State Farm Small Business Insurance Review 2022

Thang Truong
Thang Truong
Updated on:

State Farm is one of the most recognizable insurance brands in the country. With its ubiquitous television commercials featuring everyday folks going through everyday problems insurance can solve, it has quickly developed a reputation as a trustworthy provider.

  • Small Business Insurance Products Offered: 85/100
  • Financial Strength Rating: 95/100
  • Customer Satisfaction Rating: 75/100
  • Consumer Complaints Rating: 40/100
  • Digital Experience Rating: 70/100


  • A+ score from A.M. Best and an AA- score from Standard & Poors.
  • Many add-on coverage options.
  • Extensive online resource center.


  • Website does not offer instant quote functionality; the only option is to find and contact an agent.

Small Business Insurance Products Offered by State Farm Small Business Insurance

Score: 85/100

State Farm offers impressive business insurance coverage. Policies are split by vertical (e.g. contractors, restaurants, retail, etc.) and comprise all or a combination of property, general liability, business interruption, professional liability, and equipment breakdown. Add-on coverages such as data breach, employee dishonesty, and utility interruption are also available.

>>MORE: Best General Liability Insurance for Small Businesses

The State Farm website also hosts a super impressive Business insurance Directory page which lists more than 100 industries, each hyperlinked to a dedicated page with suggested policies. A Hair Salon, Day Spa, and Barber Policy suggest a BOP combo (property, general liability, loss of income) with equipment breakdown and utility interruption.

>>MORE: Contractor Insurance: 7 Policies, Costs, and Best 6 Providers

Financial Strength Rating for State Farm Small Business Insurance

Score: 95/100

State Farm boasts some pretty impressive ratings, with an A+ score from A.M. Best and an AA- score from Standard & Poors. No ratings are available through Moody’s and Fitch.

>>MORE: Product Liability Insurance: Coverage, Cost, and Best 5 Providers

Customer Satisfaction Rating for State Farm Small Business Insurance

Score: 75/100

According to the J.D. Power 2020 U.S. Small Commercial Insurance Study, State Farm ranked 2nd, after Chubb only, and above all other firms in the study. 

This is considered “among the best” in the study. 2020 was a challenging year for small businesses with the global pandemic. State Farm delivered on its promise, staying together with its customers through the difficult time, which earns itself a top spot in the reputable study.

Customer Complaints Rating for State Farm Small Business Insurance

Score: 40/100

The BBB has registered more than 1,300 customer complaints all of all types, from a lack of responsiveness to denied loans. Note, this is not inclusive of small business insurance and reflect a subset of their client base with negative experiences.

According to the National Association of Insurance Commissioners, State Farm (company code: 25151) has a complaint index of (2.97), well above the national mark (1.00) in 2018 across all types of policies.

For commercial liability, it achieved a 2.07 complaint index.

Complaint indexes are calculated by dividing State Farm’s share of U.S. market complaints versus its share of premiums in the market. In total, it generated 203 complaints across all policies and 2 total complaints for commercial liability.

>>MORE: What is Workers’ Compensation Insurance? And Its Coverage?

Digital Experience Rating for State Farm Small Business Insurance

Score: 70/100

The State Farm small business insurance website is strong across the board. It is broken out into sections, starting with an insurance product list by industry along with a recommended insurance policies resource guide based on four small business levels – Starting Up, Growing, Mature, and Changing Ownership.

Starting Up highlights the most common umbrella coverages, such as a business owner’s policy, general liability, and workers compensation.

Growing addresses small businesses with increasing customer acquisition and sales needs, offering add-on policies such as group life insurance, errors & omissions liability, and disability insurance.

Mature policies are tailored to businesses with consistent growth and revenue, with recommendations including key employee insurance (in case a key employee becomes disabled or passes away), employment practices liability, and benefit-related plans.

Changing Ownership suggests insurance products based on flipping ownership or an eventual closeout, such as estate planning and completed operations liability insurance that covers bodily injury and property damage after completed operations.

Although State Farm doesn’t offer business insurance quotes online, getting a Quote on their website will suggest customers to contact an agent in the area. A sample search using the zip code ‘33178’ reveals 25 agents within a 100-mile radius, with the closest agent’s office less than a mile away

Three options are offered to Email Agents, Visit Agent Sites, and Get Directions, along with all products and services offered.

A listing with all State Farm agents within the radius appears, with option to select language, find a specific agent (by first last/name) and products offered.

Selecting an agent reveals additional details, such as office hours, languages spoken, and licenses owned, along with options to Email Agent, Visit agent site, or Get Directions. Note, quotes are available over the phone by speaking to an agent, not online. 

Final Thoughts

  • State Farm is one of the more reputable insurer carriers in the nation.
  • State Farm has offers standalone BOP (property, liability, business interruption, and equipment breakdown) and add-on coverage for all types of businesses.
  • It has an A+ score from A.M. Best and an AA- score from Standard & Poors.
  • The digital experience is solid with an extensive resource library with blog articles on everything from estate planning and completed operations liability insurance. However, it doesn’t offer quotes online.
Thang Truong
Thang Truong

Thang Truong covers small business insurance and small business success at BravoPolicy. He is a licensed P&C insurance agent. Previously, he held product leadership positions at, Capital One, NerdWallet, and Mulberry Technology. He holds a MBA degree from UC Berkeley - Haas School of Business.

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