Simply Business Insurance vs State Farm

Simply Business Insurance and State Farm are leading players in the insurance industry. Both companies provide business insurance policies designed to protect businesses from various risks and liabilities. However, there are noteworthy distinctions between these two insurers that potential clients should consider when looking for the best insurance coverage for their businesses.

Simply Business

Simply Business is an insurance broker that specializes in providing insurance products to small businesses. They offer a range of insurance policies, including general liability insurance, professional liability insurance, workers' compensation insurance, and business owner's insurance. Here are some key features of Simply Business:

1. Customizable Policies: Simply Business offers customizable policies that can be tailored to meet the specific needs of each business. Policyholders can choose the types of coverage they need, the policy limits, and the deductibles.
2. Online Quotes and Applications: Simply Business provides online quotes and applications, making it easy and convenient to get insurance coverage for your business. You can complete the entire application process online, and receive a quote within minutes.
3. Competitive Pricing: Simply Business offers competitive pricing on their insurance policies. They work with multiple insurance providers to find the best coverage options at the most affordable prices.
4. Support and Resources: Simply Business provides support and resources to help businesses manage risks and prevent losses. They offer risk management tools and resources, as well as a network of licensed insurance agents who can provide personalized advice and assistance.
5. Flexible Payment Options: Simply Business offers flexible payment options, including monthly payment plans, to help businesses manage their cash flow.
6. Fast Claims Processing: Simply Business strives to process claims quickly and efficiently. They offer online claims reporting and a dedicated claims team to help policyholders navigate the claims process.

State Farm Overview

State Farm is a well-known insurance company that offers a variety of insurance products, including business insurance. State Farm's business insurance policies are designed to protect small and medium-sized businesses from financial loss due to unexpected events or accidents. Here are some features of State Farm's business insurance:

1. Liability Coverage: State Farm offers liability coverage that protects businesses from claims of bodily injury, property damage, and personal injury caused by the business operations. This coverage includes general liability insurance, professional liability insurance, and product liability insurance.
2. Property Coverage: State Farm also offers property coverage that protects businesses from loss or damage to their property due to fire, theft, vandalism, or other covered events. This coverage includes commercial property insurance, business interruption insurance, and equipment breakdown insurance.
3. Auto Coverage: State Farm offers commercial auto insurance that protects businesses from financial loss due to accidents or damage to their vehicles.
4. Workers' Compensation: State Farm provides workers' compensation insurance that covers medical expenses and lost wages for employees who are injured or become ill while on the job.
5. Umbrella Coverage: State Farm offers umbrella insurance, which provides additional liability coverage above and beyond the limits of the primary liability policies.
6. Customizable Policies: State Farm's business insurance policies are customizable to meet the specific needs of each business. Policyholders can choose the types of coverage they need, the policy limits, and the deductibles.
7. Support and Resources: State Farm provides support and resources to help businesses manage risks and prevent losses. They offer risk management tools and resources, as well as a network of local agents who can provide personalized advice and assistance.

Comparing Simply Business and State Farm

Simply Business Insurance is a UK-based insurtech company that focuses on providing small businesses with insurance solutions. The company operates primarily online, making it easy for business owners to purchase, manage, and understand their insurance policies. Simply Business has an innovative digital approach and offers tailored policies for over 1,000 business types across various industries, including retail, professional services, construction, and hospitality.

On the other hand, State Farm is an iconic American insurance corporation that has been in existence since 1922. The company offers a wide variety of insurance products, including auto, home, renters, and life insurance. State Farm is also known for its business insurance policies, which can be customized to fit the unique needs of each business. With a massive network of local agents, clients can benefit from personalized customer service and support.

Coverage

In terms of coverage options, Simply Business Insurance focuses on providing general liability, professional indemnity, and property insurance. The company tailors its policies to suit the specific risks and requirements of different types of businesses, such as contractors, freelancers, landlords, and shop owners. In addition to these core coverages, Simply Business offers additional policies such as cyber liability, business interruption, and workers' compensation.

State Farm provides a comprehensive range of insurance products, including business owners' policies (BOP), commercial auto, workers' compensation, and professional liability insurance. The company understands that every business is unique, and its agents carefully assess each client's situation to customize coverage accordingly. State Farm covers businesses in various industries, such as agriculture, manufacturing, hospitality, and professional services.

Customer Service and Ratings

The customer service experience with Simply Business Insurance is primarily digital, with a user-friendly online platform that allows users to quickly obtain quotes, purchase policies, and manage their insurance portfolio. The company also offers a searchable knowledge center filled with insurance guides and FAQs to help clients make informed decisions about their coverage.

State Farm, on the other hand, values face-to-face interactions and has a vast network of local agents available to assist clients with their insurance needs. Customers can also manage their policies online or through the State Farm mobile app.

In terms of ratings and customer reviews, Simply Business Insurance has a strong reputation, with a 4.7 out of 5-star rating on Trustpilot. Customers consistently praise the company for its easy-to-use platform, transparent pricing, and helpful customer service. State Farm enjoys a high level of brand recognition and is consistently ranked as one of the best insurance providers for customer satisfaction by industry publications like J.D. Power.

Pricing

Both Simply Insurance and State Farm offer competitive rates. However, when comparing the two, there are some notable differences that may make one a better choice for certain customers.

For example, Simply Business Insurance offers an online quotation system that allows customers to quickly find the best coverage for their needs at a competitive rate. They offer flexible payment plans with no money down requirements. Simply Business also has a specialized Small Business Plan option which is tailored to meet the specific needs of small businesses.

On the other hand, State Farm offers more comprehensive coverage and policies that can be tailored to specific customer needs. They also offer discounts for those who bundle their home and auto insurance policies together. While these discounts can save money on premiums in the short-term, they may not always be cheaper in the long run as other competitors may offer lower rates or discounts with different products or services.

