Allstate is one of the major commercial and personal lines insurance providers in the United States. The company offers a wide range of insurance products and services to businesses of all sizes. Allstate has been in operation for over 70 years and is one of the largest insurers in the country, having built up a reputation for being a reliable and trustworthy company.
They offer a variety of different coverage options, so there is a good chance that you will find the right fit for your business. Allstate also has a team of experienced agents who are ready to help you get the coverage you need, and the majority of businesses can get their quotes online.
Allstate Pros and Cons
As with every other insurance provider, there are several pros and cons to using Allstate for your commercial insurance needs:
| Pros | Cons |
|---|---|
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AdvisorSmith Rating for Allstate
- Overall rating: [4] / 5 stars
- Coverage options: [4] / 5 stars (35% of overall rating)
- Cost: [3] / 5 stars (10% of overall rating)
- Ratings and complaints: [3.5] / 5 stars (15% of overall rating)
- Digital experience: [4] / 5 stars (20% of overall rating)
- Customer service: [3.5] / 5 stars (20% of overall rating)
Allstate Coverage Options
Allstate 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 that 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 coverage for a wide range of companies, including manufacturing, retail, transportation, food and beverage businesses, or service providers.
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.
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.
Allstate does not disclose the policy price for its commercial insurance products on its website, and some policyholders complain that the rates are higher than average. The company offers 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.
Allstate Ratings and Complaints
The company has been in business for over 90 years and has a long history of financial stability. Allstate holds an AM Best “A+” rating and a Standard & Poor rating of “A-.” Moody’s Investors Service confirmed the Aa3 insurance financial strength (IFS) ratings for Allstate Insurance, indicating that the company is financially stable. Allstate is not BBB accredited, but they hold an “A” rating from them.
Allstate’s National Association of Insurance Commissioners (NAIC) Complaint Index is 2.72 for 2021. That means that the company doesn’t fare very well when it comes to complaints, as its index is almost three times as high as the 1.0 index that is expected in the market.
When we look at Allstate’s’ online reviews, we can see that personal lines clients mostly share their negative experiences with pricing or the customer service department. When it comes to the company’s business clients, the reviews are mixed:
“Do not even consider for a business policy!
I signed up for a business policy with Allstate. I paid for a month and was canceled a week later. Once that cancel mail came through, I signed with another company that is familiar with my type of business and I even got a better rate. Mind you, I’ve been in business for decades and have never had a loss or claim on any policies I’ve had for business, home, or auto. I should have done my homework on Allstate before getting a policy. They are rated the worst insurance company in the USA, have many class-action suits against them; and deservedly so! Google it, over 6 million references to that!” – says Ellen.
Thomas had a different experience: “We purchased a small business insurance policy that was required by Amazon and we got hit with a Patent Infringement case that I couldn’t even believe we were actually covered for that under our policy, but our agent said we were. They got me an attorney who between them both did an excellent job in fighting for me in this case. My Senior Claim Service Consultant (Carol **) at Allstate hired an attorney that represented us tremendously. Those two were a great combination in representing anyone in cases such as this!! GREAT JOB ALLSTATE FOR YOUR PROTECTION TO ALL BUSINESSES.”
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.
Allstate Customer Service
J.D. Power’s customer satisfaction survey ranks Allstate pretty high with a score of 848 on a 1,000-point scale. That doesn’t entirely coincide with the online reviews from Allstate customers, but we have to take into account that the company also offers personal lines of insurance and those clients seem to be particularly dissatisfied with the claims process and customer service. Clients mostly complain about the long wait time and lengthy claim processes.
According to Allstate’s website, you can call their customer support team 24/7 if you need any assistance, send them an email, or you can find and contact one of their local agents. Clients report that they have experienced difficulties getting in touch with a local agent from Allstate’s network when they needed their help. Also, Allstate doesn’t offer a live chat option on their website, which makes it even more challenging for policyholders and prospective clients to get the information they need.
Other Services and Features That Allstate Offers
Allstate also offers voluntary employee benefits such as accident and disability insurance, critical illness, and hospital indemnity insurance. The company also sells voluntary employee benefits through local Allstate agents. When it comes to consumer services, Allstate provides identity and phone protection services alongside pet, travel, retirement, and event insurance.
What Is The Allstate Claims Process?
Unlike with personal lines of insurance where you can file a claim online, you can’t do that if you have a business insurance policy with Allstate. If you wish to file a claim, you have to call the company’s customer support. They will assign an adjuster to your case who will handle your claim and keep you posted on its status.
Overall, policyholders are fairly satisfied with the claims process, but they complain that it takes too long and that you have to follow up multiple times with your assigned adjuster to get updates on your case.
How to Get Quotes From Allstate
You can visit the company’s website and use the online quote generator to get a quote from Allstate Commercial Insurance. Note that you usually have to select Business Owners Property and Liability coverage if you want to receive an online quote from Allstate, and you can get additional coverages in the process if needed. If your business is not eligible for an online quote, you will be instructed to contact a local agency that sells Allstate’s policies.
You can also get a quote by calling the company’s customer service number or through a local agent from Allstate’s sales network.
Bottom Line: Is Allstate a Good Insurance Provider?
Allstate is a large and well-established company that offers a wide range of coverage options. The company also has competitive rates for some businesses but can be rather pricey for others. Allstate is a good choice for small businesses that need property insurance, general liability insurance, or automobile insurance. However, the company does not offer coverage for some types of businesses. Additionally, some customers find the company’s website difficult to navigate and don’t like the fact they can’t file a claim online.
Alternatives to Allstate
If you are not satisfied with what Allstate Commercial Insurance has to offer, there are a number of alternatives available. Some other large and well-established companies that offer commercial insurance include Liberty Mutual, Nationwide, and Travelers. These companies have competitive rates with Allstate and offer a wide range of coverage options. Additionally, these companies also have mobile apps, just like Allstate.
When choosing an insurance company, it is important to compare quotes from multiple providers. You should also consider the type and size of your business, as well as your coverage needs when you shop around. If you are a startup looking for the most adequate policies for your business, you can check the solutions Hartford has designed for startups, or you can look into Embroker’s startup program.
If you prefer a different shopping experience and would like to work with a smaller insurance carrier or broker, you could also look into one of the insurtech companies in the market. They offer a mostly-digital shopping environment and the possibility of comparing quotes of numerous carriers they work with to secure the best option for your business.