Advertiser Disclosure

💳 Save money on credit card processing with one of our top 5 picks for 2022

Best Commercial Property Insurance In 2023

Looking for commercial property insurance? We compared more than 20 popular insurance providers and highlight seven that we think offer the best coverage and value for small businesses.

    Kate Hoots
  • UPDATED

Advertiser Disclosure: Our unbiased reviews and content are supported in part by affiliate partnerships, and we adhere to strict guidelines to preserve editorial integrity.

Commercial property insurance is one of the most important types of business insurance you can buy. What should you look for in a property insurance policy? The best commercial property insurance offers protection for your physical building and your valuable inventory, equipment, and other items you keep inside.

We searched a crowded field of more than 20 business insurers for the best commercial property policies. Our top choices are designed to serve the needs of small business owners and offer strong, reliable coverage at an affordable price.

Learn More About Our Top Picks

CompanyBest ForNext StepsBest For
Nationwide Small Business Insurance

Read More

  • Pricing by personal quote only
  • BOP includes 4 policies
  • Quotes in 30 minutes
  • Pricing by personal quote only
  • BOP includes 4 policies
  • Quotes in 30 minutes

Visit Site

Read More

The Hartford Small Business Insurance

Read More

  • Averages $55/month
  • Standard BOP
  • Same-day quotes
  • Averages $55/month
  • Standard BOP
  • Same-day quotes

Visit Site

Read More

Next Business Insurance

Read More

  • Starting at $17/month
  • Customizable BOP
  • Instant quotes
  • Starting at $17/month
  • Customizable BOP
  • Instant quotes

Visit Site

Read More

Thimble

Read More

  • Personalized quotes
  • Standard BOP
  • Instant quotes+coverage
  • Personalized quotes
  • Standard BOP
  • Instant quotes+coverage

Visit Site

Read More

Hiscox Business Insurance

Read More

  • Price by personal quote only
  • Standard BOP
  • Quotes in 10 minutes
  • Price by personal quote only
  • Standard BOP
  • Quotes in 10 minutes

Visit Site

Read More

Show More Options
Chubb Business Insurance

Read More

  • Pricing by personal quote
  • Standard BOP
  • Quotes by phone or online
  • Pricing by personal quote
  • Standard BOP
  • Quotes by phone or online

Visit Site

Read More

Gallagher Business Insurance

Read More

  • Pricing by personal quote only
  • BOP includes 3 policies
  • Easy online quote
  • Pricing by personal quote only
  • BOP includes 3 policies
  • Easy online quote

Visit Site

Read More

Show Fewer Options

Read more below to learn why we chose these options.

Table of Contents

What Is Commercial Property Insurance?

Commercial property insurance is a type of policy that covers the physical space where your business operates as well as the business property and equipment inside. Whether your workplace is a warehouse, office building, store, restaurant, or any other type of physical location, you need business property insurance to keep it safe from fire, theft, vandalism, and other damage.

Commercial property insurance doesn’t just protect your building, though. Commercial property insurance typically covers the equipment, inventory, and other types of business property inside the building, too.

This type of insurance is so important that many insurance providers bundle commercial property insurance into a single policy, known as a business owners policy or BOP that most often includes general liability coverage. When you purchase these two types of essential business coverage together, you’ll get coverage at a discount (usually about 10%).

Of course, you don’t have to purchase commercial property insurance as part of a bundle. In the list below, we will note where BOP is an option, however, so take note if you’re interested.

We also have a guide to business insurance as a whole if you need a more general primer.

The Best Commercial Property Insurance For Small Business

The best commercial property insurance protects small businesses when their business property and physical structures are damaged. We think most small businesses will find a match with Nationwide, The Hartford, Next, Thimble, Hiscox, Chubb, and Gallagher.

1. Nationwide: Best Comprehensive Commercial Property Coverage

Nationwide Small Business Insurance


Visit Site

Pricing

By personalized quote only

Types Of Insurance Offered

BOP + specialized coverage

Time To Receive A Quote

Approximately 30 minutes

Pros

  • Standard policies & specialty coverage
  • Mutual insurance company
  • Available in a majority of US states
  • Quotes in about 30 minutes

Cons

  • Not available in a handful of states

Nationwide insurance

Screenshot of Nationwide Insurance webpage, captured 2/1/2023

Why We Chose Nationwide For The Best Commercial Property Insurance

Nationwide makes it simple to protect your business property fully in one bundled policy. You can cover a lot of bases by signing up for Nationwide’s business owners policy (BOP) which includes commercial property with business liability, business income, and equipment breakdown coverage.

These policies are available individually from Nationwide, too.

Nationwide Pricing

Like the majority of business insurers, Nationwide provides pricing information by personalized quote only. You can request a quote online or by phone, and you should have your quote within about 30 minutes.

Nationwide Features For Commercial Property Insurance

Nationwide gives customers secure access to their accounts online. You can start or check a claim, print an insurance ID card, and view or pay your bill online.

