Erie Insurance Review

Although Erie Insurance only sells policies in 11 Midwestern and Eastern states, the company's deep selection of policy options and industry-specific solutions rival the biggest business insurers in the nation. Businesses operating in an Erie Insurance territory will do well learning more about their policy offerings.

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The Good

Tailored coverage options for numerous industries

Erie Insurance delivers a full variety of industry-specific protection plans with the special coverage options you need to make sure your business operations are secure against any possible risk. The company offers packaged policies designed for businesses in nearly a dozen different industries, from contracting to wholesaling and car repair to retail sales. Industry packages are built around the company’s comprehensive Ultrapack Plus policy product, which delivers broad coverage of business property and equipment, including everything from your office computers to your exterior landscaping. What’s more, a comprehensive UltraPack Plus policy includes more than a dozen kinds of liability coverage to protect the financial viability of your business in the case of a legal claim. As a prospective policyholder, you start with an industry-targeted UltraPack Plus policy and then work with a local Erie Insurance agent to identify the add-on coverages you need to protect against risks unique to your business operations and location.

Strong financial outlook

While Erie Insurance is not as widely known as other top business insurers, the company has a very strong financial footing that rivals many of their better-known competitors. The financial rating agency A.M. Best gives Erie Insurance a Financial Strength Rating of A+ and an Issuer Credit Rating of aa, both of which indicate that the company has a “superior” ability to meet ongoing and future financial obligations. This should give prospective Erie Insurance customers a lot of confidence that the company follows sound business and insurance underwriting practices and is able to meet any policy obligations they commit to. Although Erie can’t match the market share that some of the biggest insurers enjoy, they’re certainly capable of delivering the same level of protection to your business.

Top-notch commercial auto policies

Erie Insurance writes commercial auto policies to meet the unique needs of your business, whether you need coverage for a single delivery truck, for a fleet of service vehicles, or for customer vehicles under your care. All policies include Erie’s Xtra Protection features, including additional coverages for loss of earnings, lawyer fees, and certain transportation expenses. Optional coverage options include road service insurance and loss-of-use income protection insurance. Although Erie operates in only 11 states, they still manage to rank as the 18th-largest commercial auto insurer in the nation by market share, a real testament to the quality and flexibility of their auto policies.

The Bad

Policies available in only 11 states

Due to a relatively small geographic footprint, most prospective customers in the U.S. don’t have the opportunity to buy an Erie Insurance policy. The company sells policies to customers in Illinois, Indiana, Maryland, New York, North Carolina, Ohio, Pennsylvania, Tennessee, Virginia, West Virginia, and Wisconsin. Erie Insurance also operates in Washington, D.C. Although limited in range, almost 9,000 agents affiliated with Erie Insurance serve towns and cities throughout these territories.

The Details

Financial Strength

  • A.M. Best FSR Rating: A+
  • A.M. Best ICR Rating: aa-
  • Moody's Rating: Not listed
  • Standard & Poor's FSR: Api
  • Standard & Poor's ICR: Api

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