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GEICO Insurance Review

Keep personal lines and business lines together in one place

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GEICO Insurance Review

Keep personal lines and business lines together in one place

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Our Summary

GEICO is a well-known personal lines insurance carrier with a beloved mascot, the GEICO Gecko. It also offers quite a few business insurance policies for small business owners to get the coverage they need with the service that they’ve come to rely on from the company. 

Company Overview

GEICO stands for “Government Employees Insurance Company.” It was founded in 1936 in Fort Worth, Texas and now has headquarters in Chevy Chase, Maryland. While it is the second-largest personal auto insurance provider in the nation behind State Farm, it is still a relatively small player in the small business insurance space. 

GEICO partners with Hiscox to provide its business insurance products. In fact, when you start the quote process online, you are redirected to the Hiscox website to complete the quote. 

Geographic Representation

Geico is able to help business owners secure business insurance in all states except Hawaii.

Lines of Coverage

GEICO offers eight types of business insurance on its website. Most of these requests for quotes will go directly to Hiscox Insurance. 

The types of commercial insurance policies listed with GEICO include:

  • Business Owners Policy (BOP): Takes general liability and commercial property and combines them into one simple policy
  • Professional Liability: Financial protection from claims that unprofessional actions led to property damage or bodily injury
  • Cyber Liability: Protects against digital risks that lead to data breaches or hacks
  • Workers’ Compensation: Pays both medical bills and lost wages to employees hurt on the job
  • Commercial Auto: Pays if you are in an at-fault accident to cover the other party’s damages or injuries as well as protect your vehicle so it can get repaired

Top Industries Served

Every insurance company has preferred industries that it wants to write business for. This is called an appetite. GEICO’s biggest appetite lies in the following: 

  • Auto service and repair
  • Commercial building and property owners
  • Professional offices
  • Restaurant insurance
  • Retail stores and services 

Premium Costs

GEICO has chosen to work with Hiscox for its business insurance needs. We ran a basic BOP quote for a solo operation in California and came up with a baseline policy cost of $500. This works out to be just over $41 per month. This isn’t the least expensive policy that we’ve come across but is certainly reasonable. 

Your policy premium will be based on your location, industry, revenue, and claims history. Larger organizations will pay more than smaller ones and having claims will increase your rate in general. 

Underwriting Process

It takes under five minutes to obtain a quote from GEICO through Hiscox. The application asks simple questions and has an “information” bubble next to items in case you have any questions. You can bind the coverage right from the quote, making the process of getting insurance quick and easy. 

AM Best Ratings

AM Best is an insurance financial rating company. They evaluate companies based on their ability to pay claims and withstand catastrophic losses. GEICO has an AM Best rating of A++, the highest rating possible. However, since Hiscox underwrites the business policies, we decided to look at their AM Best rating. Hiscox has an A (Excellent) rating, the third-highest rating possible. 

Complaint Index

The National Association of Insurance Commissioners (NAIC) maintains a database of complaints about insurance carriers. It scores the number of complaints in relation to the company’s market share in what is called a complaint index. Since GEICO is not underwriting the small business insurance, we looked at Hiscox’s score. 

Hiscox has a total of 15 complaints in 2020 with a complaint index score of 1.59. The average score is 1.0 which means that Hiscox had 1.59 times the expected number of complaints. This is up from 2019 when the company had a complaint index score of 0.79, better than average. 

Reputation

GEICO has 21 reviews on Trustpilot, though these primarily have to do with personal auto insurance policies. We took a look at Hiscox which has 886 reviews and a 4.7-star rating. They were recommended for how they simplify the process and make business insurance easy, even if they aren’t the cheapest. 

Hiscox is not accredited with the Better Business Bureau (BBB) and maintains a 1-star rating on 12 reviews. The BBB notes that there were 15 complaints closed in the last 12 months. 

Concluding Thoughts

While GEICO offers business insurance to customers, it doesn’t underwrite it. It has partnered with a strong insurance carrier to make sure that its customers are well-cared for. Be prepared to be redirected to the Hiscox website to apply for insurance. 

Learn more about GEICO 

Methodology

CommericalInsurance.net employs its own independent research to come up with the details for reviews. We do this so that you can have as many insights as possible about a company so that you can make the best decision for your commercial insurance. We take into consideration the company’s history and where they serve. We want to highlight the appetite that a company has as this suggests where business owners can get the most competitive rates. Where possible, we include premium data. From there, we take into account formal complaints, and financial strength ratings along with public reviews painting a broad picture of the company’s reputation. 

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Very easy and straight to the point. I got my insurance in a quick and timely manner.
Alex De Sousa
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I recommend the prices! They have great customer service!
Susan Ellison
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Great! Fast service at a great price. Needed a business insurance provider the same day for a company I work with. They had the quote to me within minutes and policy up and running shortly after. Would recommend highly!
Andrew Moran