The insurer said it would be offering added relief to 115,000 customers in certain sectors.
Farmers has announced its intention to provide relief to over 115,000 of its business insurance policyholders.
The insurer is using its Farmers Cares initiative to provide added support to customers facing struggles from COVID-19.
The Farmers Cares initiative is focused on business insurance policyholders in the office, retail, restaurant and service sectors. Those are among the areas most powerfully hit by the COVID-19 outbreak. To boost relief to those companies, the insurer will be providing a 20 percent monthly credit on those policies for the next two months. Policyholders will see the credits on their next two premium notices.
“We understand how challenging running a business can be, particularly in these extraordinary times, and we want our business insurance customers to know Farmers cares and we want to help,” explained Farmers’ president of business insurance, Sharon Fernandez. “For the next two months, many of our business insurance customers will see a 20% premium reduction.”
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The credit for business insurance policyholders is one of many strategies Farmers is using to try to help.
The insurer has been implementing a number of different efforts to try to support its business customers throughout the COVID-19 pandemic. Among the other areas in which it is providing support to its customers includes temporarily pausing cancellations that would otherwise occur due to non-payment.
This means that for policies set to renew within a certain span of time, they will not be allowed to automatically expire due to reasons of non-payment. Instead, they will be continued, extending the amount of time the customer has to pay the owed premiums without losing coverage in the meantime.
According to Farmers, business insurance policyholders are not required to take any additional action in order to benefit from the credit. Instead, restaurant, retail, office and service business customers will automatically have this change applied to their accounts. This make sure that all qualifying businesses can know that they are receiving the credit without requiring their time and effort to obtain it. A growing number of insurers are making similar moves for certain types of product.