Factory Mutual Insurance Company Review (2024)

Explore the extensive coverage options offered by Factory Mutual Insurance Company, a reliable ally for businesses seeking protection against various risks, including auto, property, liability, business interruption, workers’ compensation, and cyber insurance, backed by a client-centric approach, risk engineering expertise, and strong financial stability.

UPDATED: Jun 14, 2024Fact Checked

Laura D. Adams

Insurance & Finance Analyst

Laura Adams is one of the nation’s leading finance, insurance, and small business authorities. As an award-winning author, spokesperson, and host of the top-rated Money Girl podcast since 2008, millions of readers and listeners benefit from her practical advice. Her mission is to empower consumers to live healthy and rich lives by planning for the future and making smart money decisions. She rec...

Insurance & Finance Analyst

Daniel Walker

Licensed Insurance Agent

Daniel Walker graduated with a BS in Administrative Management in 2005 and has run his family’s insurance agency, FCI Agency, for over 15 years (BBB A+). He is licensed as an insurance agent to write property and casualty insurance, including home, life, auto, umbrella, and dwelling fire insurance. He’s also been featured on sites like Reviews.com and Safeco. To ensure our content is accura...

Licensed Insurance Agent

UPDATED: Jun 14, 2024

Advertiser Disclosure

It’s all about you. We want to help you make the right coverage choices.

Advertiser Disclosure: We strive to help you make confident insurance decisions. Comparison shopping should be easy. We are not affiliated with any one insurance provider and cannot guarantee quotes from any single provider.

Our insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different insurance providers please enter your ZIP code above to use the free quote tool. The more quotes you compare, the more chances to save.

Editorial Guidelines: We are a free online resource for anyone interested in learning more about auto insurance. Our goal is to be an objective, third-party resource for everything auto insurance related. We update our site regularly, and all content is reviewed by auto insurance experts.

UPDATED: Jun 14, 2024

Advertiser Disclosure

It’s all about you. We want to help you make the right coverage choices.

Advertiser Disclosure: We strive to help you make confident insurance decisions. Comparison shopping should be easy. We are not affiliated with any one insurance provider and cannot guarantee quotes from any single provider.

Our insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different insurance providers please enter your ZIP code above to use the free quote tool. The more quotes you compare, the more chances to save.

UPDATED: Jun 14, 2024Fact Checked
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Factory Mutual Insurance Company

Average monthly rate for business insurance:

$92

A.M. Best rating:

A+ (Superior)

Complaint level:

Low

Pros

  • Comprehensive coverage options for various business needs
  • Expert risk engineering services to mitigate potential risks
  • Client-centric approach tailoring policies to individual requirements
  • Strong financial stability for claims assurance

Cons

  • Limited presence in some niche industries
  • Fewer online self-service features compared to some competitors
  • May require more documentation for certain claims

Explore the comprehensive insurance offerings of Factory Mutual Insurance Company. With a diverse range of coverage options, including auto, property, liability, business interruption, workers’ compensation, and cyber insurance, Factory Mutual ensures businesses are well-protected against various risks.

Their client-centric approach, risk engineering services, and strong financial stability make them a reliable partner in safeguarding businesses’ interests. From mitigating potential losses to promoting cybersecurity, Factory Mutual’s tailored solutions contribute to the resilience and success of businesses across industries.

What You Should Know About Factory Mutual Insurance Company

Company Contact Information:

Related Parent or Child Companies:

  • Factory Mutual Insurance Company operates independently and is not affiliated with any related parent or child companies.

Financial Ratings:

  • Factory Mutual Insurance Company boasts an impressive A+ (Superior) rating from A.M. Best, reflecting its robust financial stability and ability to meet policyholders’ needs.

Customer Service Ratings:

  • Factory Mutual prides itself on providing exceptional customer service. Their customer service team has garnered consistently positive ratings from policyholders, reflecting their dedication to client satisfaction.

Claims Information:

  • Filing a claim with Factory Mutual is a straightforward process. Policyholders can initiate claims through their website, by calling the provided contact number, or by reaching out to their designated representative. Factory Mutual’s claims team is committed to ensuring that claims are processed efficiently and fairly.

