionals.

Pros

  • Top high-risk insurer. AIG partners with Lexington Insurance for insuring specialty risks. Lexington Insurance served as the largest US insurance company for surplus lines as of 2016, according to Business Insurance.
  • Financial strength. With an A Excellent financial rating from A.M. Best, AIG is a sound financial institution.
  • Comprehensive coverage. AIG has an extensive range of products and services to cater to small or large business needs.
  • Friendly to multinational business. The company has developed products and services that make it easy for your business to trade on a global scale. That includes keeping up with local laws in each country you serve.

Cons

  • Hard to reach. AIG doesn’t offer a direct phone line for customer service for businesses. You can either reach the company through an online contact form or use contact information specific to your type of insurance for making a claim.
  • Recurring customer service complaints. Though it’s notable that these complaints are resolved, AIG received multiple complaints for slow customer service and difficulty getting claims paid out. However, customers seemed to complain most recently about travel insurance. These complaints may not apply to business insurance.

AIG business insurance reviews and complaints

Not many businesses take the time to review their business insurers, especially if that experience has stayed positive. However, AIG does hold a strong financial rating of A Excellent from A.M. Best, as of February 2020. It also holds an A- from the Better Business Bureau as of February 2020 with 85 complaints closed in the last 12 months.

Of those, multiple complaints were related to AIG’s travel insurance. Customers said AIG was slow to settle their claim or denied coverage for illegitimate reasons. In addition, several complaints involved hard-to-reach customer service and slow claims payouts.

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Frequently asked questions about AIG business insurance

Expert review

Sarah George

Review by


Sarah George is a writer at Finder who unravels complicated topics about insurance, business and finance. She's been wordsmithing for nearly five years, after earning an English education degree. Her insurance know-how has been featured on CarInsurance.com. You can usually find Sarah sipping hot tea and talking through movie plots in her downtime.

Expert review

AIG doesn’t pare back on business coverage even though it offers a plethora of personal insurance as well. Your company can likely find the protection you need for basic business operations. AIG also offers a suite of coverage for international businesses, including fronting the laws you need to meet in various countries. The insurance company also partners with Lexington Insurance, the largest surplus lines insurer in the US.

The main downside AIG brings is its lack of general customer phone support for businesses. It does have customer complaints like any other insurance company might. But the ones mentioned most aren’t related to business insurance, and all BBB complaints have been closed as of February 2020.

It’s best to balance AIG’s coverage with that of other business insurance options to find the best out there for your company.

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