One of the most well-known consumer auto insurance providers, Allstate is one of the top 10 largest providers of commercial auto insurance in the U.S., according to the Insurance Information Institute. However, it is not limited to that alone, as Allstate also offers business insurance.
The company’s coverage includes a customizable business owner’s policy, or BOP, bundling general liability insurance with property insurance. This gives you the ability to add coverage such as business interruption insurance and equipment breakdown insurance.
Allstate’s small-business insurance coverage is subject to state availability, however, and qualifications may vary by state. If you’re not looking for commercial auto insurance or a BOP — or have simpler insurance needs — an alternative provider may be a better fit.
Overview of Allstate Business Insurance
The Allstate Corporation is an American insurance company, headquartered in Glenview, Illinois. With revenues of $39.8 billion in 2018, it ranked 79th in the 2019 Fortune 500 list of the largest United States corporations by total revenue.
Its long-running advertising campaign, in use since 1950, asks, “Are you in good hands?”. Also, the recognizable logo portrays a suburban-style dwelling cradled protectively in a pair of giant human hands.
Allstate’s business insurance offerings are fairly standard, but it doesn’t offer as many options as some of the other insurers. These include workers’ compensation, medical malpractice, directors and officers (D&O) liability, and farm and ranch insurance.
While Allstate doesn’t provide its own workers’ comp policy, an agent may be able to help you obtain coverage through a different carrier.
The insurer’s business owner’s policy (BOP) may be the only way for companies to get commercial property coverage. It combines general liability, commercial property, business interruption with extra expense, and equipment breakdown coverage. Allstate also offers various endorsements that can extend a business’s scope of coverage.
Allstate business insurance coverage options
The company offers a variety of coverage options including property, liability, workers’ compensation, and commercial auto insurance. They also offer a number of discounts and bonuses to businesses that purchase multiple policies from the company.
They are famous for their commercial auto insurance and business owner’s policy that bundles general liability and commercial property insurance, with the possibility of adding a business interruption or equipment breakdown policy, among other coverages. Allstate’s policies can be customized to fit the needs of various professionals such as accountants, chiropractors, dentists, photographers, or real estate agents.
Apart from the business owner’s policy and professional liability which is crucial for service providers, you can add other recommended policies to complete your coverage. For example, if you have employees, you would want to purchase workers’ compensation insurance (which is required by law in most states) and employment practices liability insurance.
Allstate offers policies for clients in multiple industries, such as commercial auto coverage for contractors, plumbers, electricians, landscapers, real estate agents, doctors, lawyers, and florists. It also offers additional coverage options, such as home-based business endorsements and shield endorsements to package industry-specific coverages together or increase certain coverage limits to meet a business owner’s specific needs.
However, if you are not looking for a BOP, or commercial auto insurance policy, it is possible that Allstate won’t have an adequate policy for your business. Also, you can’t just buy a general liability insurance policy. That coverage comes with an Allstate Business Insurance policy that acts as a basis where you can add other liability policies you need to protect your company, such as data compromise coverage.
How much does business insurance from Allstate cost?
The cost of Allstate commercial insurance will vary depending on the type and size of your business and the coverage options you choose, including coverage limits and deductibles. The industry you are in, the type of assets your business owns, the number of employees and payroll, and your claims history influence your insurance premium.
The coverage limits and deductibles you choose will also directly affect your premiums. A policy that has $500,000 in coverage limits will generally have lower premiums than a policy with $2 million in coverage.
Allstate doesn’t provide information on its website about the average cost of a business insurance policy. The company recommends getting a personalized quote from an agent to get a sense of how much a policy might cost your business. However, they also offer a number of discounts to businesses that purchase multiple policies from the company and business owners that couple personal lines of insurance with their business insurance policy.
How to buy business insurance from Allstate
- Start by using the online quote feature. This can help you understand if its pricing structure is something that you can afford and are interested in.
- Have your business information handy. Follow the steps in the quote process. You will need to collect information about your business, like your business’s name (including your company’s legal name or any other names being used), the vehicle identification numbers (VINs) for any vehicles you want protected, and the driver’s license information of all vehicle operators.
