State Farm Business Insurance Review

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Contributor, Benzinga
November 13, 2022
State Farm is among the largest business insurance providers in the United States, maintaining high financial stability and offering a massive number of policies. State Farm’s biggest strength is its network of more than 19,000 agents throughout the country who can assist with in-person insurance questions and applications. Though more tech-savvy business owners may prefer an online-oriented application process, those who prefer a more personal touch may like State Farm’s in-person approach. However, business owners also cannot file a claim online, and they must contact a local agent to get a quote. While this can be frustrating for those short on time, State Farm’s 100 insurance products can be difficult for business owners to navigate on their own.  No. 1 Highlight: Agent network includes more than 19,000 insurance professionals A.M. Best rating: A++ Moody’s rating: Aa1  
Best For
  • Small-business owners
  • Customers who already have a State Farm policy
  • Business owners in need of highly customized insurance
  • Excellent financial ratings show stability
  • Offers a wide range of customizable business insurance policies
  • Specialty policies available to small-business owners
  • Cannot get a quote online directly from provider; must contact an agent or use a broker
  • Cannot file a claim online or via the app

State Farm Business Insurance Ratings at a Glance

Coverage Options
State Farm Customer Service
Customer Pricing
Customer Pricing
Customer Pricing

If you run a business, you know just how important it is to have business insurance. But deciding which business insurance company to buy a policy from can be difficult. There are many types of business insurance, including professional liability insurance, and you need a professional service provider to ensure you get what you need. State Farm is among the largest business insurance providers in the United States, maintaining high financial stability and offering a massive number of policies. Bezinga reviews the business owner's policy you can get at State Farm to help you decide if this is the right insurer for you.

State Farm Business Insurance Coverage Options

As one of the largest insurance providers in the United States, State Farm offers a wide range of business insurance policies and coverage options. The company also offers specialized insurance packages for small-business owners.

Business owners can purchase the following types of major business insurance coverage through State Farm:

  • Business owners’ policies
  • Contractor policies
  • Commercial auto insurance
  • Commercial property liability umbrella policy
  • Errors and omissions liability
  • Employment practices liability insurance
  • Surety and fidelity bonds
  • Builder’s risk insurance 
  • Inland marine and mobile property coverage
  • Workers’ compensation
  • Disability insurance
  • Health insurance
  • Group life insurance
  • Key employee insurance

State Farm Customer Service

Business owners have the following options if they need to contact customer service concerning a policy claim or concern:

  • By phone: To speak with a representative by phone, business owners should dial 800-782-8332. Customers living with hearing or speech limitations should dial 711 to connect with a telecommunications relay service before connecting with a State Farm agent. Customers who have an inquiry about a business checking or money-management account should call 800-688-7119.
  • By email: To get in contact with a State Farm agent by email, business owners are encouraged to search for a local State Farm agent using the company’s directory. Currently, State Farm does not offer a general email address for customers to use if they are not currently working with an agent.
  • By live chat: State Farm does not currently offer a monitored live chat feature to business owners who do not currently have a policy. Interested parties who are looking for answers to basic business insurance questions can connect with State Farm’s virtual assistant

Business owners who currently have a policy can speak with a representative and check the status of any open claims by logging into their State Farm account. 

State Farm Business Insurance Customer Pricing

It’s impossible to give an exact estimate for how much a business owner can expect to pay for coverage because business insurance policies are highly specialized forms of coverage. Unlike some other types of insurance, there are dozens of factors that go into the calculation of insurance costs.

Some of the factors that State Farm and other insurance companies will take into account when they calculate rates include:

  • Profession and unique risks associated with each industry
  • The type of insurance the business owner is buying
  • Coverage limitations and any deductibles included on the policy
  • The business owner’s claims history

Reviews of State Farm’s pricing are polarized. Verified reviews from ConsumerAffairs are largely positive, with customers praising the company’s affordable prices. However, reviews on State Farm’s Better Business Bureau profile indicate that many customers had problems filing a claim.

State Farm does now allow business owners to collect a quote online. Instead, interested parties will speak to a State Farm representative in their area to collect a custom quote based on their needs. While this may be frustrating for anyone looking for fast pricing answers, business owners looking for a personal approach may appreciate this model. 

