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Geico Small Business Insurance Review 2020

With how many iconic ads Geico runs, you may think of Geico first when looking into different insurance types. Business insurance is no different, since Geico has a page stating that it offers a variety of business insurance products. However, Geico actually offers Hiscox business insurance as an insurance agency. Geico only independently offers commercial auto insurance. Below we’ll look at the company’s reputation, more about Geico commercial auto products, and how it is to get an online quote. Read on for our Geico business insurance review.

Pros

  • Offers a comprehensive commercial auto policy.
  • Geico specializes in auto insurance, so you’re getting a top industry policy for your business.
  • Has an extensive online quote process that helps you know exactly what you’ll end up paying.
  • Geico has a very good reputation through the Better Business Bureau (BBB), AM Best, and other metrics.

Cons

  • Does not have independent business insurance policies outside commercial auto; offers Hiscox policies in an agency capacity.  
  • Does not offer products in an industry-specific capacity. These policies are more generalist. 

Small Business Products Offered by Geico

Score: 10/100

To start our Geico Business Insurance Review, Geico lists policies on its page that cover the main bases for business insurance. It mentions products under five main headers: general liability insurance, business owners policy (BOP), professional liability insurance, workers compensation insurance, and medical malpractice insurance. It’s also worth noting the page does not detail more specialty products, like product liability insurance.    

However, once you go into the quote process, these policies are actually offered through Hiscox Insurance, which acts as the underwriter for the policies.  

>>MORE: Full Review of Hiscox Small Business Insurance

Geico does offer its own independent commercial auto insurance, however.

Also, the site does not list products by specific industries like some other insurers do. So if you’re looking for an agent that handles the more general types of insurance for a wide variety of business types, this is a solid option.  

Financial Strength Rating for our Geico Business Insurance Review 

Score: 100/100

Geico has an A++ (Superior) rating through AM Best. That’s actually the highest rating a company can receive. The company’s outlook is listed as stable.

The long-term issuer credit rating is listed as aaa (exceptional), which is also the highest rating a company can have. The credit rating outlook is also listed as stable.

Customer Satisfaction Rating for our Geico Business Insurance Review 

Score: 70/100

Geico is not listed on the J.D. Power U.S. Small Commercial Insurance Study for 2019.  

However, Geico does have an A+ rating with the BBB, despite not being accredited with the agency. Customer reviews sit at a little over one star through the BBB. Most complaints revolve around claims issued with private auto insurance or billing issues.    

Consumer Complaints Rating for our Geico Business Insurance Review 

Score: 80/100

As listed by the National Association of Insurance Commissioners, Geico (NAIC company code 14138) had a complaint index of 1.16 for all insurance types in 2018. The base complaint index is 1.00, so that’s slightly higher than the expected complaints for the industry.

Geico received no complaints for its commercial auto policies in 2018, however.         

Digital Experience Rating for our Geico Business Insurance Review 

Score: 80/100

We did an online commercial auto quote as part of our Geico business insurance review.

Trying to find how to generate an online quote takes a bit of digging. On the main page for the business insurance products, it simply says to contact the company 24/7 through phone, the mobile app or online. Clicking “contact us” takes you to a complete contact page, where you can download the mobile app or load contact info like the email. 

However, if you go to the more specific pages, like the general liability page, there’s a “start your quote now” button near the middle of the page. There are also some quote buttons under other products near the bottom of the page.   

When you select the quote button, you get a page that looks like this:

That’s when you’re likely to find out that Geico offers Hiscox policies. Once you scroll down, the small print reads that all policies are underwritten by Hiscox Insurance Company.  

However, if you select to receive a quote for commercial auto, you can get to this screen:

After that, you get a few pages that ask basic questions about your business. We selected a two to three year old general contracting business for single-family homes that operates as an LLC.  

You also have to add your vehicle information, so we added a 2016 Chevy Express Cargo 2500 in Wisconsin. It then asks more detailed questions, like what radius in miles you drive the car.  We said about 50 miles.  

One page asks for very detailed information, like your birth date, marital status and level of education completed. This is the most detailed form we’ve ever filled out.        

The quote page is incredibly detailed: 

Overall, the process takes a while because of the detailed information commercial auto policies require, like who all drives your work vehicle. The site itself is a little clunky because it re-loads every time you fill out a field or select a dropdown menu. But overall, it’s a detailed and helpful process that tells you just what you can expect to pay.  

Final Thoughts for our Geico Business Insurance Review 

  • To be clear, Geico offers Hiscox business insurance policies as an agent. It does, however, have its own commercial auto policy.
  • Geico as a company has an almost perfect reputation with consumers through NAIC, BBB and AM Best metrics.
  • The digital experience is a bit confusing. You can’t really tell that Geico offers Hiscox policies until you’re already in the online quote process, save some fine print. Then it turns out that the company does offer its own commercial auto insurance, which you have to find out by generating a quote. The process to get that quote is long and detailed, asking questions that sometimes seem beside the point, like education details. But the final commercial auto quote page does a wonderful job of outlining the policy for you.
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