Allstate Business Insurance Review 2024
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Discover the methodologyAllstate Business Insurance offers comprehensive coverage options tailored to meet the unique needs of small and medium-sized businesses in Canada. Known for its strong financial stability and customer service, Allstate provides reliable protection that helps businesses navigate the uncertainties of running a company.
Whether you’re looking for general liability, commercial property, or specialized coverage, Allstate's plans are designed to safeguard your business assets and ensure peace of mind. But is it the right choice for you?
In this review, we tell you everything you need to know about Allstate Business Insurance: What it covers, what it costs, its pros and cons, how to file a claim, and more. Find all the answers so you can decide if Allstate is the best solution for your business.
Allstate Business Insurance Canada: 5 Takeaways
- Allstate partners with TruShield to provide tailored business insurance solutions.
- It specifically caters to the needs of Canadian small businesses.
- Has a broad presence across provinces.
- Affiliation with The Allstate Corporation ensures financial stability and reliability.
- For claims, directly reach out to TruShiled using the given numbers.
Our 2024 review of Allstate business insurance
In partnership with TruShield, Allstate Business Insurance offers a comprehensive range of coverage options tailored to the needs of small to medium-sized businesses in Canada. Their offerings include general liability, commercial property, professional liability, and cyber risk insurance, making it a versatile choice for businesses across various industries.
One standout feature is the ability to bundle policies, such as combining commercial auto and business owner’s policies, which can result in cost savings. However, Allstate’s customer service has received mixed reviews, with some users noting delays in claims processing and limited online claims filing options.
Meanwhile, Allstate's customization options are somewhat limited compared to Aviva Business Insurance, which excels in providing highly tailored policies for niche markets. Additionally, as compared to Allstate, The Co-operators offer a more flexible and socially responsible approach, appealing to businesses with a focus on sustainability and community involvement.
Overall, despite its drawbacks, Allstate offers great coverage for small businesses in Canada and comes with the trust of a reputed brand name.
Who is Allstate Business Insurance best for?
Allstate Business Insurance is best suited for small to medium-sized businesses that prefer bundling their insurance needs with a well-established provider. It’s particularly advantageous for those who value strong financial backing and a range of essential coverages.
Pros
- Comprehensive coverage options tailored to specific business needs
- Accessibility and convenience through the Good Hands Network®
- Extensive agency network
- Financial stability backed by The Allstate Corporation
Cons
- Potentially higher premiums compared to other insurers
- Regional limitations primarily in certain provinces
- Complex policy structures may require professional guidance
- Occasional delays or issues in claims processing reported online
Before you choose any business insurance policy, make sure to shop around for other options. You can use our free tool below to compare multiple business insurance quotes from Canada's best companies.
What does Allstate business insurance cover?
Allstate itself doesn't directly offer business insurance. It has partnered with TruShield, a Canadian company, wholly owned by Fairfax Financial Holdings Limited. TruShield focuses on providing insurance products specifically for small businesses in Canada.
In essence, TruShield is the actual insurance provider, and Allstate Canada acts as a distributor for their small business insurance products in Canada. Here are the business insurance options offered by Allstate through TruShield:
Commercial general liability (CGL) insurance
Business liability or CGL is foundational insurance for most businesses, which protects you from financial losses if someone gets injured or their property is damaged due to your business activities.
Common scenarios covered include customer slips and falls on your premises, product malfunctions causing injury or property damage caused by your employees during business operations.
- CGL helps cover the other party's medical expenses, repairs, legal fees, settlements and judgments up to your policy limit.
- It's typically included in a Business Owners Policy (BOP) offered by Allstate.
Commercial property insurance
This safeguards your physical business assets in case of damage or loss. Commercial business property insurance policies cover your building, equipment, inventory, furniture and other business property.
- Covered perils can include fire, theft, vandalism, weather events (depending on the policy) and even burst pipes.
- Allstate likely offers different coverage options depending on the specific needs of your business.
