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Last updated on November 3, 2015

Farmers Insurance Review

Farmers Insurance offers virtually all standard and specialty business insurance policy options found in the market, enabling the company to meet the special insurance needs of small and medium-size businesses of virtually any kind.

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The Good

Fully knowledgeable, dedicated agents

Farmers Insurance business policies are written and sold exclusively in locally owned Farmers agencies in neighborhoods across the country. In contrast, many other top business insurance companies, including the likes of CNA and Hanover Insurance Group, sell policies through independent agents who typically sell insurance for a variety of competing companies out of the same office. Although it may be true that independent agents can offer a wider selection of policies, it’s not always clear whether a given agent is expert in every policy he or she sells. When you go to a Farmers Insurance agent, on the other hand, you’ll get expert advice from someone who knows the available policy options inside and out, backward and forward. What’s more, since Farmers delivers both business and personal insurance policies, your local Farmers agent is capable of fulfilling virtually all your insurance needs.

Insurance options for virtually any business

Whatever kind of operational risks your business faces, Farmers almost surely has a policy option to cover you. First, choose from basic coverage options for general liability, business property, business vehicles, and workers compensation. Then select the add-on coverage you need to protect your business from the special risks that exist in your industry. Farmers Insurance makes it easy to identify the standard coverage options common to different businesses by offering package policies for businesses in more than a dozen different industries. Go online to learn about typical coverage options for restaurants, retail stores, factories, and professional offices, among many other options. When you contact your local Farmers Insurance agent, you get the personal help you need to develop one of the packages into a comprehensive policy specific to the needs of your unique business.

Long-term financial stability

All of the top financial ratings agencies give Farmers Insurance relatively high marks, pointing to a stable long-term financial outlook for the company. Moody’s, for example, gives Farmers Insurance an A2 rating, which indicates the company is fully capable of meeting all its long-term financial obligations and is a low credit risk in general. A.M. Best gives Farmers Insurance a Financial Strength Rating of A, corresponding to an excellent financial outlook and a stable future. When you’re looking to trust an insurance company to be with you over the long run, ratings like these go a long way toward giving you the confidence you need to make a commitment.

Solid online tools and resources

Farmers delivers the online tools you need to handle your policy payments and to initiate a policy claim. Create an account to set up an automatic payment schedule or to make individual premium payments. Access the business claims tool to conveniently report a loss covered under your policy at any time, day or night. It’s important to note, however, that Farmers has not yet enabled business insurance policyholders to access policy documents and make policy changes online like home, auto, and life policyholders are able to do. That said, only a few of the top business insurers offer this capability, so it’s not an uncommon omission in the industry and, therefore, forgivable.

The Bad

Lacks discounts for business policies

Although Farmers Insurance offers a raft of discount opportunities to auto, home, and landlord insurance shoppers, business insurance buyers aren’t so lucky. While not particularly common in the industry, there are a number of respected insurance companies out there that provide discounts for buying multiple policies or reward long-time customers for renewing policies. That said, Farmers does deliver money-saving opportunities to business insurance policyholders through the Farmers Value Program. As a business policyholder, this program provides you with access to special discounts on printing, web hosting, and a variety of products for small businesses. While a premium discount or two would be more attractive to most buyers, you may be able to save your business money in other ways.

The Details

  • A.M. Best FSR Rating: A
  • A.M. Best ICR Rating: a
  • Moody's Rating: A2
  • Standard & Poor's FSR: A+
  • Standard & Poor's ICR: A+

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