Progressive Commercial Business Insurance Review

The largest insurer of commercial auto insurance along with all other business insurance needs

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Progressive Commercial Business Insurance Review

The largest insurer of commercial auto insurance along with all other business insurance needs

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Our Summary

This Progressive Commercial review looks at a wide variety of factors that may affect your decision-making process when buying business insurance. It’s a no-brainer to consider Progressive Commercial for your commercial auto needs. They are a great candidate to at least shop other policies so that you can keep all business insurance under one convenient roof. 

Company Overview

Progressive had humble beginnings in 1937, with two guys trying to help an underserved Cleveland market. They wanted to make insurance that everyone could afford. When it comes to commercial insurance, the company has more than 45 years of experience helping business owners save. Progressive Commercial prides itself on helping business owners get the right insurance for the best possible price. 

Geographic Representation

Progressive Commercial is available in 49 states throughout the United States. It is not available in Hawaii. 

Lines of Coverage

Though probably best known for its commercial auto coverage, Progressive Commercial has a robust list of insurance policies available for purchase. 

The types of commercial insurance policies that you can get with Progressive Commercial include:

  • General Liability: Pays third-party claims of injury or property damage and includes any legal defense you may need.
  • Professional Liability: Pays claims that allege you did not act in a professional manner either with advice or action. This is also called errors and omissions (E&O) insurance.
  • Business Owners Policy (BOP): Combines general liability with business property for a comprehensive policy.
  • Workers’ Compensation: Pays claims when an employee is injured on the job to include medical expenses and lost wages. 
  • Commercial Auto: Whether for cars, trucks, tow trucks, dump trucks, or food trucks, you can get liability and comprehensive and collision coverage.
  • Cyber Insurance: Protects the business from losses that occur due to cybercrimes such as hacks and ransomware. 

Top Industries Served

No insurance carrier wants to assume the risk over every company in every industry. Instead, carriers tend to develop specialties where they have an appetite for new business. This appetite means that the insurance carrier is likely more competitively priced for industries that they want to write, and it’s a good bet for new businesses to seek a policy with them. 

Progressive has carved out an appetite for a couple of tough niche industries that include construction and transportation. These are tough industries because they tend to have more claims and those claims tend to be costlier. However, Progressive Commercial has learned how to remain competitive and profitable in these areas. 

Business owners in manufacturing and Main Street businesses should also consider getting a quote from Progressive Commercial. They have a moderate appetite in these industries which means they can often beat out other carriers when a company meets certain criteria. 

Premium Costs

While Progressive Commercial has BOPs starting around $250 annually, you can expect to pay more if you have more property or choose higher liability limits. 

According to Progressive Commercial, the average policy costs are:

  • Business owners policy: $84 per month
  • General liability insurance: $53 per month
  • Professional liability insurance: $46 per month
  • Workers’ compensation insurance: $86 per month
  • Commercial auto insurance: $187 per month

Underwriting Process

Progressive Commercial doesn’t advertise how long it takes to get a quote or obtain a new policy. While most businesses can get a quote in a manner of minutes through the online tool, businesses with more complex underwriting can take several days to fully underwrite. 

To expedite the process, be sure to have details about your business that include the contact information, industry, and revenue data. If you need workers’ compensation, you’ll also need payroll data. You can purchase a policy directly from Progressive Commercial or get the added insight and experience from a trusted independent agent such as CommercialInsurance.net. 

AM Best Ratings

Progressive Commercial receives an AM Best rating of A+ (Superior). This is the second-highest rating a company can give and suggests that the insurer is capable of meeting its financial obligations. 

Not every company has ratings from other financial rating agencies, but Progressive Commercial does. It has an AA rating from Standard and Poor and an AA rating from Moody’s which are both the second-highest ratings you can get as well. 

Complaint Index

The National Association of Insurance Commissioners (NAIC) maintains an annual complaint index that rates a company based on complaints in relation to market share. The NAIC sets the average rating at 1.0 with scores above this showing a company that has a more than expected number of complaints. 

Progressive Commercial scores exceptionally with no known complaints in 2020. This is not an unusual trend, with both 2019 and 2018 having the same results.

Reputation

We searched the Trustpilot database for Progressive Commercial reviews and found none. The only reviews we could find are for Progressive – the main company – which is not a direct indication of how well the company performs for commercial insurance. It would seem that customers are happy with the service, however, based on the exceptional NAIC ratings discussed in the previous section. 

Concluding Thoughts

If you’re looking for commercial auto, it’s almost automatic to consider Progressive Commercial. But don’t stop there. Consider this provider for all of your business insurance needs. A company that is as large as Progressive Commercial and still manages to have zero complaints over a three-year period is doing something right. 

Learn more about Progressive Commercial

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. 

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
Amazing! Fast with awesome customer service! Thank you!
Kristen Guthrie
Jennifer was extremly helpful, and was able to answer my questions in a timely manner and moved at my pace, which was extremly helpful, as a first time buisness owner.
Joseph Wilson
Progressive The Hartford Liberty Mutual Gallagher