State Farm provides a wide range of business insurance options tailored to various industries. This review explores the features, benefits, and limitations of State Farm’s business insurance offerings to help you determine if they align with your company’s needs.
What State Farm Business Insurance Covers
State Farm’s business insurance portfolio includes several types of coverage. Here’s a closer look:
Business Owners Policy (BOP)
A Business Owners Policy bundles essential coverages into one package, providing comprehensive protection.
| Coverage Type | Description |
| General Liability Insurance | Covers claims for property damage, injuries, and legal costs |
| Business Property Insurance | Protects against loss or damage to equipment, inventory, and property |
| Loss of Business Income | Covers revenue loss due to property damage or business interruption |
| Equipment Breakdown | Pays for repairs or replacement of damaged equipment |
Additional Coverage
You can add commercial auto insurance and workers’ compensation to a BOP for more tailored protection.
Professional Liability Insurance
Also known as errors and omissions insurance, this policy covers legal costs related to professional mistakes or negligence.
Commercial Auto Insurance
Provides coverage for business vehicles, including trucks and vans. It includes:
| Coverage Type | Description |
| Liability Coverage | Covers damage or injury caused by your business vehicles. |
| Personal Injury Protection | Helps with medical expenses for injuries in an accident |
| Comprehensive and Collision | Covers damage to your vehicle from accidents or other incidents |
Commercial Liability Umbrella Policy
Offers additional liability coverage beyond the limits of your primary policies. It helps cover large claims exceeding your main policy limits.
Employment Practices Liability Insurance (EPLI)
Covers legal issues related to employment practices, including:
| Coverage Type | Description |
| Sexual Harassment | Covers damage or injury caused by your business vehicles. |
| Discrimination | Helps with medical expenses for injuries in an accident |
| Wrongful Termination | Provides coverage for wrongful dismissal claims |
Contractor Policies
Designed for contractors, this insurance covers:
| Coverage Type | Description |
| Property Damage | Covers damage to client property while on the job |
| Equipment Theft | Protects against the loss of tools and equipment |
Workers’ Compensation
Provides benefits for employees who suffer work-related injuries or illnesses.
| Coverage Type | Description |
| Medical Expenses | Covers costs for medical treatment |
| Disability Benefits | Offers payments for temporary or permanent disability |
Farm and Ranch Insurance
Covers farm equipment, livestock, and buildings.
| Coverage Type | Description |
| Machinery and Equipment | Protects against loss or damage to farm tools and machinery |
| Livestock Coverage | Covers loss or injury to farm animals. |
Inland Marine Insurance
Protects goods in transit, including:
| Coverage Type | Description |
| Collectibles and Art | Covers high-value items during transport |
| Vending Machines | Provides protection for machines in transit |
Pros and Cons of State Farm Business Insurance
Advantages
State Farm offers a broad range of coverage options and industry-specific policies. You can add professional liability insurance to a business owner’s policy. Additionally, the company provides retirement savings options for employees.
Disadvantages
State Farm’s online capabilities are limited, and quotes are not available online. The company has received more complaints than average about certain policies, such as commercial property and auto insurance.
How Much Does State Farm Business Insurance Cost?
Costs vary based on several factors:
| Factor | Description |
| Industry | Different industries have different risk profiles |
| Location | Regional differences affect pricing |
| Company Size | Larger companies may face higher premiums |
| Coverage Types | More coverage generally means higher costs |
| Claims History | A history of claims can increase premiums |
To get a quote, contact a State Farm agent. Online quotes are available in Colorado, Texas, and Wisconsin.
How to Get State Farm Business Insurance
Step 1: Determine the coverage types your business needs. Start with a Business Owners Policy and add specific coverages as needed.
Step 2: Reach out to a local State Farm agent for a quote. You can also fill out a quote request form online for agents to contact you.
Step 3: In Colorado, Texas, and Wisconsin, obtain quotes online.
Where Is State Farm Business Insurance Available?
State Farm offers business insurance in all states except:
- California
- Massachusetts
- Rhode Island
Who Is State Farm Business Insurance Most Suitable For?
State Farm is ideal for:
- Business owners who prefer working directly with agents.
- Those who want a wide range of insurance options from a single provider.
- Companies value personalized customer service and comprehensive coverage.
Alternatives to State Farm Business Insurance
Consider these alternatives:
| Provider | Coverage Options | Online Quote Availability |
| Allianz | Major enterprise coverage, risk advisory services | Varies |
| Farmers | Commercial property, general liability, umbrella insurance | Available online |
| Hiscox | Cybersecurity, professional liability, general liability | Quotes online or via agent |
Customer Reviews and Ratings
Including real customer feedback can give readers insights into the actual user experience.
Customer Feedback
- Positive: Customers appreciate State Farm’s personalized service and comprehensive coverage options. Many value the ability to work with a dedicated agent who understands their specific business needs.
- Negative: Some users report issues with claim processing times and higher premiums compared to competitors. A few have experienced difficulties with the company’s online tools.
Ratings Summary
| Aspect | Rating (out of 5) |
| Coverage Options | 4.5 |
| Customer Service | 4.0 |
| Claims Process | 3.5 |
| Pricing | 3.0 |
| Online Tools | 2.5 |
Common Questions About State Farm Business Insurance
- How do I file a claim with State Farm?
You can file a claim online through the State Farm website, by calling their claims department, or by contacting your local agent. - Can I customize my coverage?
Yes, State Farm offers customizable coverage options through various add-ons and endorsements to tailor the policy to your specific needs. - How does State Farm support businesses during a claim?
State Farm provides access to a network of repair shops, loss prevention resources, and a dedicated claims adjuster to assist throughout the claims process. - Are there discounts available for State Farm business insurance?
State Farm offers various discounts, including multi-policy discounts, safety program discounts, and loyalty discounts. Speak with your agent to find out which discounts you may qualify for.
Tips for Choosing Business Insurance
- Assess Your Risks
Evaluate your business operations and potential risks to determine the types of coverage you need. - Compare Policies
Get quotes from multiple insurers to compare coverage options, limits, and costs. - Review Policy Exclusions
Understand what is not covered by your policy to avoid surprises during a claim. - Regularly Update Coverage
As your business grows or changes, review and update your insurance coverage to ensure it remains adequate.
Final Recommendations
State Farm is a solid choice for many businesses due to its extensive coverage options and personalized service. However, it’s essential to carefully review your business needs and compare State Farm with other providers to ensure you get the best coverage at the most competitive price.
