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If you’re searching for a business insurance company to protect you from unexpected events, you’re in the right place. Although Allstate is perhaps best known for its consumer auto insurance, it’s also one of the top ten providers of commercial auto insurance in the U.S., according to the Insurance Information Institute.
This review covers all the essential information about Allstate Business Insurance. Continue reading to determine if it meets your insurance needs.
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About Allstate
Founded in 1931 as a car insurance company, Allstate has expanded its offerings to include property, life, business, identity protection, and phone protection insurance. It became a publicly traded company in 1993 and is headquartered in Northbrook, Illinois, with agents available in all 50 states and Washington, D.C.
Allstate provides small-business insurance nationwide, including Washington, D.C. This includes a customizable Business Owners Policy (BOP), which bundles general liability insurance with property insurance and allows you to add coverage such as business interruption insurance and equipment breakdown insurance.
However, Allstate’s small-business insurance coverage depends on state availability, and qualifications can vary by state. If you’re not seeking commercial auto insurance or a BOP or have simpler insurance needs, another provider might be a better fit.
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Allstate Business Insurance: Pros and Cons
Pros
- Option to obtain a quote online
- Equipment breakdown coverage is included in its business owners’ policy
- Endorsement was available for home-based businesses
- Offers commercial auto insurance for a variety of vehicles
- Customizable business owner’s policies with optional add-ons like equipment breakdown, data breach coverage, and home-based business coverage.
- Wide network of agents available nationwide
- Possible discounts when bundling commercial auto insurance and BOP
Cons
- Unable to file claims online
- Availability of business insurance coverage varies by state
- Not possible to purchase a standalone general liability policy
- Some business insurance products aren’t available, such as workers’ compensation
Allstate Small-Business Insurance: Types of Coverage
Allstate provides a comprehensive range of coverage options tailored for small-business owners, including:
- Flood insurance
- Umbrella insurance
- Business Owners Policy (BOP)
- General liability insurance
- Commercial property insurance
- Business interruption insurance
- Equipment breakdown coverage
In addition to these core offerings, you can enhance your BOP with the following add-ons:
- Outdoor signs coverage
- Data compromise and identity theft protection
- Employee dishonesty insurance
- Home-based business-coverage
- Cyberattacks coverage
- Shield endorsements
- Inland marine insurance
Unlike some competitors, Allstate doesn’t offer standalone policies like general liability; instead, it bundles general liability, commercial property, and business interruption insurance into its Business Owners Policy. This approach allows for further customization of coverage to suit specific business needs.
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What Small Business Insurance Policies Does Allstate Offer?
Allstate provides a range of common business insurance policies. However, for the most comprehensive and up-to-date list of offerings in your area, it’s best to consult with an agent.
Business Owners Policy (BOP)
Allstate’s Business Owners Policy (BOP) covers commercial property, general liability, business interruption with extra expense, and equipment breakdown. Policyholders can also add endorsements to cover other specific risks.
Commercial Property
Commercial property insurance covers the physical structure where your business operates, along with its equipment, tools, inventory, and other business personal property. In the event of a covered peril, such as a fire, this policy can help rebuild, replace, or repair the damaged property up to the coverage limits.
Commercial General Liability
General liability insurance protects business owners if they’re found liable for third-party bodily injury or property damage. For example, if someone slips and falls in a business owner’s restaurant, general liability coverage can help cover legal expenses.
Business Interruption
Business interruption insurance, or business income insurance, covers lost income and extra costs resulting from a covered property claim. Depending on the coverage selected, this can include payroll expenses, mortgage payments, and temporary relocation costs.
Equipment Breakdown
Equipment breakdown coverage helps repair equipment damaged by covered perils such as short circuits, motor burnout, mechanical breakdown, or power surges. It may also help cover lost income, spoiled goods, or third-party property damage resulting from the breakdown.
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How Much Does Small Business Insurance From Allstate Cost?
Business insurance premiums can vary based on several factors, including the type of policies you need, the number of employees, and your industry. For instance, working in a high-risk field like construction usually results in higher premiums due to greater loss exposure.
