Farmers resumes writing business insurance in California | Insurance business America
The move comes amid “positive changes” in the market
Farmers Insurance has said it will resume accepting new business applications for multi-sector commercial multi-peril insurance in California beginning August 1. These include auto service and repair, residential, manufacturing, real estate and wholesale trade.
The move to resume comes shortly after the company decided to end the pause on new commercial auto insurance applications in the state effective July 1.
Eric Coleman (pictured), president of business insurance at Farmers, noted, “As a leading small business insurer, we are pleased to reopen these important lines of our commercial insurance offerings to new customers in California and to help business owners offer them.” more choices when shopping for insurance options.
In recent months, Farmers has been working with the California Department of Insurance (CDI) to develop a strategy for re-entering segments of the business insurance market from which they had temporarily exited.
During the moratoriums, Farmers maintained its presence in other categories, such as skilled trade contractor sectors, various retail, office and service industries, and workers’ compensation.
Coleman, whose appointment was announced in April, added: “We always believe that a fundamental requirement for offering insurance cover is that rates must reflect the risk we insure.”
“Pleasingly, thanks to constructive discussions with the CDI, we are now ready to take this step back into the market.”
Farmers recommends that small business owners contact their local authorities for further information on rates and eligibility.
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2024-05-15 11:55:47
www.insurancebusinessmag.com
