Are They A Good Fit For Your Company?
When you need insurance for your business, it can be difficult to know which of the many carriers is the best choice. While shopping for insurance can be a hassle, it’s one or the most important steps in the early life cycle of any business. Getting the right coverages from a company you can trust is vitally important to your success as a business owner.
Allstate is one of the most recognizable insurance brands in America, but that doesn’t necessarily mean they’re a good fit for your company. This review will analyze Allstate’s business insurance policies to help you determine if their service is right for you.
Allstate’s online quote generator is incredibly convenient and user-friendly. In less than five minutes, prospective customers can have a full range of policy and pricing options.
Allstate receives very high marks from all major ratings firms, making them a safe bet when it comes to covering your claims.
Allstate offers commercial insurance policies tailored specifically to 36 different industries and business types, allowing them to fit the unique requirements of a wide variety of companies.
Allstate is one of the largest insurance providers in America and has been in business since 1931, giving them a wealth of experience in taking care of customer needs.
Allstate’s “Preferred Partners” program offers discounts when you pair third-party business services like SurePayroll and InfoMart with your policy.
The “Tools and Resources” section on Allstate’s website offers a wealth of valuable information about business insurance, from articles describing complex forms of commercial coverage to posts about specifically covered perils.
Allstate’s pricing is higher than average among competitors in the market.
Allstate’s average customer service ratings are below average.
Allstate offers a very wide variety of commercial insurance policy options. While this list is not exhaustive, according to their website, these are the industries in which Allstate specializes:
There are several ways to get a quote from Allstate, including contacting your local agent or broker or calling Allstate’s main customer service line. The most convenient way, however, is their online quote generator. In just a few minutes, you can get quotes for a variety of insurance options for your company that include a range of premiums and deductibles to suit your business.
This impressive tool is one of the best available among business insurance providers, many of whom do not offer online quotes at all.
When choosing an insurance carrier, it’s important to consider their financial stability and strength. When you file a claim, you never want to be concerned with your insurance carrier’s ability to cover your expenses.
Thankfully, Allstate has tremendous financial strength ratings from each of the major ratings firms, meaning you’ll never have to worry about their ability to protect you and your business.
A.M. Best Financial Strength Rating: A+
“Assigned to insurance companies that have a superior ability to meet their ongoing insurance obligations.”
A.M. Best Issuer Credit Rating: aa-
“Assigned to entities that have a superior ability to meet their ongoing senior financial obligations.”
Moody’s Rating: Aa3
“Obligations rated Aa are judged to be of high quality and are subject to very low credit risk.”
Standard & Poor’s Financial Strength Rating: AA-
“An insurer rated AA has very strong financial security characteristics, differing only slightly from those rated higher.”
In general, it’s quite difficult to make fair cost comparisons among insurance providers. There are simply too many variables to consider. One provider may have a lower price for general liability insurance, while another offers cheaper property coverage. The level of benefits offered for the cost can also vary.
Generally speaking, though, Allstate is on the high end of average when it comes to typical business insurance rates. If finding the lowest rate is a priority, Allstate may not be the best choice for your business.
Customer reviews can be a difficult thing to qualify. It’s impossible to determine exactly which policy each reviewer holds and the specific circumstances behind their experience. With insurance, in particular, anyone who has had to file a claim is likely dealing with a difficult situation.
Still, there is value in examining how a typical customer views a company since it can give you a glimpse into their general customer support reputation.
As far as Allstate is concerned, this is one area where they can improve.
While the WalletHub score is strong, it’s also the smallest collection of feedback. Consumer Affairs and the Better Business Bureau reflect very poor ratings across almost 2000 consumers.
Most dissatisfied customers cite negative experiences with customer service when seeking assistance with policy questions or billing and poor communication and slow response time during the claim process. Customer feedback is not a strength for Allstate.
Overall, Allstate earns a score of 4.4 out of 5. They are one of the largest and most-trusted commercial insurers in America, with millions of customers and a wide variety of policies available to protect any type of business.
They have one of the best online quote generator tools in the entire industry, and their financial strength ratings should instill great confidence in customers.
With insurance policies specifically tailored to several dozen common business types, Allstate has the ability to insure just about any size business in any industry. If you have complex insurance needs, Allstate is a great place to find your coverage.