Farmers in California plan to start offering business multi-peril insurance again

In recent months, Farmers Insurance has been collaborating with the California Department of Insurance to devise a strategy for reentering the business insurance market after momentarily pausing the issuance of new policies. Beginning on August 1, 2024, Farmers Insurance will resume accepting commercial multi-peril applications for various industries in California, including auto service and repair, habitational, manufacturing, real estate, and wholesale distribution policies.

In addition to this announcement, Farmers Insurance has declared its intention to lift the temporary moratorium on writing new commercial auto business policies in California starting on July 1. The insurer’s decision to reopen these lines of business was driven by the improved commercial insurance marketplace in the state.

Eric Coleman, president of business insurance for Farmers, expressed his enthusiasm about reintroducing these critical commercial insurance offerings to new customers in California. Coleman pointed out that Farmers has been operating in the state for nearly a century and is eager to provide more coverage options to business owners.

Coleman emphasized that the rates charged by Farmers Insurance for coverage must reflect the risk exposure they are insuring. Through productive discussions with the California Department of Insurance, Farmers Insurance is now ready to reenter the market and offer coverage to businesses in the state once again.

By Sophia Gonzalez

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