Farmers Insurance is a personal and business insurance company that has been serving more than 10 million households and businesses since 1928. Its commercial line of insurance products consists of property, liability, crime, business owner’s policy (BOP), auto, workers’ compensation, umbrella, and much more. It offers customized quotes and is best for those that are looking for a one-stop-shop for insurance.
Farmers Insurance Pros and Cons
Long industry tenure and strong financial base
Online application does not actually provide quotes
Provides loss control services
Business insurance products are not available in all states
Offers industry-specific insurance bundles
Flexible payment options
Who Farmers Insurance Is Best For
- Those who are looking for a one-stop-shop for insurance: Farmers Insurance is known for the variety of coverage it offers. Aside from business insurance, it also provides coverage for home, auto, life, recreational, motorcycle, financial, pet, renters, and more. This is helpful if you want to get and manage both your personal and business policies in one place.
- Businesses that want an established insurance provider: Farmers Insurance is one of the best-known insurers in the country, with agents found in small towns and large cities across the United States. It also enjoys excellent standing from several credit rating evaluators online. Additionally, it is a subsidiary of an insurance giant—Zurich Insurance Group.
Farmers Insurance Costs
Like most insurance providers, Farmers Insurance’s costs are not published on its website and vary based on two major factors: your business’ risks and chosen coverage level. A third-party source mentioned that the average cost for Farmer Insurance’s premium ranges from $44 to more than $129 per month.
I requested a quote through its website by filling out a short form. However, I was not able to get an estimate or quote. Instead, I was prompted to a page that says that an insurance agent will get in touch to discuss the options.
Farmers Insurance Alternatives 2020
(Best overall) Industry-leading customer care and specialized packages at competitive prices
Home-based business owners looking for affordable coverage
Small- to midsized businesses that want help with risk management
International coverage for business transactions and trips
Technology businesses seeking errors & omissions insurance that includes cyber liability
Manufacturing companies that need small business insurance plus industry-specific coverage
Professional liability coverage added to a business owner’s policy (BOP)
Liquor stores and restaurants that need liquor liability included in their BOP
Delivery and transportation businesses requiring affordable commercial auto insurance
Startups, particular tech companies that need management liability insurance immediately
Farmers Insurance Features and Services
Farmers Insurance’s goal is to equip you with information and tools that will help in choosing the right commercial insurance coverage for your business. Listed below are some of its most notable features and services.
Flexible Payment Options
One of the best things about Farmer Insurance is that it offers payment plans that match your business needs. It allows you to pay your premium in full at the beginning of each policy term, pay your premium in two installments per term, or pay your premium in six or 12 installments, depending on your term length. This flexibility is beneficial if you are very conscious of your budgeting and cash management.
In addition to BOP, Farmers Insurance also offers industry-specific coverage bundles. Examples of these include insurance packages for businesses in manufacturing, home and building services, commercial real estate, wholesale, and retail.
Loss Control Services
To help you reduce risks and ultimately lower your premiums, Farmer Insurance provides loss control services, video resources, guides, and materials. It aims to improve profitability and lessen expenses by providing a safer workplace by:
- Identifying hazards in the workplace
- Recommending appropriate safety and loss prevention controls
- Providing safety training materials for your employees
- Establishing best practices for maintaining a safe work environment
Most Helpful Farmers Insurance Reviews
While many Farmers Insurance reviews can be found online, as of this article’s writing (July 30, 2020), there are currently no recent reviews specific to its commercial insurance products. If you are a past or current Farmers Insurance policyholder, please leave a review to help other business owners who are deciding whether or not to work with the company.
Farmers Insurance Frequently Asked Questions (FAQs)
Every business situation is unique, and small business owners should seek out answers before selecting an insurance provider. We’ve gathered some of the most commonly asked questions about Farmers Insurance below and answered them.
How can I make payment to my policy?
You can make a payment in a number of ways: online by setting up automatic payments or making a one-time payment, by phone during normal business hours or through its self-service line at 888-327-6335, by mail, or at a Farmers Insurance agency branch.
What payment methods does Farmers Insurance accept?
It accepts credit and debit card payments made using Visa, Mastercard, American Express, and Discover. Payments from checking and savings accounts are also accepted.
Will my premium increase if I file a claim?
It depends on the terms of your policy, how many claims you’ve filed in the past, and the insurance regulations in your state. Your Farmers Insurance agent can discuss the answers to these questions with you.
Our Top Business Insurance Provider Picks
In case you still are not sure if Farmers Insurance is right for you, then this article on the best small business insurance companies is a review of our top choices. In this guide, we reviewed several providers and narrowed them down to our top picks based on key criteria like coverage types, customer service, and pricing.