State Farm Business Insurance 2023 Review: Pros, Cons, Coverage Options

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State Farm business insurance
State Farm business insurance: Pros and cons
Pros | Cons |
Offers many types of business insurance, including industry-specific packages with specialized coverage. | Business insurance policyholders have limited online capabilities. |
Professional liability insurance can be added to a business owners policy. | Can’t get a quote online. |
State Farm can also provide retirement savings vehicles for you and your employees. | More complaints than expected were filed with state regulators about State Farm's commercial property, commercial auto and workers' comp insurance policies between 2018 and 2021, according to a NerdWallet analysis. |
Agents available in all 50 states and Washington, D.C. |
State Farm business insurance: Types of coverage
- Commercial auto insurance.
- General liability insurance.
- Professional liability and errors and omissions insurance.
- Commercial liability umbrella coverage.
- Employment practices liability insurance.
- Inland marine and mobile property insurance.
- Commercial landlord insurance includes coverage that can defray the costs of bringing buildings up to code.
- HVAC contractor insurance includes coverage for equipment that moves from one location to another, plus coverage for injuries or property damage that takes place after work is done.
- Painters insurance includes installation floater coverage, which protects materials before and during installation.
State Farm commercial auto insurance
State Farm professional liability insurance
How to get State Farm business insurance
State Farm customer service and claims resolution
State Farm business insurance cost
Should you choose State Farm for business insurance?
- You don't want to manage your coverage online. You'll need to work with a State Farm agent to get a quote and buy a policy, and you can only file claims over the phone.
- You value customer service. State Farm ranked first for customer satisfaction in J.D. Power's 2022 U.S. Small Commercial Insurance Study, beating out competitors like Chubb, Nationwide and Allstate.
- You want to get all your coverage from the same provider. State Farm agents can only sell State Farm policies, so you won't be comparing quotes from multiple insurance companies.
Article sources
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.