Geico Business Insurance Review 2022: Pros and Cons – NerdWallet

Geico has been in the car indemnity game for over 70 years, offering coverage for personal and commercial vehicles. Its customer satisfaction ratings ( above average ) and charge rate ( below average ) bode well for business owners looking to insure a single work vehicle or a fleet of them. Need another character of business policy ? Geico offers that excessively, but through a third-party insurance company that underwrites the policy and handles any claims. If you ’ rhenium not in the market for commercial car indemnity, go directly to the autonomous provider to price out your business coverage and compare rates.

Geico business insurance: Pros and cons

Pros Cons
low complaints and above-average customer satisfaction with car insurance claims . Most occupation indemnity policies are through a one-third party .
Discounts available when you bundle business and car insurance . Can ’ thyroxine file a claim through Geico ( except for commercial car ) .

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Geico business insurance: Types of coverage

Geico offers the postdate coverage options for small-business owners :

  • business owner ‘s policy .
  • General liability .
  • Professional liability .
  • Workers ’ recompense .
  • medical malpractice indemnity .
  • commercial car insurance .
  • Cyber insurance .

While Geico underwrites its own business car coverage, the rest of Geico ’ randomness business indemnity policies are through Hiscox or a network of third-party insurers, depending on the coverage type. The handiness of particular policies will vary by express.

Geico general liability insurance

Geico offers general liability insurance coverage through Hiscox, which has coverage limits ranging from $ 300,000 to $ 2 million. For character, a typical general liability indemnity policy includes a per-occurrence limit of $ 1 million and an sum terminus ad quem of $ 2 million. General indebtedness policy is recommended for all business owners. You can get it as a standalone policy, or bundle it with commercial property insurance through Geico ’ second business owner ‘s policy. Liability insurance typically covers third-party claims of bodily injury, place damage, personal injury and advertising injury. It besides covers medical expenses, legal department of defense costs and electronic data indebtedness. If your business is sued, general liability insurance can help cover legal fees and settlements. What liability policy doesn ’ deoxythymidine monophosphate blanket : damage to your own property, injuries to your employees or against claims of negligence or master mistakes. commercial property insurance, workers ’ compensation or master liability coverage would be required in those instances.

Geico professional liability insurance

Professional liability insurance is frequently referred to as errors and omissions indemnity because, in a nutshell, that ’ s what it covers. specifically, Geico ’ s professional liability insurance covers :

  • Alleged or actual mistakes and oversights, including undertaking delays, monetary value overruns or giving incorrect advice .
  • Libel or aspersion .
  • Legal defense costs .
  • Errors made by employees, temps and independent contractors .
  • retroactive coverage for claims stemming from past work

As with many of Geico ’ second business indemnity products, professional liability insurance is underwrite and administered by a third-party insurance company.

Geico commercial auto insurance

Geico has over seven decades of have see automobiles. In recent years, the insurance company has elicited fewer complaints than expected for its size and its car claims atonement military rank has risen from below average to above average. Geico ’ second business car indemnity policies typically include liability ( bodily injury and property price ), physical damage, personal injury, uninsured motorist and collision. coverage levels and deductibles can be customized to meet the needs of your business. Geico commercial enterprise car indemnity is underwrite and administered by Geico, preferably than a third-party insurance company. That means quotes, claims and customer service are all handled by Geico directly. occupation car indemnity is a ache go for electricians, contractors, landscapers, caterers — in truth anyone who uses their vehicle for make purposes. The exception to this principle : rideshare and rescue drivers. Geico recommends rideshare insurance alternatively. Geico insures the follow types of commercial vehicles :

  • Cars .
  • Vans .
  • tone arm trucks .
  • Box trucks .
  • Service utility vehicles .
  • food trucks .

Geico does not offer business car coverage for semifinal trucks and tractor-trailers.

How much does Geico business insurance cost?

It ’ randomness difficult to predict the cost of business indemnity, as rates vary widely depending on coverage, localization, clientele type and associated risk factors, but a approximate range name is helpful to index against as you shop for coverage. Below are average prices for general liability and business owner ‘s policies, as reported by Hiscox, which underwrites and administers these coverage options for Geico.

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Geico does not list the average monetary value for other clientele policies on its web site, but you can get a personalized quote on-line or over the phone. Be prepared to supply details about your clientele — name, forcible address, business type, ownership structure, number of employees and annual payroll — to receive an initial quote. Business car indemnity quotes are through Geico but quotes for other business policy types are through a third party .

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