Customer Pricing

State Farm policyholders enjoy a number of benefits, including the following:

  • Large range of policy availability: State Farm offers a very wide selection of insurance options, ranging from workers’ compensation insurance to homeowners insurance. They can even help arrange health insurance and retirement savings accounts for small-business owners. This allows policyholders to bundle coverages together and save.
  • Key employee insurance availability: Businesses that have indispensable employees on their staff can ensure that this role is protected with State Farm’s unique key employee insurance. This insurance helps cover expenses associated with finding, attracting and training a new employee to fill this key role.
  • Free extended coverage: Business owners who purchase their business owner’s policy through State Farm enjoy equipment breakdown and loss of income coverage at no extra cost. These inclusions are almost always add-on coverages that come with another monthly premium. 

Customer Pricing

State Farm’s user experience is highly focused on personal service and customization. For example, customers who want to purchase a business insurance policy through State Farm must first contact a representative to review their options, and they must also file with a representative. This allows policyholders to connect with their agents on a personal level.

State Farm’s website is also informative and easy to navigate. While the company could improve its user experience by offering rough quote tools or estimates online, information is easy to find and written in clear terms.  

State Farm Business Insurance Versus Competitors

State Farm is the 2nd-largest name in business insurance — about 5.5% of business owners who have some form of business insurance rely on State Farm for their coverage. But why do business owners choose State Farm? Some of the specialties and services the long-standing insurance provider offers include:

  • In-person agents: Online-only insurance providers might be convenient, but some business owners may prefer to speak with a representative in person to completely understand their coverage and explore insurance options. State Farm’s network includes more than 19,000 independent agents across the country.
  • Massive selection of insurance options: State Farm offers about 100 insurance products alongside specialty policies for small business owners. Business owners looking for a one-stop shop for all of their coverage needs will likely find what they’re looking for with State Farm.
  • Availability in all 50 states: Some insurance providers are only licensed to offer coverage in specific jurisdictions. State Farm offers insurance in all 50 states as well as in Washington D.C. 

State Farm Business Insurance Overall Rating, 4 Stars

With strong financial ratings, a host of policy selections and a wide agent network, there’s little question that State Farm is one of the country’s leading names in business insurance. Though business owners may be frustrated with the fact that they cannot file a claim or get a quote online, State Farm’s team is available in all 50 states. Small-business owners in particular will benefit from State Farm’s customizable coverage options, which allow policyholders to create their own insurance bundle to cut down on premium costs.  

Get Started with State Farm 

Business owners who believe they’re ready to get started with State Farm are encouraged to start by getting a free quote. Each business insurance provider uses its own unique formula to calculate insurance rates, which means that it’s possible to find the exact same coverage from 10 different insurance companies at 10 completely different price points. Getting multiple quotes early can also help business owners get covered — before they need to use their policies. 

Frequently Asked Questions 


How much does business insurance cost?


The specific price that you’ll pay for business insurance will vary depending on the specifics of the business. Some factors that underwriters use to determine business insurance costs include the type of insurance you’re buying, coverage inclusions and limits and the profession of the insured business.

The average business insurance policyholder pays about $85 a month for a business owner’s policy.  



Is State Farm considered a good insurance company?


State Farm has received an A++ rating from A.M. Best, indicating that the company is exceptionally financially stable and able to fulfil its policy obligations.

State Farm also has an A+ rating from the Better Business Bureau, an independent organization dedicated to keeping companies accountable. Reviews of State Farm insurance are mixed, and experiences may vary by policy and location. 



Do you really need business insurance?


Yes, it is a good idea to have business insurance, particularly liability insurance in case a product or service harms someone.

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About Sarah Horvath

Sarah Horvath is a highly respected freelance senior copywriter specializing in insurance content. With a wealth of experience, she is recognized as one of the top insurance copywriters in the industry. Sarah’s expertise encompasses various aspects of insurance, including home warranties, life insurance, health insurance, and more. Her insightful articles and guides are regularly featured on major finance sites, providing invaluable information to readers seeking to navigate the complexities of insurance policies. Known for her clear, concise writing style and comprehensive understanding of insurance products, Sarah is dedicated to empowering individuals with the knowledge they need to make informed decisions about their insurance coverage.