First established in 1937 by Jack Green and Joseph M. Lewis, the Progressive Corporation has grown into a multinational insurance company over the years. The insurer has also achieved a few firsts for auto insurance companies, such as becoming the first specialty underwriters of nonstandard insurance for risky drivers in 1956. Later in 1964, they also became the first insurer in Ohio to offer payment plans to their nonstandard auto policyholders. In 1977, Progressive was also the first auto insurance company to publish its annual loss reserve report showing how they establish and validate loss reserves.
Progressive is currently headquartered in Mayfield Village, Ohio, but they are one of the largest insurance providers in the nation. As of 2018, Progressive brought in more than $30 billion in revenue through insurance sales.
Progressive doesn’t underwrite most business insurance products, except commercial auto. Instead, they act as an agency offering other carriers’ products. The agency is called Progressive Advantage Agency.
- Pros & Cons of Progressive Insurance
- Products Offered: 60/100
- Financial Strength: 95/100
- Customer Satisfaction: 75/100
- Consumer Complaints: 60/100
- Digital Experience: 60/100
Pros & Cons of Progressive Small Business Insurance
Pros
- Progressive offers discounts for bundling some of their insurance policies
- The website has a lot of information about their services
- Progressive as excellent financial stability and a superior A.M. Best rating
- Progressive is a nationwide company with major brand recognition
Cons
- There are few to no online quotes for small business insurance
- They have many customer complaints regarding delays in claims handling
- Progressive offers most of its business insurance through third-party companies
If you are looking for the different types of business insurance policies for your company, be sure to shop around with a few companies or with a digital broker like CoverWallet to compare several quotes to select the best one for you.
Small Business Insurance Products Offered by Progressive
Progressive small business insurance offers several products for small businesses seeking coverage. As a large, well-known company, they are able to work with customers to bundle insurance policies for more complete coverage. Small businesses may want to choose from any of the following:
- General Liability – Also check out Cheapest General Liability Insurance for Small Businesses
- Commercial Auto Insurance – Also check out How Much does Commercial Auto Insurance Cost by States?
- Professional Liability – Also check out The 6 Best Providers of Professional Liability Insurance for Small Business
- Cyber Insurance
- Business Owners Policy (BOP)
- Worker’s Compensation – Also check out Best 7 Workers’ Compensation Insurance Companies for Small Business
Progressive offers most of their business insurance through third-party providers as an agency, Progressive Advantage Agency. The only business insurance that they offer directly is their commercial auto insurance.
Also, Progressive doesn’t offer online quotes for most small business insurance. Businesses can fill out the online quote form with some information and they will either be directed to call a special number to speak with an expert or someone from Progressive will call them. They do have some general rates for business insurance listed on their website.
Financial Strength Rating of Progressive Small Business Insurance
A.M. Best has given Progressive and its subsidiaries an A+ Superior Financial Strength Rating as of 2019. The rating is thanks to Progressive’s strong balance sheet and excellent operating performance.
Customer Satisfaction Rating of Progressive Small Business Insurance
According to J.D. Power’s U.S. Small Commercial Insurance study, Progressive scored well with the some 14,300 insurance customers who responded to the J.D Power questionnaire.
The study uses a 1,000 point scale to determine overall customer satisfaction, based on metrics like:
- Interaction
- Policy offerings
- Price
- Billing
- Payment
- Claims
Progressive earned a healthy 848 points out of 1,000 points in the J.D Power study.
On a side note, Progressive also boasts an A+ rating from the Better Business Bureau (BBB). However, they haven’t become accredited with the BBB, and also have a low one out of five stars rating due to a number of negative customer reviews. It should be noted that several large insurers also have low ratings on the BBB website.
Consumer Complaints Rating of Progressive Small Business Insurance
Speaking of complaints, one of the best places to go for a concise review of customer complaints is the National Association of Insurance Commissioners (NAIC). Progressive Insurance is listed with the NAIC. According to their Complaint Counts By Code Report in 2019, Progressive received just eight complaints from customers regarding their commercial auto coverage. Overall, most complaints filed with the NAIC by businesses and private individuals were regarding delays during the claims handling process.
Digital Experience Rating of Progressive Small Business Insurance
Progressive prides itself on making it easy for customers to research their products and get set up with quick quotes. In fact, they offer online quotes for most of their individual home and auto insurance policies. Small businesses and companies can’t get online quotes for the majority of their business insurance. So, companies will need to call in to speak with an insurance specialist directly.
Unfortunately, there’s no way to determine if you will get an online quote until you complete the online form. At the end, it will either provide a quote or ask you to call in for an accurate insurance quote.
To compare several online quotes in one place conveniently, you may want to consider working with a digital broker like CoverWallet, Simply Business, or commercialinsurance.net. They will be able to provide you with several quotes of their partners after you provide your information.
Final Thoughts:
Progressive Corporation is a large insurance provider with a focus on automotive insurance. They also offer small business insurance through third-party partners. Progressive has several business insurance offerings and the ability to bundle policies for a discount.
Small business owners need to contact Progressive by phone or at a local agent’s office to get a quote for any commercial insurance. However, you can easily find online quotes for individual insurance coverage.
Progressive generally has high ratings with small business clients and they are growing rapidly in this market. They do have a number of negative reviews on the Better Business Bureau website that should be considered. Most complaints were regarding delays in how they processed claims.