A lot of thought goes into picking the right type of insurance for your business. One option you may be considering is Allstate business insurance. This article is going to explore the types of coverage Allstate offers for business customers and cover the main pros and cons associated with it.
What Is AllState Business Insurance?
Allstate business insurance is a series of policy types designed to protect you and your company from a variety of potential losses ranging from personal lawsuits to property damage.
The exact type of coverage will vary considerably based on the type of business you operate and your home state location. You will usually find three categories of policies: property, liability, and automotive.
Property coverage relates to protection for your physical valuables and possessions at your office location. It includes the building itself if you own it as well as the contents within. Some examples of common property coverage options features on the Allstate Business insurance website include:
- Property damage due to fire or other disasters.
- Document damage due to burst water pipes within a building.
- Data recovery and device repair that occurs as a result of a virus attack or data breach.
- Billing record recovery that also covers the increased costs of collecting payments.
- Employee dishonesty that results in a loss of property or cash from your office location.
Liability coverage with Allstate business insurance is coverage that protects you and your business from a wide range of personal and commercial litigation attempts. The exact coverage amount varies based on the type of business you operate.
Medical providers have much larger liability coverage amounts than other business types. The construction industry is another business sector that typically has high liability coverage. Allstate divides liability coverage types into injury lawsuits, wrongful termination, and customer data theft.
Automotive coverage is very different for company vehicles and generally has much higher protection amounts than personal policies. The exact amount will differ based on your individual state requirements.
Allstate business insurance policies aim to protect business owners from a variety of additional concerns. An example of this is their lease payoff protection that pays off rented vehicle loans in the event the car is totaled. Additional protection options include uninsured and underinsured motorist coverage.
Where Does Allstate Business Insurance Shine?
1: Financial Strength
One of the best features about this company is its proven financial reliability. The company currently maintains an A+ rating by A.M. Best. This rating measures the company’s financial strength by factoring in things like their current debt holdings and stock levels. The A+ rating is the second highest rating currently available.
This means that the company has the assets needed to payout a substantial number of claims from consumers and businesses with little to no problems.
The financial strength of an insurance company is one of the biggest things you have to carefully consider when shopping for a policy. It is especially important for businesses since the coverage amounts are often significantly higher
2: Supported Business Types
The variety of different businesses that Allstate supports is very impressive. Their website currently lists over 36 different business categories to select from to make things easier. Also, it breaks down the business listings into categories like professional firms, health and medical, services, goods, and food and beverage.
If you are not sure which category best suits your business, you can always speak to a friendly agent who will find the best category for you and your company.
3: Educational Resources
Another one of the benefits of Allstate is that they offer a wide selection of educational resources. Many of these tools can help explain the different types of coverages associated with your policy using real-world examples.
For business owners, they have several pages that specifically relate to specialized coverage options like business interruption coverage and general liability questions.
Discounts are always a good thing when shopping for insurance for both businesses and personal use. Allstate has partnered with a variety of professional organizations to provide discounts for business owners.
Be sure to ask your agent for details or consult your organization to see if they recommend a specific agent that is familiar with your business sector.
Where Does Allstate Business Insurance Fall Short?
1: Cumbersome Online Quotation Process
Business insurance is always more complicated than personal insurance. Unfortunately, the online quotation process at Allstate does not make the process any easier and requires a lot of information from the business owner. It’s much easier to contact an agent via telephone or visit a local branch to build your quote.
2: Specialized Coverage Options Require Some Digging
The basic coverage options that are listed by business type often lack some of the specialized protections that you may be seeking for your business. A prime example is outdoor property coverage for construction companies. This coverage is available for purchase but one can only learn about it by visiting the resources section of the website.
How to Go About Getting a Quote
To get started with building your Allstate business insurance quote, visit the Allstate business page. There is an orange “Get A Quote” button to click on the left-hand side of the screen. You start the application process by selecting your business type from the available choices.
Once you have selected your business type, you must enter all of your business details. Furthermore, this includes things like the types of property your business currently owns and location information.
The next step requires you to list your property information and detail the people you currently have working at your organization. This step is particularly important for coverage options like wrongful termination protection.
Once this is done, you should have a tentative quote to review. If you are happy with the terms, it is submitted to underwriting for an official review before the policy is finalized. An alternative to this process is to use the agent locator tool.
With this option, you have the benefit of working with a dedicated agent who can help you customize your quote to ensure you have adequate protection for your business.
In conclusion, Allstate business insurance is a solid and reliable company for virtually any business. The company has a sterling financial record and offers a broad range of coverage options. Take your time browsing their coverage options and contact an agent when you are ready to start your quote.