Farmers Insurance has declared that starting August 1, it will once again accept new business applications for commercial multi-peril policies in several sectors within California. These include auto service & repair, habitational, manufacturing, real estate, and wholesale distribution.
The move to resume comes shortly after the company decided to end its pause on new commercial automobile insurance applications in the state as of July 1.
Eric Coleman (pictured), president of business insurance for Farmers, noted: “As a leading insurer of small businesses, we are excited to be re-opening these key lines of our commercial insurance offerings to new customers in California and help provide business owners with more choices when shopping for coverage options.
“Farmers has operated in California for nearly a century, and while challenges remain, we are encouraged by the positive changes taking place in the state’s commercial insurance marketplace.”
Over recent months, Farmers collaborated with the California Department of Insurance (CDI) to strategize their re-entry into segments of the business insurance market they had temporarily exited.
During the moratoriums, Farmers maintained its presence in other categories, such as in areas involving artisan contractors, various retail, office, service industries, and workers’ compensation.
Coleman, whose appointment was announced in April, added: “We have been consistent in our belief that a fundamental condition for offering coverage is that rates need to reflect the risk exposure we are insuring.
“Fortunately, through constructive discussions with the CDI, we are now ready to take this step back into the market.”
Farmers encourages small business owners to consult with their local agencies for more information on rates and eligibility.
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