Company Apps:

  • Factory Mutual Insurance Company offers a user-friendly mobile app available for both Android and iOS devices. The app provides policyholders with easy access to their insurance information, and the ability to file claims, make payments, and receive updates, enhancing their overall insurance experience.

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Factory Mutual Insurance Company Insurance Coverage Options

Factory Mutual Insurance Company provides an array of comprehensive coverage options tailored to meet the diverse needs of businesses. Here are the coverage options offered:

  • Auto Insurance: Protects your company’s vehicles against accidents, collisions, and liabilities.
  • Property Insurance: Safeguards your physical assets, including buildings, equipment, and inventory, from perils like fire, natural disasters, and theft.
  • Liability Insurance: Covers legal and financial responsibilities in case of accidents or injuries on your premises.
  • Business Interruption Insurance: Provides coverage for lost income and ongoing expenses when unexpected events disrupt your operations.
  • Workers’ Compensation Insurance: Ensures employees are protected by providing medical coverage and wage replacement in the event of work-related injuries.
  • Cyber Insurance: Shields your business against data breaches and cyberattacks, offering expertise to enhance cybersecurity.

Factory Mutual’s comprehensive coverage options are designed to provide businesses with the protection they need to navigate uncertainties and thrive in their respective industries.

Factory Mutual Insurance Company Insurance Rates Breakdown

Driver ProfileFactory MutualNational Average
Clean Record$120$119
1+ Ticket$145$147
1+ Accident$175$173
DUI$208$209
Poor Credit$206$205

*monthly rates are based on an average of minimum and full coverage for a 45-year-old male driver

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Factory Mutual Insurance Company Discounts Available

DiscountFactory Mutual
Anti Theft6%
Good Student12%
Low Mileage9%
Paperless5%
Safe Driver18%
Senior Driver7%

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Factory Mutual Insurance Company values its policyholders and offers a range of discounts to help businesses manage their insurance costs effectively. Here are the discounts available:

  • Multi-Policy Discount: Provides savings when bundling multiple insurance types with Factory Mutual, streamlining coverage and potentially reducing costs.
  • Safety Features Discount: Offers discounts for businesses that implement advanced safety measures such as fire suppression systems and security alarms.
  • Claims-Free Discount: Rewards businesses with a history of minimal or no insurance claims with reduced premiums.
  • Renewal Discount: Provides incentives for renewing policies with Factory Mutual, demonstrating their commitment to long-term partnerships.
  • Risk Management Discount: Offers savings for businesses that implement Factory Mutual’s risk engineering recommendations, enhancing safety protocols.
  • Early Payment Discount: Encourages prompt premium payments by offering reduced rates for businesses that pay their premiums in advance.

These discounts reflect Factory Mutual’s commitment to supporting businesses and providing cost-effective solutions while maintaining comprehensive coverage.

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How Factory Mutual Insurance Company Ranks Among Providers

Factory Mutual Insurance Company operates within a competitive landscape in the insurance industry. Some of its main competitors include:

  • Globalprotect Assurance: Renowned for its extensive coverage options and strong financial stability, Globalprotect Assurance is a notable contender in the insurance market. Their comprehensive solutions and customer-oriented approach make them a significant competitor.
  • Secureshield Insurance: Specializing in tailored business insurance, Secureahield Insurance stands out for its personalized approach to coverage. Their emphasis on understanding individual business needs and providing customized policies sets them apart.
  • Nationwide Assurance Group: Nationwide Assurance Group is a well-established insurance provider known for its diverse range of coverage options and competitive pricing. Their wide geographical reach and reputation for reliability position them as a formidable competitor.
  • Guardian Risk Services: Guardian Risk Services is recognized for its customer-centric approach and efficient claims processing. Offering a wide range of insurance types and a reputation for excellent service, they present a noteworthy competition.
  • Reliablesure Insurers: Reliablesure Insurers stands out for its commitment to innovation, offering digital tools and user-friendly interfaces for policy management. Their tech-savvy approach and modern conveniences make them a strong player in the market.

These companies, among others, contribute to the competitive environment that Factory Mutual Insurance Company navigates. Despite the competition, Factory Mutual remains dedicated to providing tailored solutions, comprehensive coverage, and excellent customer service to its clientele.

