Business owner insurance premiums to be reduced

This year has been a challenging one for business owners, with COVID-19 restrictions wreaking havoc on balance sheets. Cape Coral State Farm agents Mike and Dawn Sullivan are pleased to announce that relief is on the way for business policyholders. State Farm is taking the initiative to reduce business owner policy rates by an average of 7%.

The rate changes will impact more than 400,000 commercial policy customers nationwide, resulting in $54 million in total savings. The changes are subject to state filings for regulatory review and approval as required by law. Once approved, the lower rates will apply to current customers at the time of renewal, as well as to new customers. Rate reductions will vary.

“Our corporate data shows a decline in the number of claims related to business insurance policies this year, and that allows State Farm to reduce business policy rates,” explains Dawn Sullivan. “Local business owners have been impacted by the pandemic, and we’re thrilled to be able to provide them some relief in this difficult time.”

Small business insurance from State Farm protects policyholders with a range of products to fit the specific needs of your business, including business owner policies, commercial liability umbrella policies, workers compensation, professional liability insurance, and more.

The Sullivan Agencies recommend that business owners review their insurance policy coverage, deductibles and exclusions annually. To make sure you are getting the most out of your business insurance policy, call the Sullivan State Farm family at 239-541-3276 to schedule a complimentary consultation and review of your policies.

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This article was submitted by a Guest Author of the Above Board Chamber.