Farmers Insurance Files Enhanced Business Insurance Rating Plan in California
Farmers Insurance has filed an updated business insurance rating plan aimed at expanding commercial coverage options for small businesses across California, particularly those located in wildfire-distressed areas. The new plan aligns with the state's Sustainable Insurance Strategy and targets sectors such as habitationals, auto service shops, retail, office spaces, and more. The proposal includes a commitment to issue over 1,500 business owner and property insurance policies in affected regions within two years. It is expected to take effect on February 1, 2027, with an anticipated average rate increase of just over 15% across the state. Farmers aims to combine its workers' compensation and commercial auto offerings into a comprehensive solution for small business owners. Eric Coleman, president of business insurance at Farmers Insurance, emphasized the company's dedication to supporting California’s entrepreneurial community through localized service from agency-based agents.
Topics: commercial insurance rating plan update small business support