Factory Mutual Insurance Company Claims Process

Ease of Filing a Claim

Factory Mutual Insurance Company offers multiple convenient methods for filing insurance claims, ensuring a hassle-free experience for policyholders. You can file a claim online through their user-friendly website, over the phone by speaking to their dedicated claims team, or even via their mobile app, making it accessible and efficient for all.

Average Claim Processing Time

When it comes to processing claims, Factory Mutual Insurance Company is known for its efficiency. On average, they strive to process and resolve claims in a timely manner, helping policyholders get back on their feet quickly in the event of a covered incident.

Customer Feedback on Claim Resolutions and Payouts

Customer satisfaction is a top priority for Factory Mutual Insurance Company. They actively collect feedback from their policyholders regarding claim resolutions and payouts. This feedback helps them continuously improve their claims process and ensure that policyholders are satisfied with the outcomes.

Factory Mutual Insurance Company Digital and Technological Features

Mobile App Features and Functionality

Factory Mutual Insurance Company’s mobile app offers a range of features and functionalities designed to enhance the overall insurance experience. From viewing policy information to filing claims and accessing digital ID cards, their app provides policyholders with convenient tools to manage their insurance needs on the go.

Online Account Management Capabilities

With Factory Mutual’s online account management platform, policyholders can easily access and manage their insurance policies. This includes reviewing coverage details, making premium payments, and updating personal information, all from the comfort of their own computers.

Digital Tools and Resources

Factory Mutual Insurance Company provides policyholders with a wealth of digital tools and resources to assist them in understanding their coverage and making informed decisions. These resources may include informative articles, calculators, and risk assessment tools to help policyholders stay well-informed about their insurance needs.

Frequently Asked Questions

What types of insurance does Factory Mutual Insurance Company offer?

Factory Mutual Insurance Company provides a comprehensive range of insurance options tailored to various business needs. These include auto insurance, property insurance, liability insurance, business interruption insurance, workers’ compensation insurance, and cyber insurance.

Can I bundle different insurance types with Factory Mutual?

Yes, Factory Mutual Insurance Company offers the convenience of bundling multiple insurance types to create a comprehensive coverage package. This not only simplifies coverage management but can also lead to potential cost savings.

What sets Factory Mutual’s cyber insurance apart?

Factory Mutual’s cyber insurance goes beyond financial coverage. They provide expertise to prevent and manage cyber risks, offering solutions to enhance a business’s cybersecurity posture and minimize the impact of potential cyber incidents.

How can a business obtain a personalized insurance quote from Factory Mutual?

To get a personalized insurance quote from Factory Mutual, businesses can reach out to their dedicated representatives through their website or contact number. A representative will guide them through the process and tailor a quote based on their specific needs.

How does Factory Mutual handle claims processing?

Factory Mutual is known for its efficient and hassle-free claims processing. When a business needs to file a claim, their claims team guides them through the process, ensuring timely and fair resolution.

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Laura D. Adams

Insurance & Finance Analyst

Laura Adams is one of the nation’s leading finance, insurance, and small business authorities. As an award-winning author, spokesperson, and host of the top-rated Money Girl podcast since 2008, millions of readers and listeners benefit from her practical advice. Her mission is to empower consumers to live healthy and rich lives by planning for the future and making smart money decisions. She rec...

Insurance & Finance Analyst

Daniel Walker

Licensed Insurance Agent

Daniel Walker graduated with a BS in Administrative Management in 2005 and has run his family’s insurance agency, FCI Agency, for over 15 years (BBB A+). He is licensed as an insurance agent to write property and casualty insurance, including home, life, auto, umbrella, and dwelling fire insurance. He’s also been featured on sites like Reviews.com and Safeco. To ensure our content is accura...

Licensed Insurance Agent

Editorial Guidelines: We are a free online resource for anyone interested in learning more about auto insurance. Our goal is to be an objective, third-party resource for everything auto insurance related. We update our site regularly, and all content is reviewed by auto insurance experts.

Free Insurance Providers Comparison

Compare Insurance Providers Rates to Save Up to 75%

secured lock Secured with SHA-256 Encryption