Nationwide also offers small business education tools, including loss control planning. You can sign up to have Nationwide’s loss control services team review your operations and procedures, helping you to avoid future losses.

Get Started With Nationwide Small Business Insurance

Read our in-depth review

Jump back to comparison chart

2. The Hartford: Best Commercial Insurance For Reducing Risks

The Hartford Small Business Insurance


Visit Site

Pricing

Varied. Average general liability is $88/month

Types of insurance offered

30+

Time to receive quote

Usually same-day

Pros

  • Fast, free quotes
  • 24/7 claims
  • Risk-management services
  • Wide variety of policies available

Cons

  • Not available in Alaska or Hawaii

The Hartford business insurance

Why We Chose The Hartford For The Best Commercial Property Insurance

Hartford is one of the country’s largest and oldest insurance companies. In addition to a full complement of business insurance policies, The Hartford offers loss control services and risk engineering. The Hartford will also work with you to customize your safety plans, providing help with safety evaluations that can reduce your chances of suffering losses resulting in a claim.

The Hartford Pricing

Like most traditional insurance companies, The Hartford provides price information by personalized quote. You can request a quote online in a process that shouldn’t take more than 10 minutes. Quotes typically are returned the same day.

For comparison purposes, The Hartford says its customers pay about $55/month, on average, for commercial insurance. The company’s BOP includes commercial property and general liability insurance for an average cost of $261/month.

The Hartford Features For Commercial Property Insurance

The Hartford offers full business insurance coverage, including worker’s compensation, commercial auto insurance, flood insurance, cyber insurance, and more. You can also purchase surety bonds and multinational insurance from Hartford.

Hartford has a unique claims system, called The Hartford Productivity Advantage, that is supposed to simplify filing and tracking claims.

You can use The Hartford’s loss control services to improve workplace safety and manage risks. Taking those actions now can reduce your chances of suffering losses and having to file claims later.

Get Started With The Hartford Small Business Insurance

Read our in-depth review

Jump back to comparison chart

3. Next: Best Price For Commercial Property Insurance

Next Business Insurance


Visit Site


Pros

  • Instant quotes
  • Discount on multiple policies
  • Strong mobile app

Cons

  • Limited number of policies available

NEXT insurance for restaurants

Screenshot of NEXT webpage, captured 4/18/2023

Why We Chose Next For The Best Commercial Property Insurance

If you want a small price tag on your commercial property insurance, you’ll appreciate Next. Smaller businesses that might balk at the cost of business insurance with larger companies will appreciate insurance this upstart provider’s pricing.

Next Pricing

Next offers an easy online application process and instant quotes. Commercial property insurance policies from Next can start as low as $17/month.

Next Features For Commercial Property Insurance

Next allows users to customize their commercial property insurance. That’s great for smaller businesses that have to balance their needs with their budgets. You can design your Next policy to cover business gear and goods, inventory, buildings, equipment breakdowns, and/or business income interruptions.

Next does not offer policies to cover earthquakes, volcanoes, or flood damage, but you can be covered for damages related to other natural disasters like wildfires, tornados, and windstorms. Next policies typically cover damage from water, fire, wind, vandalism, and other risks.

Get Started With Next Business Insurance

Jump back to comparison chart

4. Thimble: Best Commercial Property Insurance For Adjustable Coverage

Thimble


Visit Site


Pros

  • Adjustable coverage
  • Appropriate for seasonal, event, and gig workers
  • Instant quotes and coverage

Cons

  • Limited to basic policies

Thimble insurance

Screenshot of Thimble webpage, captured 4/18/2023

Why We Chose Thimble For The Best Commercial Property Insurance

If your small business is cyclical or seasonal, or if you work events or gigs, you may not fit into a standard commercial insurance package. You don’t want to pay for coverage when you don’t need it, after all. Thimble stands out from its competitors by offering the option to adjust your coverage periodically so you pay only for what you need.

Thimble Pricing

Like many insurance companies, Thimble offers pricing information by customized quote. Unlike many competitors, including some on this list, Thimble’s quote process is almost instant. The company says you can be insured within 60 seconds of entering your information.

Thimble offers a business owners policy (BOP) that includes general liability and commercial property in one bundle. Thimble’s average customer pays $69/month for a BOP.

Thimble Features For Commercial Property Insurance

Thimble offers something rare: the opportunity to purchase coverage by the job, the month, or the year. Thimble customers can also change, pause, or cancel coverage whenever they need to.

You can also pay for your coverage monthly, with no fees added. That’s a budget-friendly feature that many small business owners will appreciate.

Thimble offers other types of insurance, including business interruption coverage. You can visit Thimble’s website to get a near-instant quote for exactly the coverage you need.

