The renewed offerings will cover auto service and repair, habitational, manufacturing, real estate, and wholesale distribution policies.
This move comes shortly after Farmers lifted its temporary moratorium on writing new commercial automobile insurance policies in the state. Eric Coleman, President of Business Insurance at Farmers, expressed enthusiasm about the development. “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,” Coleman stated.
The resumption of the services aims to provide broader coverage options for California business owners, enhancing their ability to secure comprehensive insurance solutions.
According to reports, the firm has collaborated with the California Department of Insurance (CDI) to develop plans for re-entering the business insurance market after temporarily halting coverage for some new business insurance policies. Farmers is committed to being a provider of small business insurance policies, offering coverage for Artisan Contractors, various Retail, Office, Service Industries, and Workers’ Compensation insurance in California, all of which remained available for new business applications during its temporary moratoriums.
“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.”
Coleman concluded, “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.”
