Are They The Right Choice For Your Company?
Any entrepreneur can tell you that acquiring business insurance is a crucial, and sometimes quite stressful, part of a company’s early life cycle.
A big part of the process involves figuring out which insurance provider is a good fit for your business, which can be tricky if you don’t know exactly what you’re looking for. Progressive is one of the leading commercial insurance providers in America, but are they the right choice for your company?
In this review, we’ll discuss all the relevant details about Progressive’s business insurance offerings, including the pros and cons, how to get a quote, where they stand financially, and much more. By the time you’re finished reading, we hope you’ll have a better idea of whether or not Progressive is the best insurance provider for your company.
Progressive is renowned for their commercial auto insurance policies. If your company has a vehicle fleet, Progressive’s comprehensive policies are a great option because they cover a wide variety of risks, and they’re the second-largest business auto insurance provider in America.
They also offer a wide variety of auto insurance coverages specialized to your specific needs. From van insurance to four different kinds of truck insurance, Progressive has you covered no matter what vehicles your company uses.
National ratings agencies give Progressive very high marks for financial stability and ability to meet their funding obligations. In other words, you’re not in danger of the company not being able to provide coverage when you need it most.
Progressive offers significant discounts if you purchase multiple business insurance policies from them, such as a commercial auto policy and a general liability policy. In addition, you can also save some money by paying your premiums in advance.
Their online quote-generating tool is simple and efficient, allowing you to get a quote for your desired insurance policy in around 10 minutes. Some competitors don’t have online quote tools at all!
While Progressive does underwrite their own auto insurance policies, they outsource the rest of their policies to third parties.
Along those same lines, Progressive generates quotes for auto insurance quickly, but things get convoluted when you seek quotes for other coverages. After you fill out an online form, Progressive transfers you to a third-party website.
Because this coverage is provided and serviced by a different company, you’ll need to contact that company directly for your quote.
They do a good job of offering typical business insurance policies, like workers compensation and general liability coverage, but Progressive is pretty limited when it comes to more specialized or customized forms of commercial insurance.
Progressive offers many different types of common commercial insurance policies, making them a sort of one-stop shop for your business insurance requirements.
As we’ve already mentioned a couple times, it’s important to note that Progressive only actually underwrites their own auto insurance policies — any other form of coverage is outsourced to third-party insurers.
The answer to this question depends on what kind of quote you’re looking for. For any type of coverage other than auto insurance (and the variants listed in the previous section), acquiring a quote is in the hands of whichever third-party insurance provider Progressive redirects you to from their website.
As for their online quote system, it’s so quick and easy to use that we wish customers could use it for more than just auto policies. All you need to do is fill out some basic information on five webpages, and they’ll provide quotes for monthly or annual coverage as well as let you know how much of a down payment your policy will require. In total, it took us less than ten minutes to receive our quote.
Financial strength is a big deal for insurance providers — as their customer, you need to be able to trust that they’ll be able to pay out benefits if necessary. For some insurers, this can be a bit of an issue, but that’s certainly not the case for Progressive. Check out how they rank according to some of the most trusted financial rating systems in the nation:
A.M. Best Financial Strength Rating: A+ (highest possible rating)
“A superior ability to meet their ongoing insurance obligations.”
A.M. Best Issuer Credit Rating: aa
“A superior ability to meet their ongoing senior financial obligations.”
Moody’s Rating: Aa2
“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.”
For obvious reasons, it’s impossible to craft apples-to-apples comparisons between the rates of different insurance companies. There are so many variables involved, and rates can vary from business to business, depending on your company’s unique circumstances.
With Progressive specifically, it’s even more difficult because they don’t underwrite their own policies except for auto insurance, so the rates of any third-party provider they set you up with could vary as well.
Still, there are some generalities that we can make, especially when it comes to discussing their discounts. Progressive offers significant discounts on auto insurance if you also purchase a BOP or general liability insurance policy. According to Progressive’s own website, “the average discount is 10% off a customer’s commercial auto insurance premium, but it can be as high as 15%.” Very few insurers offer any sort of discount on commercial insurance policies, so this is a major advantage for Progressive.
When it comes to overall cost, we can only really speak to their auto insurance rates. Progressive is neither the cheapest nor the most expensive option out there, but for the most part their rates do fall on the less expensive side of the scale.
When using review aggregate sites, there isn’t any easy way to separate business customers from those who purchase personal insurance policies, but customer reviews can still be a good way to get a general feel for what the client experience is like with a given insurance provider.
As for Progressive, they don’t tend to get the most positive reviews from their customers, but it’s not all bad news either. Take a look for yourself:
It’s hard to draw too many conclusions from such a mixed bag of reviews, other than to say that some Progressive customers are quite pleased with their insurance policies, and others are not as satisfied.
Progressive earns a score of 4.2 out of 5 in our book. They have a very high profile compared to most insurance providers thanks to their wide-reaching advertising campaigns. When it comes to their policies, Progressive is an industry leader in commercial auto insurance, but everything else is outsourced to third-party providers.
If your business relies heavily on vehicles to transport your products, Progressive could be an excellent choice due to their strength in this area, as well as their ability to offer customers some significant discounts on auto insurance.
We hope this review answered all of your questions about Progressive business insurance. Whether you choose Progressive or one of their competitors to provide your company’s policies, we wish you the best with your business!