Business Owner Premiums Reduced Across the Country
State Farm® is working to reduce business owner policy rates by an average of 7%. The rate changes will provide savings to more than 400,000 commercial policy customers, resulting in $54 million total savings.
These changes are subject to state filings for regulatory review and approval as required by law. Once approved, these lower rates will apply to current customers at policy renewal, as well as to new customers.
"Evolving consumer behaviors and pandemic restrictions make it a challenging time for businesses. We continue to find ways to help our customers," said Ken Doss, Actuarial Director.
“Current State Farm trends and data show a considerable decline in claims related to business policies," Doss added.
Rate reductions will vary. Visit with your State Farm agent about individual policies, coverage and opportunities for discounts.
For over 100 years, the mission of State Farm has been to help people manage the risks of everyday life, recover from the unexpected and realize their dreams. State Farm and its affiliates are the largest providers of auto and home insurance in the United States. Its more than 19,400 agents and 67,000 employees serve over 91 million policies and accounts – including auto, fire, life, health, commercial policies and financial services accounts. Commercial auto insurance, along with coverage for renters, business owners, boats and motorcycles, is also available. State Farm Mutual Automobile Insurance Company is the parent of the State Farm family of companies. State Farm is ranked No. 44 on the 2023 Fortune 500 list of largest companies. For more information, please visit http://www.statefarm.com.