Basics about business insurance

At Farmers, we make it our business to stay in step with the specialized insurance needs of your business.

Our coverage is specially tailored to the unique needs of different industry segments of solutions that can help you meet the challenges that come your way—no matter what kind of business you own.

Additionally, we offer Workers’ Compensation as well as another product to provide an extra measure of protection, Surety Bonds.

Types of businesses covered

Just like building a business, building an effective insurance program is done in steps. A good first step is working with a Farmers agent to put together the right policy for the unique challenges facing your business.
 

• Artisan Contractor
• Automotive Trades
• Commercial Real Estate
• Habitational
• Manufacturing
• Restaurant
• Retail/Service
• Wholesale/Distribution

General business insurance coverages

No two businesses are alike. At Farmers, our team works with yours to also provide quality products and services for your business.

1. Workers' Compensation
2. Partnership Life Insurance
3. Sole Proprietorship Life Insurance
4. Stockholder Life Insurance
5. Surety Bond Program
6. Commercial Claims Service

Workers’ Compensatio

The difference between a Farmers Workers’ Compensation policy and one offered by another insurance company is service.

As part of our service, Farmers offers your business our "building block" system to help you build a strong foundation for operating a safe, secure work environment. The building blocks include accident prevention and loss control, team service lead by your professional Farmers agent, claims management and our medical and disability management program referred to as Farmers Care.

Business Life Insurance

As a business owner, you spend many hours working and developing your business. But have you thought about what would happen to your business should you or your partner become disabled or die? To preserve the future of your business, it is important that your create a business continuation plan. Such plans often include a "buy-sell" agreement. A buy-sell agreement, funded by life insurance and written while the owners are alive, ensures that your heirs can sell their share of the business to surviving owners - and that the surviving owners can buy their share. Each owner also agrees not to sell their interests without first offering it to the remaining owners at an agreed-upon price or formula. Consider the following options for your business:

Partnership Life Insurance:
Farmers Partnership Life Insurance is designed to help your business survive the loss of a partner. To preserve the business, many partnerships have a buy-sell agreement, which fixes both the price and terms of the sale in the event a surviving partner buys out a deceased partner's interest. Life insurance can provide the necessary funds no matter when the partner's death occurs.

Sole Proprietorship Life Insurance:
You may want to transfer your business to a successor, in which case life insurance purchased by your heirs can provide funds to pay estate taxes and help sustain the business during the initial period of new management. Or, if your employees are interested in carrying on your business, a buy-sell agreement can be funded with life insurance to assure that your family will receive the optimum value for the business.

Stockholder Life Insurance:
We recommend that you use life insurance to create a pre-death buy-sell agreement certifying that if a stockholder should die, the remaining stockholders can purchase his/her shares at a fixed price. This will guarantee that heirs will receive cash for their inherited business interest and that surviving stockholders will maintain control of the business.

Surety Bond Program

Farmers is recognized as a leader in the surety industry with expertise in a variety of bonds. Consideration can be given to underwrite almost any type of bond required. Many Farmers agents have authority to execute bonds right on the spot.

A bond covers the fulfillment of an obligation. The obligations can range from performance of a contract to following laws related to an operating license. Other obligations include paying taxes or lease fees, supplying goods, paying a court judgment, performing duties as a public official, etc.

Farmers is ready to provide the backing needed to meet your business or personal bond needs.