Allstate vs USAA for January 2021 | Top Consumer Reviews

Item: Allstate vs USAA
Rating: 4

Thursday, January 28th

2021 Business Insurance Provider Reviews

Allstate

"A+" rated by the BBB
Nearly 9 decades in the insurance industry
Online quotes available when accurate business info is provided
Helpful website
Custom business owner plans tailored to specific industries

Allstate has vastly improved their user experience for business owners shopping for insurance. As long as you enter accurate information about your company, you should have no problem getting a quote through their website. Allstate specializes in customized packages for a variety of industries, so that you're only paying for the coverage you need.

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USAA

"A-" rating from the BBB
Coverage specifically for active duty/retired military members and their spouses/children
7 types of coverage available

USAA is an option for business owners who are active duty or retired military, as well as their spouses and children. They offer 7 basic types of coverage, though some companies may find that USAA redirects them to a third-party insurance partner for their policies. Unfortunately, this insurer's rating with the BBB has dropped over the years, and we recommend that you consider quotes from several different insurers before committing to coverage through USAA.

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The 7 Best Business Insurance Providers

Where Can You Find the Best Insurance for Your Small Business?

In our increasingly litigious society, it's wise to get the right coverage to protect you in the event that someone falls while visiting your business, your location is damaged during adverse weather conditions, or an employee is injured while on the job. In fact, many states - and many industries - require such coverage just to remain in operation.

However, getting the best policy for your needs can be a frustrating process. Insurance is one of those areas where you spend money on a product you hope you'll never need, yet you're grateful to have it when the unexpected occurs. How can you tell exactly what types of coverage you need and how much? Rather than going directly to a local agent, who may not have the small business expertise to help you answer those questions, you may want to start the process online.

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Business Insurance Provider FAQ

What types of business insurance are available?

There are two main areas of coverage: business liability and commercial property. The former is used in the event that someone holds your company liable for injury, damages or loss; the latter covers damaged or stolen business property, plus any buildings you own (not lease).

Why do I need insurance coverage for my business?

Unless you've got money to burn, you need insurance coverage to protect you from any number of unexpected situations: a slip-and-fall at your store, an employee injury at your warehouse, or damage to a customer's home during a project, just to name a few. Lawsuits, medical bills, and property damage claims get expensive, and business insurance helps mitigate those risks and costs.

Am I legally obligated to have business insurance?

That will depend on several factors, including but not limited to state laws where your business operates and any licensing requirements for your specific industry. If you have employees, you'll likely be required to have workers' compensation coverage, and any vehicles owned by your business (and not you as an individual) need a commercial auto insurance policy.

What type of business insurance should I get?

That also depends on your state and your industry. At a minimum, expect that you'll need general liability insurance (which is often required as part of a client contract or commercial lease), plus workers' comp if you have employees and commercial auto if your company owns vehicles. Beyond that, you'll need to consider how your business operates and what specific types of policies might be required or just a good idea (such as Liquor Liability if you own a bar).

Is business insurance expensive?

As with any other type of insurance, your premiums for business policies depend on many factors: the size of your company and number of employees, desired coverage limits, annual revenue and business location. However, most small businesses pay $65/month on average for General Liability coverage, $99/month for Business Owner Policy (which bundles property insurance with general liability), and $111/month for Workers Compensation.

Are there short-term options for coverage?

It's true that most insurers only offer standard one-year policies, with prorated refunds if you cancel before the 12 months are up. But, with more and more people working in non-traditional ways (gig economy, freelancers, event specialists, and so on), the business insurance industry is evolving to keep up. There's at least one company that specializes in business insurance with short-term options: hourly, daily, monthly, depending on the company's needs.

Are my premiums tax deductible?

Typically, yes! The premiums for your policy are a business expense and can be deducted like any other cost.

Is it safe to get my business insurance policy online?

Absolutely. Some of the biggest names in the insurance industry allow business owners to get quotes directly through their websites. Other insurers specialize in online-only service, allowing you to get your quote, policy, and proof of coverage with just a few clicks. Of course, you should do your due diligence and select an insurer with a strong reputation before committing to a business insurance policy.

Continued from above...

Many of the largest names in the insurance industry offer a wealth of information on their websites, to help narrow down what kind of policy is best for your company so that you don't purchase coverage you don't need. Better yet, there are many options for getting an insurance quote online without any pushy sales tactics.

As you consider the different options for getting business insurance coverage, here are several criteria to keep in mind:

Convenience. How easy does the site make it to get what you need, both with respect to information and actual quotes? Will you have to speak to an advisor before getting coverage?
Reputation. Has the service or company been rated by the Better Business Bureau? What do previous business clients have to say about their experience during the application process and once the policy has been issued?
Types of Insurance Offered. Will you get the coverage you need among the coverage types available? Are you limited to basic liability plans or can you get a policy that is specific to your industry?

TopConsumerReviews.com has reviewed and ranked the best business insurance providers available today. We hope this information helps you get the coverage you need to protect your company from expensive lawsuits, liability claims, and other unforeseen situations!

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Hiscox

Thimble

Allstate

USAA

CoverWallet

General Liability Insure

netQuote

Hiscox vs Thimble Hiscox vs Allstate Hiscox vs USAA Hiscox vs CoverWallet Hiscox vs General Liability Insure Hiscox vs netQuote Thimble vs Allstate Thimble vs USAA Thimble vs CoverWallet Thimble vs General Liability Insure Thimble vs netQuote Allstate vs USAA Allstate vs CoverWallet Allstate vs General Liability Insure Allstate vs netQuote USAA vs CoverWallet USAA vs General Liability Insure USAA vs netQuote CoverWallet vs General Liability Insure CoverWallet vs netQuote General Liability Insure vs netQuote

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Allstate vs USAA