Professional liability insurance (PLI)
Also known as errors & omissions (E&O) insurance, this protects your business from lawsuits alleging negligence in your professional services.
- If a client claims you made a mistake that caused them financial loss, PLI can help cover legal fees, settlements and judgments.
- PLI is particularly important for businesses that provide professional services like consulting, accounting, engineering or design.
Cyber risk & data breach insurance
This coverage addresses the growing threats of cyberattacks and data breaches.
- In case your business experiences a data breach, cyber risk insurance can help cover costs like notifying affected individuals, credit monitoring services, forensic investigations and potentially even fines or lawsuits.
- Allstate offers different levels of coverage depending on the amount of customer data your business stores and the potential risks involved.
Good to know
You must compare multiple providers before zeroing in on one. You can explore our reviews on other popular providers like Intact Business Insurance, Aviva, and more.
What is the cost of Allstate business insurance?
The cost of Allstate business insurance depends on several factors, including:
- Industry and business type: Riskier industries, like construction, typically have higher premiums compared to lower-risk ones, such as graphic design.
- Business size and revenue: Generally, larger businesses with more revenue pay more for insurance due to potentially needing more extensive coverage.
- Location and property value: Businesses in high-crime areas or prone to natural disasters might have higher premiums. Similarly, the value of your property and assets can impact your rates.
- Claims history: Businesses with a history of claims will likely pay more for insurance.
- Specific coverages chosen: The type and amount of coverage you choose will significantly impact the cost.
That said, here's a range you can expect to pay for some common coverages for small businesses in Canada:
For example
- General liability insurance: $450 to $2,000 annually with a $2 million limit.
- Business owner's policy (BOP): $99 to $261 per month.
- Professional liability insurance: $56 to $117 per month.
Use our comparator to get personalized quotes from leading Canadian providers and see how they compare with Allstate's offering. You can get instant quotes based on the needs of your business.
How to get a business insurance quote from Allstate?
Here’s how you can get a business insurance quote from Allstate:
- Get a quote & buy online: TruShield allows you to get a quote and potentially purchase your policy directly through their website. This is likely the quickest option.
- Call Allstate: You can call Allstate directly at 1-833-725-1340 to speak with a representative and get a quote over the phone. Their hours are Monday to Friday from 8:30 am to 5:00 pm Eastern Standard Time (EST).
- Request a call: Allstate’s website has a referral form where you can request a call back to discuss your insurance needs and get a quote.
How to file an Allstate business insurance claim?
TruShield handles all Allstate business insurance claims directly! Here's how you can file a claim:
Through phone:
- For Quebec claims: 1-855-621-6262.
- For all other provinces in Canada: 1-855-629-1213.
Email: [email protected] for agents or general inquiries.
Expert advice
- Rely on the information provided directly by the insurance company (TruShield in this case) for the most accurate claims process.
- Allstate's website might offer general information about TruShield, but contacting TruShield directly ensures you get the most up-to-date instructions.
How to save on business insurance?
First things first: Your business needs may change over time. Conduct annual reviews of your policy with your broker or agent to ensure you have the right coverage and aren't paying for unnecessary extras.
Also, increase your deductible. This is a common way to lower your premium. However, choose a deductible amount you can comfortably afford to pay in case of a claim.
Here are some other ways to save some money while getting business insurance:
- Improve risk management: Implementing measures to reduce risks in your business can lead to lower premiums. This could involve installing security systems, improving safety protocols or conducting regular maintenance to prevent accidents.
- Maintain a good claims history: Businesses with a history of few or no claims are generally seen as lower risk and may qualify for better rates.
- Bundle your insurance: If you have multiple business insurance policies (e.g., property and liability), consider bundling them with the same provider. This can often lead to cost savings.
- Work with a broker: A qualified insurance broker can represent you and negotiate with different insurance companies on your behalf to find the best coverage at a competitive price.
Most importantly, shop around and compare quotes. Don't automatically renew with your current provider. Use our free tool to get quotes from multiple insurance companies to compare rates and coverage options.
Better protection for your business today
