Geico Business Insurance Review 2023: Pros, Cons, Coverage Options

Item: Geico business insurance
Rating: 4

Geico has a high customer satisfaction rating for auto insurance, but other coverage types are administered by a third party.

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Updated Jan 3, 2023 · 2 min read

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Geico business insurance

4.0

NerdWallet rating

Geico has been in the auto insurance game for over 70 years, offering coverage for personal and commercial vehicles. Its customer satisfaction ratings (above average) and complaint rate (below average) bode well for business owners looking to insure a single work vehicle or a fleet of them.

Need another type of business insurance? Geico offers that too, but through a third-party insurer that underwrites the policy and handles any claims.

If you’re not in the market for commercial auto insurance, go directly to the independent provider to price out your business coverage and compare rates.

Geico business insurance: Pros and cons

Pros	Cons
Discounts available when you bundle business and auto insurance.	Most business insurance policies are through a third party.
Can purchase many policies online.	Can’t file a claim through Geico (except for commercial auto).

Geico business insurance: Types of coverage

Geico offers the following coverage options for small-business owners:

Business owner's policy.
General liability.
Professional liability.
Workers’ compensation.
Medical malpractice insurance.
Commercial auto insurance.
Cyber insurance.

While Geico underwrites its own business auto coverage, the rest of Geico’s business insurance policies are through Hiscox or a network of third-party insurers, depending on the coverage type. The availability of specific policies will vary by state.

» MORE: Types of business insurance

Geico commercial auto insurance

Geico has over seven decades of experience insuring automobiles. In recent years, the insurer has elicited fewer complaints than expected for its size and its auto claims satisfaction rating has risen from below average to above average.

Geico’s business auto insurance policies typically include liability (bodily injury and property damage), physical damage, personal injury, uninsured motorist and collision. Coverage levels and deductibles can be customized to meet the needs of your business.

Geico business auto insurance is underwritten and administered by Geico, rather than a third-party insurer. That means quotes, claims and customer service are all handled by Geico directly.

Business car insurance is a smart move for electricians, contractors, landscapers, caterers — really anyone who uses their vehicle for work purposes. The exception to this rule: rideshare and delivery drivers. Geico recommends rideshare insurance instead.

Geico insures the following types of commercial vehicles:

Cars.
Vans.
Pickup trucks.
Box trucks.
Service utility vehicles.
Food trucks.

Geico does not offer business auto coverage for semi trucks and tractor-trailers.

Geico general liability insurance

Geico offers general liability insurance coverage through Hiscox, which has coverage limits ranging from $300,000 to $2 million. For reference, a typical general liability insurance policy includes a per-occurrence limit of $1 million and an aggregate limit of $2 million.

General liability insurance is recommended for all business owners. You can get it as a standalone policy, or bundle it with commercial property insurance through Geico’s business owner's policy.

Liability insurance typically covers third-party claims of bodily injury, property damage, personal injury and advertising injury. It also covers medical expenses, legal defense costs and electronic data liability. If your business is sued, general liability insurance can help cover legal fees and settlements.

What liability insurance doesn’t cover: damage to your own property, injuries to your employees or against claims of negligence or professional mistakes. Commercial property insurance, workers’ compensation or professional liability coverage would be required in those instances.

Geico professional liability insurance

Professional liability insurance is often referred to as errors and omissions insurance because, in a nutshell, that’s what it covers.

Specifically, Geico’s professional liability insurance covers:

Alleged or actual mistakes and oversights, including project delays, cost overruns or giving incorrect advice.
Libel or slander.
Legal defense costs.
Errors made by employees, temps and independent contractors.
Retroactive coverage for claims stemming from past work

As with many of Geico’s business insurance products, professional liability insurance is underwritten and administered by a third-party insurer.

How much does Geico business insurance cost?

It’s difficult to predict the cost of business insurance, as rates vary widely depending on coverage, location, business type and associated risk factors, but a ballpark figure is helpful to index against as you shop for coverage.

Geico does not list the average cost for business policies on its website, but you can get a personalized quote online or over the phone. Be prepared to supply details about your business — name, physical address, business type, ownership structure, number of employees and annual payroll — to receive an initial quote.

Business auto insurance quotes are through Geico but quotes for other business insurance types are through a third party.

» MORE: Business insurance companies: How to compare options

Article sources

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Methodology

Business insurance ratings methodology

NerdWallet’s business insurance ratings reward companies that offer small-business owners reliability and ease of use. Ratings are based on weighted averages of scores in several categories, including financial strength, customer complaint data, shopping experience and customer service. Learn more about how we rate small-business insurance companies.

These ratings are a guide, but insurance policy details and prices can vary widely from business to business and provider to provider. We encourage you to shop around and compare several insurance quotes.

NerdWallet does not receive compensation for any reviews. Read our editorial guidelines.

Insurer complaints methodology

NerdWallet examined complaints received by state insurance regulators and reported to the National Association of Insurance Commissioners in 2018-2021.

To assess how insurers compare to one another, the NAIC calculates a complaint index each year for each subsidiary, measuring its share of total complaints relative to its size, or share of total premiums in the industry. To evaluate a company’s complaint history, NerdWallet calculated a similar index for each insurer, weighted by market shares of each subsidiary, over the three-year period.

Our star ratings consider ratios for both general liability insurance and commercial property insurance. When an insurer sells policies that are underwritten by several different insurance companies, we consider the NAIC complaint ratios of all the underwriters.