That’s why we put together our guide to the top small business insurers in seven different categories to help your business find the right insurance company.
State Farm topped our list as the insurer best-known for industry-specific business insurance policies. But is this the best insurer for your small business?
With State Farm, small business customers have access to a wide variety of policies, including these popular coverages:
Interestingly, State Farm does not offer some relatively common coverages like general business interruption, cyber, and crime insurance. However, this insurer more than makes up for it by providing an extensive selection of industry-specific policies, with insurance plans available for businesses in more than 300 industries.
State Farm is Incorporation Guru’s top overall pick for the company with the best industry-specific policies among small business insurance providers. Let’s dig into the details to find out why and determine if this is the right company to provide your small business insurance policies.
State Farm recently celebrated 100 years in business, as this company first opened its doors way back in 1922. State Farm has a ton of experience but unfortunately lags well behind the competition when it comes to modernizing its operations. We were surprised to learn that State Farm still doesn’t provide online quotes, even though most competitors have offered quotes on their websites for years now.
We’ve already mentioned that State Farm has more industry-specific small business insurance policies than the competition, but it can still be surprising to see how many of these plans State Farm really offers. In fact, State Farm has more than 300 insurance policies tailored to individual industries, from accountants to window treatment stores and all points in between.
In addition, State Farm has some of the best customer satisfaction ratings in the industry, according to J.D. Power. In its 2021 U.S. Small Commercial Insurance Study, J.D. Power ranked State Farm second among all small business insurers for customer satisfaction, trailing Allstate by just 0.2%.
While we’ve already mentioned the lack of online quotes as a negative attribute, there is a positive flipside. State Farm has local agents in every corner of the nation, and these experts can help you find the ideal insurance policies for your needs. While it might be a bit more hassle to get in touch with a local agent, you may find that their expertise makes it worth your while.
Small business insurance premiums can vary significantly from insurer to insurer, as well as from industry to industry. With State Farm, we’ve found that small business policies have roughly average pricing compared to other major insurers. There are some smaller online-only insurance companies that offer better rates, but State Farm is right in line with what you’d expect from a legacy insurer.
State Farm is our top pick for small business insurance customers seeking a company with industry-specific small business insurance policies. The fact that it has a spectacular J.D. Power score for customer satisfaction doesn’t hurt either!
With a broad selection of business insurance policies and a ton of experience, we wouldn’t hesitate to recommend State Farm to our family and friends.
Still, if you want to take a look at our recommended insurers for other categories — such as the best options for commercial auto insurance, fast claims payment, and more — take a look at our complete guide to the best small business insurance providers.
Disclaimer: The content on this page is for information purposes only and does not constitute legal, tax, or accounting advice. If you have specific questions about any of these topics, seek the counsel of a licensed professional.
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