Frequently Asked Questions About
Commercial General Liability Insurance
How much does small business 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. (read more)
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. (read more)
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.
State Farm Small Business Insurance Reviews
State Farm Small Business Insurance Reviews 2019 (Ratings, Complaints & Coverage). State Farm was founded in 1922, and exists as a mutual insurer, meaning that it is owned by the policyholders themselves. State farm is considered to be the largest provider of home and auto insurance in the United States. The company offers many more insurance products, including insurance for businesses, vehicles, health and long-term care. It also sells annuities and banking products. It services almost 44 million insurance policies and employs over 65,000 people throughout the country.
The company has more than 98 billion dollars of assets, with more than 32 billion in insurance sales. The primary sales force for State Farm is a network of agents (over 18,000) and agencies licensed to sell their products. These people and organizations do not generally work for State Farm directly, but rather are paid as independent contractors for selling and renewing their policies.
If you are a small business owner looking to buy small business liability insurance, read State Farm small business insurance reviews to learn about State Farm's products.
Check out State Farm reviews, ratings, complaints & coverage for general liability, workers compensation and other small business insurance commercial policies.
About State Farm Small Business Insurance
State Farm small business insurance is an optional insurance plan that provides you with the coverage necessary to keep your business operational, especially in the aftermath of a catastrophe or a lawsuit. Catastrophes can include fires, major weather events, and accidents with extreme losses. Lawsuits can also devastate your business. These insurance plans can be customized to meet the inherent risks faced by your particular business. State Farm small business insurance reviews are mixed online. State Farm offers a variety of small business insurance options:
Business Owners Policies - Business Owners Policies combine protection from liability and property risks to one package. Typically, BOP' include liability protection, property insurance, loss of income, business interruption insurance, medical payments, data breach, employment practices liability and equipment breakdown. However, business owners policies don't cover professional liability, vehicle insurance, disability and health insurance and worker's compensation. State Farm small business insurance ratings on BOP's are ok.
Business Auto - Commercial auto protects your business' vehicles. It covers work cars, vans, trucks and SUVs from collisions and damage. You can insure individual vehicles only, or categories of autos, such as "owned autos" or "hired autos." For example, non-owned insurance policy covers your employee-owned vehicles that are used in your business. It protects your business should the vehicles not have auto insurance or when it's inadequate. State Farm ratings are good for small businesses that do not need filings with the FMCSA.
Professional Liability - If you provide consultancy and advisory services or skills such as business management or interior design at a fee, your clients have high expectations of the services you render to them. Failure to meet such expectations may lead to great dissatisfaction. Professional liability insurance provides compensation when clients incur financial losses due to negligence, errors and omissions, misrepresentation, breach of confidentiality or lack of skill.
For example, let's say you're an interior designer and you've been hired by a new restaurant to design their interior space. Unfortunately, you fail to meet the contracted deadline, which results in a delayed opening date. You might face a lawsuit for the income the restaurant lost due to the delayed opening. Professional liability insurance could help protect you with the costs of the lawsuit.
Surety Bonds - A surety bond is a legally binding contract that ensures obligations will be met between a principal (whoever needs the bond), an obligee (the one requiring the bond) and a surety (the insurance company guaranteeing the principal can fulfill the obligations).
Fidelity Bonds - These are issued as a guarantee against loss due to employee dishonesty. As such, they are an important part of a company's insurance program, because they cover areas not covered in the companies Liability and Property coverage. Your employees' dishonest acts are a principal area of your insurable risks and Fidelity Bonds provide principal insurance protection.
Workers Compensation - This covers employees who get injured while on the job. Workers comp covers medical expenses and makes up for any lost wages. Having this type of insurance for your small business means if an employee gets injured they are unable to carry out a lawsuit against your company. In many states this is a mandatory requirement if you have any non-partner or owner employees, and employers may be penalized heavily for not complying. State Farm small business insurance reviews for workers comp are fair.
State Farm Billing and Claims Management
State Farm's website is fairly easy to use. You can get quotes and buy policies online, find a nearby agent or manage a claim. Moreover, State Farm's customer app lets you view your insurance card and policy information, get a quote, submit a claim online and view a claim status. It even has an ATM locator.
State Farm Business Insurance Rates
State Farm's rates are quite affordable for minimum coverage, but are costlier for higher limits. Since the company is mainly a personal auto insurer, State Farm ratings for commercial insurance are so-so.
State Farm Small Business Insurance Reviews & Ratings
State Farm is considered to be extremely strong and stable from a financial standpoint, and it is well known for paying out its policyholder claims. Because of this, the insurer has been given high ratings from the ratings agencies. These include the following:
- AA from Standard & Poor's. This is based on the company's strong claims paying ability.
- It has an AM Best rating of A++. A.M. Best's Financial Strength Rating opinion addresses the relative ability of an insurer to meet its ongoing insurance obligations. It is not a warranty of a company's financial strength and ability to meet its obligations to policyholders.
State Farm Business Insurance Pros And Cons
- 24/7 claims service online or by phone.
- Excellent financial stability.
- High customer satisfaction rating.
- There have been complaints of claims being denied unduly.
- Discounts are not available in all states.
Stae Farm Ratings Online
Following are some ratings found online which appear mixed:
- BBB.org - The Better Business Bureau rates them 2.16 out of 5 stars.
- ConsumerAffairs.com - Consumer Affairs rates them 3.1 out of 5 stars.
- creditkarma.com - Credit Karma rates them 2.0 out of 5 stars.
State Farm's Contact Information
Address: One State Farm Plaza, Bloomington, IL 61710
Other companies State Farm owns: Insurance Placement Services, State Farm Associates' Fund Trust, State Farm Financial Services, F.S.B., State Farm Fire and Casualty Company, State Farm Funding Corp., State Farm General Insurance Company, State Farm International Services, State Farm Life Insurance Company, State Farm Mutual Automobile Insurance Comp., State Farm Mutual Fund Trust, State Farm VP Management Corp., State Farm Variable Product Trust and State Farm life and Accident Assurance Comp.
State Farm Commercial Insurance Bottom Line
State Farm is among the biggest and most highly regarded insurance companies in the USA. Its high customer service and claims service ratings make it a good choice to consider when insuring your business. Their agents are available 24/7 over the phone. This company has the pricing, coverage and customer service you would expect from a well-known insurance company.
More Commercial Insurance Company RatingsSmall Business Insurer Ratings:
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- Liberty Mutual
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- State Farm
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