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Farmers Insurance has plans to resume accepting new business commercial multi-peril applications for auto service & repair, habitational, manufacturing, real estate and wholesale distribution policies in California, effective August 1st, 2024.
This decision follows the insurer’s recent decision to lift its temporary moratorium on writing new commercial automobile insurance policies in the state.
Eric Coleman, President, Business Insurance, Farmers, commented, “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.”
For several months now, the firm has been working with the California Department of Insurance (CDI) on plans to re-enter the business insurance market after a temporary pause in offering coverage for a subset of new business insurance policies.
Farmers strives to be a writer 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 open for new business applications through its temporary moratoriums.
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.”
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