The top rated commercial car insurance company is State Farm. This is based on financial ratings, products offered, availability, and consumer feedback. Commercial car insurance is just as necessary to have as personal car insurance. It is important to make sure you choose the right company to suit your business’s needs.
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Commercial car insurance is not just for large businesses. It is necessary for businesses of all sizes. As long as you have at least one vehicle that is used for your business, or if your employees drive their own cars for business purposes, you should look into purchasing commercial insurance.
History of State Farm
State Farm has been around since 1922. It started as an auto insurance company and has since expanded to provide multiple insurance products, including its commercial line.
It is a mutual company, which means that the policyholders are owners of the company.
State Farm is the largest insurance company in the United States, and it also provides insurance in Canada.
Financial Stability of State Farm
One of the reasons that State Farm is the top rated commercial car insurance company is because of its high financial rating. Companies such as A.M. Best rate insurance companies based off of a number of financial items.
The financial size category of State Farm is XV, which means the company has assets of $2 billion or more, making it one of the largest companies. Its financial strength rating is A+, or superior, which is the second best rating you can get. The company’s outlook is stable, which means that the chance of the rating changing is low.
When you look for an insurance provider for your commercial or personal needs, you should check its financial rating. It is always a good idea to go with one that has a rating of A- or better.
Consumer Feedback for State Farm
One of the reasons that State Farm is considered to be a top rated commercial car insurance company is that it gets good feedback from other drivers and business owners who use the company.
According to J.D. Power and Associates, State Farm has received the highest consumer ratings compared to other insurance companies in the western and north central regions of the country.
J.D. Power collects survey data from consumers who rate multiple industries. As far as car insurance is concerned, consumers rate a company’s pricing, policy offerings, ability to contact the insurer, payment and billing, and overall satisfaction.
Each category is given a rating of zero to five. In the north central and western United States, State Farm has received the highest rating in all categories except for price, in which it received a three out of five.
State Farm scored high in other regions as well. It has not had a rating of less than three in any category.
Because each local office of State Farm will vary in terms of customer satisfaction, another source to find out how State Farm has been received in your area is the Better Business Bureau. This lists all of the offices in your zip code and publishes how many and what types of complaints have been made against them, if any.
Awards and Recognition for State Farm
State Farm has been the recipient of multiple awards in many categories. The categories include recognition for community work, employer recognition, and environmental awards.
In terms of employer recognition, State Farm has received various awards for being a great place to work. In 2012, State Farm has been recognized as the most admired company by Fortune Magazine, as well as one of the best places to work in Canada by the Great Place to Work Institute.
It also has been recognized as one of the top companies for Pacific Islanders and Asian Americans by Asian Enterprise Magazine, as well as a top company for executive women by the National Association of Female Executives. These are in addition to landing in the Top 100 Employers bracket by Diversity Employers Magazine and Top 100 military-friendly employers by G.I. Jobs Magazine.
State Farm has been very involved in the community and has received much recognition for it.
In 2011, it was honored as part of the Corporate Social Responsibility Index. This recognizes the Top 50 companies with strong perception by the public for governance, citizenship, and workplace practices.
State Farm has also received awards for its service and work in the Hispanic community, the Meharry Salt Wagon Award for its health services educational programs, and Corporate Champions Award from the Citizens League of Japanese Americans.
State Farm has worked on helping to make greener communities and reducing its footprint on the environment. Its corporate office in Bloomington, Illinois has been recognized by Energy Star for its high energy score, falling in the top 25% of all companies.
State Farm has been recognized as one of the greenest employers in Canada, for its eco-friendly fleet and its recycling program. It also was ranked by Fortune 500 for using renewable resources for power generation.
State Farm’s Commercial Car Insurance Offerings
Although State Farm stands out as an insurance company in general, its commercial auto products are very solid. It is able to insure your business, no matter how big or small it is. You may have a vehicle that you use for both personal and business use, or you may have a fleet of box trucks or pickups. Either way, State Farm has the insurance products for your needs.
State Farm offers a number of different coverages for the vehicles owned by your business. You can purchase liability for bodily injury and property damage, collision, medical coverage, comprehensive coverage, and more.
Even if you don’t have any vehicles specifically associated with your business but you have employees, you may still need to carry commercial auto insurance. Some examples would be if your employees ever use their vehicles for sales visits, deliveries, or errands, or to pick up supplies.
Even though they should have some type of insurance on their cars, you still could end up being liable if they cause an accident while driving their car for business purposes. Many personal auto policies will not cover business errands or tasks. Or perhaps the employee had basic insurance and it wasn’t enough to cover all of the damages caused. In either case, your business would be responsible for the damages.
To help protect you and your business, State Farm offers ENOL coverage, or employer non-owned car liability coverage.
It is quite affordable to add this coverage to your policy and is a smart move financially if you have employees.
Depending on the type of business you have, what type of vehicles, and how many vehicles, the limits on your policy will most likely be higher than they are with a typical personal car insurance policy.
Speak with your agent or a company representative to help figure out what types of coverage you should get, what your deductible should be, and what limits will be the best. You can also visit the website of the Insurance Information Institute if you have additional questions about commercial insurance and whether you need it.
How to Find Commercial Car Insurance Companies
Whether you are looking for a State Farm office or a different insurance company to insure your commercial vehicles, there are a few ways to do so.
To find a local State Farm office near you, one of the easiest ways to find one is through State Farm’s website. There is a place where you can find an agent near you by filling in your zip code, city, address, or specific name. You can also get a free quote on the website itself, which will direct you towards an office in your area.
If you choose not to go with State Farm, or if it does not offer insurance in your state, there are many other options from which to pick. The quickest way to get quotes for insurance companies in your area is to visit a quote site like this one. You only have to enter your vehicle and driving history information one time and you’ll get free instant quotes from a number of insurance providers.
Because commercial insurance can be more complicated, especially if you have multiple vehicles, trucks that carry hazardous materials, or are delivering products across the country, you may not be able to handle your insurance needs online.
If this is the case, you will need to have a telephone conversation or sit down with an insurance agent to figure out your policy and quote.
Before deciding on an insurance company you should do a little extra research into the company. This includes looking up its financial strength information, making sure it is licensed to sell commercial insurance in your state, and seeing what other drivers have to say about the provider. Some of this information can be found through your state’s insurance department, which you can locate here.
You do not have to choose the top rated insurance company for your commercial auto needs in order to get good coverage and customer service. You do want to make sure that whatever insurance provider you pick is a reputable company, however.
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