Farmers Insurance is resuming the issuance of new business commercial multi-peril applications in California for real estate, habitational, auto service and repair, manufacturing and wholesale distribution, effective Aug. 1.
The announcement follows the carrier’s decision to lift its temporary moratorium on writing new commercial automobile insurance policies in the state, effective July 1. Farmers was in discussions the California Department of Insurance (CDI) to re-enter the business insurance market after a temporary pause in offering coverage for a subset of new business insurance policies. The company continues to offer small business insurance policies, including coverage for the retail, office and service industries.
“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,” said Eric Coleman, president of business insurance for Farmers. “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. 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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