State Farm Business Insurance Review Are They The Best Fit?

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.

State Farm is one of the most recognizable names in insurance, but that doesn’t necessarily mean they’re a good fit for your company. This review will analyze State Farm’s business insurance policies to help you determine if their service is right for you.

Pros and Cons of State Farm Business Insurance

PROS

  1. State Farm has the best financial strength ratings of any major commercial insurer in the United States, making them an extremely safe bet when it comes to covering your claims.
  2. State Farm has over 18,000 agents all around the country, along with 343 full-service claim offices and 30 operations centers. No matter where you are in the United States, you are never far from an official State Farm representative.
  3. State Farm offers a tremendous variety of policies geared toward small businesses across a range of industries, making them a one-stop shop for small business insurance.
  4. Founded in 1922, State Farm now services over 80 million active insurance policies in the United States and Canada, giving them experience you can trust.

CONS

  1. State Farm doesn’t provide online quotes like many of their competitors.
  2. State Farm’s commercial insurance offerings are specifically tailored to small business, making them a less than ideal choice for midsized and large companies.
  3. More than 85% of all active State Farm customers are auto or fire policyholders, meaning commercial insurance is not their primary focus.

State Farm Alternative

Hiscox is truly one of the best commercial insurance providers in America, thanks in large part to their exclusive focus on business policies.Read Review

What Kinds of Business Insurance Does State Farm Offer?

State Farm offers a wide range of insurance coverage for small and home-based businesses:

  • Business Owner’s Policy (BOP)
  • Commercial Auto
  • General Liability
  • Professional Liability
  • Employment Practices Liability Insurance (EPLI)
  • Workers’ Compensation
  • Commercial Liability Umbrella
  • Individual Health
  • Group Health
  • Key Employee
  • Executive Benefits Plan

Additionally, State Farm tailors coverage to an impressive 209 different specific business types, encompassing the vast majority of small businesses.

How Can I Get a Quote From State Farm?

Unlike some of their competitors, State Farm does not provide quotes online. Instead, they have a “find an agent” tool that provides you with contact information for nearby agents. While not the most convenient system, with over 18,000 agents nationwide, finding one to help you should not be an issue.