State Farm Business Insurance 2022 Review: Pros, Cons and Coverage Options

State Farm offers a wide range of business insurance, but limited online capabilities for commercial customers.
Aug 24, 2021

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State Farm offers a variety of business insurance policies, from standard coverage like commercial auto insurance to specialized coverage like nonprofit directors and officers insurance.

State Farm may be a good choice for your business if you prefer a human touch. State Farm insurance policies are sold by a nationwide network of State Farm insurance agents. You can’t purchase a policy, or even get a quote, without talking to someone.

If you want to manage your business insurance online, though, consider other providers. State Farm business insurance customers have limited online capabilities, including viewing a list of their policies, paying their bills and contacting their agent. You’ll have to call your agent and handle things like claims-tracking over the phone.

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.

Agents available in all 50 states and Washington, D.C.

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State Farm business insurance: Types of coverage

State Farm offers the following types of business insurance, among others:

  • 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.

State Farm’s business owner's policy includes general liability, commercial property, business interruption and equipment breakdown coverage. Professional liability coverage can be added.

The company also offers industry-specific packages that include the components of a business owner's policy along with additional specialized coverage.

For instance:

  • 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.

Notably, State Farm sells an umbrella policy that offers extra liability coverage in increments of $1 million. This makes it easy to add protection as your business grows.

State Farm also offers group life insurance and retirement planning options for business owners and their employees.

State Farm commercial auto insurance

Commercial auto insurance provides protection for the vehicles you use while doing business. State Farm’s commercial auto policies include standard coverage, including liability, personal injury and medical payments, uninsured/underinsured motorist, comprehensive and collision coverage.

State Farm offers commercial auto insurance for cars, trucks, pickup trucks, vans and farm vehicles, among others.

State Farm professional liability insurance

Unlike most business insurance providers, State Farm offers professional liability insurance as an add-on to its business owner's policy. The insurer also sells standalone professional liability coverage and includes it in many of its packages for specific industries such as barbering and cosmetology.

How to get State Farm business insurance

State Farm does not offer commercial insurance quotes online. Instead, you can fill out a quote request form with some basic information, including your name, address and what type of policy you’re looking for. An agent will follow up with a phone call or email.

Alternatively, you can enter your ZIP code to see a list of agents in your area and contact one directly.

State Farm agents exclusively sell State Farm insurance products and are paid on commission, which is the case for most insurance agents. As independent contractors, agents run their own agencies and hire their own employees, making them business owners themselves.

State Farm customer service and claims resolution

State Farm commercial insurance customers can’t file claims online. Instead, filing a claim starts with a phone call to State Farm or to your insurance agent.

If you have to file a workers’ comp claim, State Farm offers a state-specific “claims kit,” which includes the forms you’ll need to fill out to report the injury to State Farm and to your state government.

Phone support is available, but the company encourages policyholders to contact their agents with questions.

State Farm business insurance cost

The cost of commercial insurance can vary widely depending on your industry, location, claims history and what kind of coverage you need.

State Farm does not provide information about the average cost of its commercial insurance policies. To get a sense of how much coverage will cost, you’ll need to reach out to a State Farm agent.

NerdWallet recommends getting quotes from multiple business insurance companies to find the policy that best fits your needs.