Allstate provides the basic business insurance options many small businesses need to lock in comprehensive protection. However, a lack of certain add-on liability insurance policies means some business owners have to look elsewhere to get specialized coverage.
Solid basic coverage options with key add-ons
Allstate is a terrific option if you’re looking for a business owner’s policy (BOP) that covers all the major risks faced by the typical small business. Whether you own a professional office, a service establishment, a restaurant, or a retail shop, Allstate delivers the property and general liability coverage you need to protect the financial viability of your business operations. Allstate’s standard BOP policies include coverage for equipment breakdown, building glass, and up to 12 months of business income losses resulting from a covered claim. Upgrade to Allstate’s Silver Endorsement Package for both increased coverage limits and special protection against losses arising from computer fraud and data breaches, employee dishonesty, and other key risks. Although Allstate doesn’t offer as many specialized coverage options as some competitors, they deliver all the basics most small businesses are looking for in a BOP policy.
Sterling financial outlook
When shopping for business insurance, it’s important to identify the companies you can confidently rely on over the long run. With consumer and business insurance operations that rank among the largest in the country by market share, it’s apparent that a lot of consumers and business owners have put their trust in Allstate. What’s more, the company boasts some of the best financial ratings in the industry. A.M. Best, Moody’s, and Standard & Poor’s, three of the top financial ratings agencies in the world, all declare that Allstate has a very strong financial outlook and excellent ability to meet financial obligations going forward. When it comes to protecting your business, this is just the kind of financial strength you should be looking for in an insurance company.
Professional association discounts
Allstate has partnered with a number of industry trade associations to deliver business insurance policy discounts to small-business owners across the nation. Policy discounts are somewhat uncommon in the business insurance market, especially when compared to the numerous discounts available in the auto and home insurance markets. In addition to the national associations who have partnered with Allstate, mostly in the construction and building industry, there are also many regional and state partnerships.
Quality learning resources
Allstate’s online Tools and Resources section makes a fantastic resource for virtually any insurance shopper. In addition to general insurance and safety topics, find a whole resource section on business insurance to help you prepare for buying your first business policy. While other insurers maintain excellent general insurance resources, few match the depth of Allstate’s business insurance resources.
Missing some important add-on coverage options
Special liability coverage for manufactured products, for negligence claims, and for personal and advertising injury claims are not options in an Allstate business owner’s policy. Similarly, you won’t find an option for medical payments coverage in an Allstate BOP. Depending on the type of business you operate, these kinds of liability policies can be crucial to the design of a business insurance package that delivers comprehensive protection.
Lacks common industry protection packages:
The lack of certain specialized liability policies means that Allstate doesn’t offer as many industry-specific policy packages as some other insurers. For example, Allstate doesn’t offer package policies for manufacturers and wholesalers that need product liability insurance. Similarly, certain professional services businesses that need special coverage for errors and omissions or personal and advertising injury liability aren’t going to find the coverage they need. Even common packages for contractors, auto service businesses, and real estate offices are not on offer. That said, if you have a small shop or retail service business, or a restaurant or fast food establishment, an Allstate policy is well worth looking into.
- A.M. Best FSR Rating: A+
- A.M. Best ICR Rating: aa-
- Moody's Rating: Aa3
- Standard & Poor's FSR: AA-
- Standard & Poor's ICR: AA-