- Contact the company directly with any questions. If you have questions, there is an option at the top of the page to call or email the company.
- Contact an Allstate agent. Allstate works through local agents, but you can also connect with the company by phone or email. An Allstate agent can discuss the products you might need and go over information like deductibles and premium information. You can also learn how different products can work together for the most comprehensive coverage possible for your business.
Agent offices are located throughout the country. Your Allstate agent will handle your policy and help with claims and payments.
How to file a claim with Allstate
- Call Allstate’s claims number. Call the number listed on your policy or contact your agent. Allstate doesn’t have a feature that allows you to file claims online.
- Follow the phone prompts. You will hear a number of prompts for you to answer, such as saying yes when asked if you will need help with claims.
- Keep track of your claim number. You’ll receive a claim number, which you’ll use to track your claim and communicate with your adjuster.
- Cooperate with the coverage and damage evaluation. Allstate will assess the damage if the situation warrants it. In the case of a commercial auto accident, Allstate may help set up any necessary repairs or replacements that the policy handles.
- Get a repair estimate, if needed. Allstate will be in touch about the claim settlement after you get a repair estimate. Payment goes to you or the repair shop, depending on the policy.
Allstate business insurance: Pros and cons
As with every other insurance provider, there are several pros and cons to using Allstate for your business insurance needs:
| Pros | Cons |
| A wide network of agents across the country available to help you get the right insurance for your business. | Business insurance coverage is subject to state availability; qualifications may vary by state. |
| Customizable business owner’s policies are available with add-ons such as equipment breakdown, data breach coverage, and home-based business coverage. | Have to file a claim over the phone. |
| A wide network of agents across the country is available to help you get the right insurance for your business. | Can’t just purchase a general liability policy. |
| Option to get a quote online; ability to manage your policy online or by using the Allstate mobile app. | |
| Discounts may be available when you bundle your commercial auto insurance and BOP. |
Allstate insurance for small business
Allstate offers the following coverage options for small-business owners:
- Business owner policy (BOP): Allstate’s business owners policy (BOP) includes coverage for commercial property, general liability, business interruption with extra expense, and equipment breakdown. Policyholders can also add endorsements to protect their other risks.
- Commercial property: Commercial property insurance is a policy that provides coverage for the physical structure that your business operates out of and for its equipment, tools, inventory, and other business personal property. In the event of a covered peril, such as a fire, this policy can rebuild, replace, or repair the damaged property, up to the coverage limits.
- General liability: General liability insurance covers a business owner in the event that they are found liable for third-party bodily injury or property damage. For instance, if someone slips and falls in a business owner’s restaurant, general liability coverage can help pay for legal expenses.
- Business interruption: Business interruption insurance, also called business income insurance, covers lost income and extra costs from a related property claim that is covered by the policy. Depending on the coverage selected, this may include payroll expenses, mortgage payments, and temporary relocation costs.
- Equipment breakdown: Equipment breakdown coverage helps repair equipment that is damaged by a covered peril, such as a short circuit, motor burnout, mechanical breakdown, or power surge. It may also help cover lost income, spoiled goods, or third-party property damage that arises as a result of the breakdown.
- Commercial auto insurance: Commercial auto insurance protects vehicles that you drive in the course of your day-to-day business operations in the case of an accident. You can get a quote for business auto insurance from Allstate online, or you can find a local agent in your area and work with them to build a policy that’s right for your business.
You can also purchase the following add-ons with your BOP:
- 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 other business insurance providers, which give you the option to purchase policies like general liability on their own, Allstate doesn’t offer this option. Instead, the company bundles general liability, commercial property and business interruption insurance as part of its business owner’s policy and allows you to further customize your coverage as needed.
Allstate digital experience
Allstate offers a number of digital tools to help businesses manage their policies and claims. The company’s website is fairly easy to navigate and provides a wealth of information about Allstate’s commercial insurance products. Business owners can also access their accounts, make payments, and contact customer service through the website. However, business clients don’t have the possibility to file a claim online but have to do so via phone.
Allstate also has a mobile app that allows business owners to access their accounts, make payments, file claims, and contact customer service.
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