When it comes to pricing comparison between Simply Business Insurance and State Farm, there is no clear answer as to which one is cheaper overall. Both companies offer competitive rates and prices vary based on individual customer needs and preferences so determining which company provides better value will depend on each person’s situation and research into what each company has to offer.

Mobile Apps

Both State Farm and Simply Business have mobile apps that allow policyholders to access their insurance information, make payments, and file claims from their mobile devices.

State Farm's mobile app is called "Pocket Agent" and is available for both iOS and Android devices. It offers a range of features, including the ability to view policy information, pay bills, and file claims. The app also includes a feature called "Roadside Assistance," which allows users to request roadside assistance directly from the app.

Simply Business has a mobile app that is available for both iOS and Android devices. The app allows policyholders to view their policy details, make payments, and file claims. The app also includes a feature called "Risk Assistant," which provides customized risk management advice for small business owners.

Availability in the US

In terms of availability, State Farm has the advantage of being accessible in all states, unlike Simply Business Insurance, which does not provide coverage in New York. This limitation may be a crucial factor for some customers, particularly small businesses and sole proprietors based in New York, who will need to find an alternative provider for their insurance needs.

State Farm's extensive network of local agents can offer personalized services and support to customers across the country, catering to specific regional needs and concerns. In contrast, Simply Business Insurance's online platform may not provide the same level of local expertise and customer service.

Security

Simply Business Insurance and State Farm are both renowned insurance providers, but when it comes to security, some key differences set them apart.

Financial Stability

State Farm has been in business since 1922, cementing its place as one of the largest and most reputable insurance companies in the United States. It holds a financial strength rating of A++ from A.M. Best, showcasing exceptional financial stability and an ability to fulfill its obligations to policyholders. State Farm's extensive experience, coupled with its size and prestige, affirms its ability to withstand economic fluctuations and successfully meet its customers' needs.

In comparison, Simply Business Insurance is a relatively new player having been founded in 2005. However, it has quickly established itself as an insurance provider focusing on small businesses, freelancers, and self-employed professionals. Despite its relatively short existence, it has managed to acquire over 425,000 policyholders, and as a subsidiary of Travelers, a well-established US-based insurance organization, it is backed by Travelers' solid financial standing of an A++ rating from A.M. Best. This ensures that Simply Business is reliable when it comes to settling claims.

Cybersecurity and Data Protection

In today's digital age, insurance companies need to prioritize the safeguarding of sensitive customer data, making cybersecurity a crucial component of security. State Farm has invested significantly in building secure and robust technical infrastructure, employing sophisticated encryption technologies and security protocols concerning processing, storing, and transmitting customer data.

Simply Business Insurance also places a strong emphasis on cybersecurity, employing industry-leading encryption and data storage solutions to protect their customers' information. The company's digital-centric approach to its services has prepared it for varying cyber threats and promoted an operational readiness towards averting potential attacks.

Innovation and Digital Solutions

Fintech and Security advancements have garnered considerable momentum in recent years, prompting businesses to stay abreast with the latest innovations to secure customer trust. State Farm has been proactive in adopting emerging technologies to enhance security and streamline operational processes. They have embraced digital solutions, such as mobile applications, which allow clients to procure and manage insurance policies, securely and efficiently.

Simply Business Insurance's core strength lies in its digital approach in offering tailored policies and streamlined customer experience. The platform utilizes sophisticated algorithms and tools that help identify potential security vulnerabilities, adhering to advanced technical measures to guarantee a consistently elevated level of security and ease for their clients.

Payment Methods

State Farm and Simply Business offer a range of payment methods to make it easy and convenient for policyholders to pay their insurance premiums.

State Farm offers several payment options, including online payments, automatic payments, phone payments, mail-in payments, and payments at a local agent's office. Policyholders can also use the "Pocket Agent" mobile app to make payments and manage their policies.

Simply Business offers online payments through their website or mobile app, as well as direct debit payments, which automatically deduct the premium from the policyholder's bank account. Policyholders can also make payments by phone or by mail.

Both State Farm and Simply Business offer flexibility in payment options, allowing policyholders to choose the method that works best for them.

Why Choose Simply Business

One might choose Simply Business if they are looking for:

1. Specialization in Small Business Insurance: Simply Business specializes in providing insurance products to small businesses, offering customizable policies and a range of coverage options to meet the unique needs of small businesses.
2. Flexible Payment Options: Simply Business offers flexible payment options, including monthly payment plans, to help businesses manage their cash flow.
3. Online Quotes and Applications: Simply Business provides online quotes and applications, making it easy and convenient to get insurance coverage for your business.
4. Competitive Pricing: Simply Business offers competitive pricing on their insurance policies, working with multiple insurance providers to find the best coverage options at the most affordable prices.

Why Choose State Farm

One might choose State Farm if they are looking for:

1. Personalized Service: State Farm has a large network of local agents who can provide personalized advice and assistance to policyholders.
2. Wide Range of Products: State Farm offers a wide range of insurance products, including business insurance, personal insurance, and financial services.
3. Established Reputation: State Farm has been in business for over 90 years and has a strong reputation for financial stability and customer service.
4. Multiple Payment Options: State Farm offers a variety of payment options, including online payments, automatic payments, phone payments, mail-in payments, and payments at a local agent's office.

Bottom line

Both Simply Business Insurance and State Farm offer excellent insurance coverage for small businesses, with different approaches to customer service and policy management.

Business owners seeking a tech-focused, straightforward insurance experience may find Simply Business Insurance more appealing, while those who value personalized support from local agents may favor State Farm.

Regardless of the chosen provider, it's crucial for businesses to assess their unique risks and discuss coverage options with insurance professionals to ensure adequate protection.