Additionally, if you offer professional advice, you might need to carry professional and general liability insurance.
The coverage limits and deductibles you select also impact your premiums. Generally, a policy with $500,000 in coverage limits will have lower premiums compared to one with $2 million in coverage.
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How Do I Buy Small Business Insurance From Allstate?
- Begin by using the online quote feature to assess Allstate’s pricing structure and determine if it aligns with your budget and needs.
- Prepare your business information for the quote process. Gather details such as your business name (including legal and any DBA names), vehicle identification numbers (VINs) for vehicles needing coverage, and driver’s license information for all vehicle operators.
- Direct any inquiries to Allstate directly. If you have questions, there are options at the top of the page to call or email the company for assistance.
- Connect with an Allstate agent. Allstate operates through local agents across the country. You can contact them via phone or email. An Allstate agent will guide you through product options, discuss deductibles and premiums, and explain how different products can be integrated to provide comprehensive coverage for your business.
Allstate agent offices are conveniently located nationwide, ensuring personalized policy management, claims assistance, and payment support.
>> Get Your Business Insured With Allstate >>
Allstate Customer Service
Allstate’s customer service is available 24/7. You can call their customer service line, find a local agent, or email them. To file a claim, you’ll need to call the business auto claim or Business Owners Policy claim phone line.
Unlike Allstate’s consumer insurance products, business claims cannot be filed online. When filing an auto claim, you will receive a claim number to track its progress. For BOP claims, you will get status updates from your assigned adjuster.
Allstate Digital Experience
Allstate provides several digital tools to help businesses manage their policies and claims. Their user-friendly website offers extensive information about Allstate’s commercial insurance products.
The website allows business owners to access their accounts, make payments, and contact customer service. However, business clients must file claims by phone, as online filing is unavailable.
Allstate also offers a mobile app where business owners can access their accounts, make payments, file claims, and contact customer service.
>> Get Your Business Insured With Allstate >>
Allstate Business Insurance Reviews from Real Users
Allstate’s Trustpilot reviews mostly focus on personal lines of business rather than commercial. These reviews tend to be negative, often mentioning issues with customer service and problem resolution.
It’s important to note that each Allstate office is individually owned, so customer service quality can vary from one agent’s office to another. Finding an agent you can connect with and communicate with easily is crucial.
Allstate Business Insurance Alternatives
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NEXT Insurance primarily serves small businesses and entrepreneurs with a digital-first approach that simplifies the insurance process. Customers can easily purchase and manage their policies online, appealing to those who prefer digital transactions. Read our full NEXT review.
NEXT offers customizable options, including general liability, professional liability, commercial auto, and more, tailored to various industries. This makes it a convenient choice for business owners seeking efficiency and customization in their insurance solutions.
>> Get Your Business Insured With NEXT! >>
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The Hartford serves a wide range of businesses, from small enterprises to large corporations, boasting over 200 years of experience in the insurance industry. Known for its reliability and comprehensive coverage options, The Hartford offers a broad spectrum of business insurance coverages.
Additional services such as risk management and a streamlined claims process enhance its offerings, making it a solid choice for businesses seeking extensive support and a proven track record.
>> Get Your Business Insured With The Hartford >>
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Hiscox specializes in small business insurance and provides tailored solutions for professionals and larger organizations. The company is renowned for its customer service and the flexibility to purchase insurance directly or through brokers.
Hiscox focuses on offering specialized policies for specific industries, including IT, consulting, and health and beauty. Their coverage options are diverse, including professional liability and business owners’ policies, emphasizing customization to address the unique risks of different professions.
>> Get Your Business Insured With Hiscox! >>
Allstate Business Insurance Review – FAQs
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Bottom Line – Allstate Business Insurance Review
While Allstate may not offer the widest range of coverage options or the most robust online services, its financial strength, business owner policies, commercial auto policies, and industry-specific endorsements make it worthwhile.
However, businesses needing workers’ compensation or specialized policies like medical malpractice or directors and officers (D&O) liability might want to look into other options.
>> Secure Your Future – Get Covered With Allstate >>
