GEICO Small Business Insurance Reviews 2018 (Ratings, Coverage & Complaints)
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Frequently Asked Questions About
Commercial General Liability Insurance
How much does commercial insurance cost?
Costs can vary widely based on industry and are also determined by zip code and often payroll and/or gross sales. Request a free quote to get an exact number.
What kind of business insurance do I need?
Most business owners need General Liability Insurance at the very least. If you have any non-owner employees, you will need workers compensation insurance too.
What is a Certificate of Insurance?
A Certificate of Insurance is proof of coverage. It lists the type and amount of liability coverage you have and other policy information when a third party requests it.
Is business insurance tax deductible?
Yes. you can deduct the cost of commercial insurance premiums. The IRS considers insurance a cost of doing business as long it benefits the business & serves a business purpose.
GEICO Small Business Insurance Reviews
GEICO Small Business Insurance Reviews. GEICO is one insurance companies that most people have heard of. And if they cannot remember this name, mention that little green gecko on TV ads, and suddenly this company comes to mind. GEICO, short for Government Employees Insurance Company, was founded in 1936 to provide auto insurance to government employees. It was started by Leo and Lillian Goodwin, and Philip Carlton. The company was located in Washington DC, due to the large amount of federal employees in the region.
In 1948, David Lloyd Kreeger bought GEICO, along with a group of investors, and help transition the company into a mainstream automobile agency. It was not until 1974 that the company opened up its products to the general public, prompting a huge growth. In 1996, GEICO was acquired by Berkshire Hathaway, which is among the largest public companies in the world. As a wholly owned subsidiary, GEICO continues to sell its products with a strong financial backing. It is now headquartered in Chevy Chase, Maryland.
From 12 staff members when it first began, GEICO has since grown to employ over 12,000 associates in 12 major offices around the country, with insurance services being provided in all fifty states, and collective assets worth $28 billion. GEICO also consistently garners high approval ratings from industry insiders for the company's financial strength and claims-paying capability. If you are a business owner looking to buy liability insurance, read GEICO small business insurance reviews to learn about GEICO Insurance's products.
Check out GEICO small business insurance reviews & ratings for general liability, workers comp and other commercial policies.
Small Business Coverages Offered By GEICO
Following are some of the commercial insurance GEICO offers. The GEICO small business insurance reviews on the Internet are good.
Commercial Auto. If company vehicles will be used, those vehicles should be fully insured to with commercial vehicle insurance to protect them against liability if an accident should occur. At the very least, businesses should insure against third-party injury, but comprehensive insurance will cover that vehicle in an accident, as well. GEICO business insurance ratings for business auto are good.
General Liability. Every business, even if home-based, needs to have liability insurance. The policy provides both defense and damages if you, your employees or your products or services cause or are alleged to have caused Bodily Injury or Property Damage to a third party.
Product Liability. Businesses that sell products may need this cover for claims of their goods causing injury, damage or death. This insurance covers you if such events happen to a client or business from the failure of products you are selling. GEICO ratings for this coverage are hard to find.
Professional Liability. This type of liability policy is also known as errors and omissions insurance and is most often purchased by businesses that provide professional services. It covers the professional business owner from malpractice, errors, or negligence in the services provided to customers. Some states require certain professions, such as doctors, to carry this type of policy.
Cyber Liability. Small business owners should consider cyber liability insurance to cover the losses arising from a data breach. This insurance pays for credit monitoring services for affected customers, customer notification, reputation management, investigation into the vulnerability that gave rise to the breach and measures to ensure the breach won't be repeated.
Commercial Property. Property insurance covers everything related to the loss and damage of company property due to a wide-variety of events such as fire, smoke, wind and hail storms, civil disobedience and vandalism. The definition of "property" is broad, and includes lost income, business interruption, buildings, computers, company papers and money. GEICO small business insurance reviews are fair for business property.
Workers Compensation. Workers comp insurance pays for medical care and replaces a portion of lost wages for an employee who is injured in the course of employment, regardless of who was at fault for the injury. When a worker dies from injuries sustained while working, the insurance provides compensation to the employee's family.
GEICO Business Insurance Help, Support & Usability
GEICO gives customers a fast and hassle-free process with their online service. As more and more customers interact with GEICO's hi-tech digital properties-like automated phone attendants, mobile apps, and web pages - GEICO's cutting edge technologies provide clients with modern insurance services. Customers are able to claim and quote online and know the insurance costs with its coverage calculator. However, as of 2017, the company does not have a live chat option.
GEICO Commercial Claims Handling
GEICO is mediocre at claims handling. GEICO's advantage of low costs translates to fewer employees and agents, which adversely impacts claims handling. If you prefer more personalized service or one point of contact when dealing with claims, consider companies other companies that have stronger agent networks.
GEICO Mobile Application
The GEICO mobile insurance application is among the better known mobile applications on the market. It's very user-friendly and customizable as well. GEICO small business insurance reviews for the mobile app are very good. Here are some of the features available to you as a policy holder:
- Manage Your Policy
- Access Insurance ID Cards
- Voice Assistance
- Pay Your Bill
- Find Out about Available Insurance Discounts
- Obtain Digital Insurance ID Cards
- Obtain an Insurance Quote
- Change Your Payment Plan
GEICO Business Insurance Reviews & Ratings
GEICO and its affiliate companies enjoy high ratings in the industry for financial strength and claims-paying ability:
- AA+ rating from Standard and Poor's for its very strong capacity to meet current financial commitments
- Aa3 from Moody's for its very low credit risk, a rating just one step down from the agency's top mark
- A++ from A. M. Best for financial strength, the agency's highest mark, reserved for the very best performers in industry
- BBB Profile: GEICO is not BBB accredited. It has received 3.48 out of 5 stars based on 142 Customer Reviews and a BBB Rating of A.
GEICO Commercial Pros and Cons
- Competitive prices
- Top financial strength ratings
- Customer service does not stand out
GEICO Ratings Online
Following are some ratings found online which appear mixed:
- BBB.org - The Better Business Bureau rates them 2.81 out of 5 stars.
- ConsumerAffairs.com - Consumer Affairs rates them 3.0 out of 5 stars.
- Yelp.com - Yelp rates them 1.5 out of 5 stars.
GEICO's Contact Information
Address: 5260 Western Avenue, Chevy Chase, MD 20815
GEICO Commercial Insurance Bottom Line
If you're looking for an affordable insurance policy and you're comfortable managing your own accounts online when an agent isn't nearby, GEICO might be right for you. It offers low rates in the industry, which makes it a good choice if your budget is tight. Its selection of discounts rivals most companies, so there's plenty of opportunities to save.
Request a free Commercial Business Insurance quote in California, Delaware, Kentucky, New Jersey, New York Pennsylvania and Texas. Also see Small Business Insurer Ratings: Acuity, AIG, Allstate, Amica, AmTrust, Chubb, Cincinnati, CNA, Dongeal, Erie, Esurance, Farmers, Foremost, GEICO, Guard, Hanover, Hiscox, Liberty Mutual, Merchants Insurance Group, Nationwide, Philadelphia Insurance Companies, Progressive, Selective, State Farm, The Hartford, Travelers, USAA, USLI, Westfield, Zurich
Commercial Insurance Broker ratings: BB&T Insurance Services, Bolt, Brown & Brown, Burns & Wilcox, Contractors Edge, CoverWallet, Day Care Insurance Services, Inc., Insureon, TechInsurance, USG Insurance Services
Small Business Independent Insurance Association Ratings: Trusted Choice
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