GEICO Business Insurance Review
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How We Reviewed GEICO Business Insurance
10 hours of research
18 coverage types evaluated
4 rating agencies consulted
GEICO Business Insurance Review
GEICO business insurance offers coverages and policies that can apply to a variety of different commercial clients. On top of that, the company offers an impressive listing of commercial vehicle coverage options ranging from bodily injury liability to collision coverage. You also won’t have any trouble filing a business insurance claim with GEICO as it also features 24/7 claims support.
When it comes to business insurance, GEICO claims to put the ‘us’ in business insurance. While that may not seem like the boldest claim out there, it tends to mean a lot to any business owner unsure about how best to secure their commercial endeavor. It basically says that GEICO is with the customer in this journey - the client isn’t alone in making these tough decisions.
Is it true?
It’s debatable, according to its own customer reviews.
When it came to commercial auto insurance, the average customer rating was about average. Many reviews on the low end of the spectrum did not speak highly of the customer service experience in their metrics. Whether that’s indicative of what someone can expect from the customer experience is hard to say.
Ultimately, only 53% of reviewers would recommend GEICO insurance to a friend, which is a little discouraging. However, the company does boast claims representatives that are available anytime to help you file a claim or answer any questions. You also have the option to file online or call the customer support number at any time.
Anyone in need of around-the-clock support when determining the best business insurance coverage for their needs.
Any business owners looking for a more comprehensive listing of industry-specific coverage policies.
|Price||Quotes differ from person to person|
|In business since||1936|
|Standout features||Offers coverage for dozens of businesses
7 unique commercial vehicle coverage options
24/7 claims support
|Types of business coverage||18|
|A.M. Best FSR Rating||A++|
|A.M. Best ICR Rating||aaa|
Solid commercial auto policy options
Whether you transport people, haul goods, or operate a service vehicle, a GEICO agent can help you design a commercial auto policy that fits your unique needs. Standard coverages include bodily injury and property damage liability coverage, collision coverage, comprehensive damage coverage, and medical payments and personal injury coverage.
Other optional coverage options depend on the legal requirements for the type of vehicles you operate and the type of business you conduct. GEICO writes policies for most types of vehicles, from box trucks and tractor trailers to passenger cars and transport vans.
Solid online tools for commercial auto policies
Log into your account to download all your critical insurance documents, including your Certificate of Insurance and your FR-19 or SR-22, in addition to any other special documents required for commercial auto insurance in your state. It’s also easy to set up a payment plan online, including convenient quarterly and monthly options. When your premium payment comes due, pay your bill instantly with a credit card or set up a checking account transfer through your online account.
Superior financial standing in the industry
GEICO garners top-level financial ratings from the most respected ratings agencies in the country, attesting to the company's rock-solid financial footing and terrific credit outlook. Standard and Poor’s gives GEICO a rating of AA+ for its very strong capacity to meet current financial commitments. A.M. Best gives the company a rating of A++ for financial strength, the agency’s highest mark, reserved for the very best performers in the insurance industry. Finally, Moody’s grants GEICO a rating of Aa1 for its very low credit risk, a high mark just one step down from the highest. These kinds of ratings indicate GEICO is going to stand by its commitments over the long haul.
Missing some commercial auto coverage
While GEICO does offer some solid commercial auto coverage, we would have liked to see a little more. When you compare the provider's offerings with that of Progressive, you start to see gaps that, while seemingly superfluous, actually cover a wider cross-section of commercial auto clients. For example, GEICO offers comprehensive physical damage coverage, but nowhere on the site does it talk about insuring pets which, some commercial auto customers may need.
Middling customer reviews
In a bold and admirable act of transparency, GEICO has made no attempt to bury the results from the customer reviews. Unfortunately, it’s very easy to see what the consensus seems to be regarding the customer experience. When only 53% of your clients would recommend you to a friend, that can be a little discouraging to prospective customers.
|A.M. Best FSR Rating|
|A.M. Best ICR Rating|
|Standard & Poor’s FSR Rating|
GEICO vs. Farmers
What Farmers offers in the way of commercial auto insurance is overshadowed by all the options made available through GEICO. One thing Farmers does have going for it when compared to GEICO is a more specialized offering of industry-specific packages including Loss Control — a service that helps improve on-the-job safety and efficiency.
GEICO vs. Allstate
Allstate offers a whopping 36 industry-specific coverage options to any commercial clients looking to secure their business. That’s far more than what GEICO currently advertises, which could be a deciding factor for any clients running businesses beyond GEICO’s capabilities.
GEICO vs. Progressive
Progressive does not offer as many business-specific packages and GEICO. However, if you compare its commercial auto offerings, you can find more with Progressive. It seems like Progressive has thought of everything including and beyond standbys like collision coverage. It even features policies that protect pets and tow truck drivers who run into trouble hauling a client’s car.
GEICO Business Insurance FAQ
What coverages are included in a commercial auto policy?
The following coverages are included in a GEICO commercial auto policy:
- Bodily injury liability coverage
- Property damage liability coverage
- Combined single limit (CSL)
- Medical payments, no-fault or personal injury coverage
- Uninsured motorist coverage
- Comprehensive physical damage coverage
- Collision coverage
What types of businesses can GEICO help cover?
Here are just some of the industries that GEICO business insurance can help protect:
- General contractors
- Landscaping companies
- IT contractors
- Real estate agents
- Beauticians/salon services
- Career/business trainers and coaches
- Family/mental health counselors
- IT consultants
- Management/business consultants
- Occupational therapists
- Personal trainers
- Real estate/property managers
- Travel agents
- Broader commercial auto
- Rideshare insurance
What is rideshare insurance?
Say you’re an Uber driver. With GEICO Rideshare insurance, your own personal vehicle would be protected in the event of a collision. The policy also covers the vehicle for personal usage.
The Bottom Line
GEICO offers some great business insurance policies and some commercial auto coverages that aren’t too shabby. If you are a business owner looking for around-the-clock support and a decent array of online tools, GEICO might just be what you’re looking for.