Get Started With Thimble

Jump back to comparison chart

5. Hiscox: Best Commercial Property Insurance For Transparency

Hiscox Business Insurance


Visit Site


Pros

  • Fast quotes
  • Online application
  • Available in almost all states

Cons

  • Limited policies available
  • Not suited for large businesses

Hiscox commercial property insurance

Screenshot of Hiscox webpage, captured 5/17/2023

Why We Chose Hiscox For The Best Commercial Property Insurance

Most commercial property insurance policies include a long list of exclusions in the fine print, things that you might be surprised to learn the policy doesn’t cover. Hiscox stands out from its competitors by advertising a full list online of what is and isn’t covered. This welcome transparency will leave you feeling secure that all your business equipment and property is safely covered.

Hiscox Pricing

Hiscox offers quick personalized price quotes by phone or online. If you enter your business information online, you can be fully covered within 10 minutes, the company says.

For comparison purposes, Hiscox offers two sample quotes for business owners policies that combine general liability and commercial property coverage. In one example, a consulting company in California with coverage for $35K of business equipment, a $500 deductible, and liability limits of $1 million (per occurrence) and $2 million (aggregate) will pay $41.67/month for a BOP.

Hiscox Features For Commercial Property Insurance

Hiscox is transparent about what its commercial property policies cover. With Hiscox, you’ll have coverage for business equipment, tenant improvements, personal effects, valuable paper and records, and electronic data. You’ll also have coverage in and away from your workplace. Cover includes accidental damage, and there’s no deduction for depreciation.

Hiscox’s commercial property coverage extends to lost business income and extra expenses, and accounts receivable. Accidental damage, forgery, and alterations are covered; dishonesty, utilities, errors and omissions, and computer testing, installation, and repair are not.

Get Started With Hiscox Business Insurance

Jump back to comparison chart

6. Chubb: Best Commercial Property Insurance For Global Coverage

Chubb Business Insurance


Visit Site


Pros

  • Suitable for larger businesses
  • Overseas protection available
  • Fast quotes
  • Specialty policies available

Cons

  • Not available if your business revenue tops $30 million
  • Online price quotes may not be available for all businesses

Chubb small business insurance

Screenshot of Chubb Insurance webpage, captured 3/8/2023

Why We Chose Chubb For The Best Commercial Property Insurance

If your business is on the larger side, with operations outside the US, Chubb could be the right choice for your commercial property insurance. Chubb has a presence in 170+ countries, so it’s probably available wherever your commercial property ends up.

And you don’t need to worry that your business won’t be big enough: Chubb caters to businesses with annual revenue below $30 million. Target industries include financial services, healthcare, education, manufacturing, retail, technology, and transportation.

Chubb Pricing

Chubb requires some basic business information before providing personalized price quotes. You’ll need to enter your current or projected annual gross revenue. If your revenue tops $2 million, you’ll need to call Chubb directly to get a quote.

Chubb Features For Commercial Property Insurance

Chubb’s comprehensive foreign package for small businesses includes special coverage for work or travel overseas. This includes emergency medical and political evacuation, lost document assistance, and concierge services.

Chubb also provides global risk engineering and loss control services. These can be bundled with other types of services if you like.

Get Started With Chubb Business Insurance

Jump back to comparison chart

7. Gallagher: Best Commercial Property Insurance For Comparison Shopping

Gallagher Business Insurance


Visit Site

Pricing

By personalized quote only

Types Of Insurance Offered

Basic business coverage + specialized policies

Time To Receive A Quote

Varies

Pros

  • Brokerage process lets you compare multiple quotes
  • Easy online quotes
  • Valuable partner perks

Cons

  • Brokerage fees could increase cost

Gallagher business insurance

Screenshot of a Gallagher webpage, captured 2/9/2023

Why We Chose Gallagher For The Best Commercial Property Insurance

Gallagher is not a direct insurance provider but an insurance broker. That means that Gallagher connects businesses with multiple insurance carriers, helping you find the coverage you need at the right price.

Gallagher Pricing

Gallagher provides pricing through personal quotes only. Your costs will depend on which insurance provider you choose and your business variables, such as location, business size, and the kinds of coverage you want.

It took me less than two minutes to enter basic business information. The contact form asked about my business details, the building my business occupies, and the contents of my workplace. I was also asked about my insurance history, including whether I have been continuously insured.

Gallagher Features For Commercial Property Insurance

Although you won’t receive your insurance coverage directly from Gallagher, the company continues to support its customers once they sign on with an insurance carrier. For example, you can file a claim through Gallagher’s online portal and take advantage of Gallagher’s risk management services, including onsite and online training.

Sign up with Gallagher’s subscription center to receive publications, access to webinars, and bulletins aimed at 20+ industries. You can also access money-saving discounts and perks, including significant offers from UPS, Office Depot, and more.

Gallagher offers a range of policies in addition to commercial property. That includes a business owners policy (BOP) that bundles general liability, buildings and property, and business income interruption coverage.

Get Started With Gallagher Business Insurance

Read our in-depth review

Jump back to comparison chart

Our Methodology For Choosing The Best Commercial Property Insurance

We considered more than 20 insurance providers to create this list of the best commercial property insurance. We rated these providers based on how easy it is to get a quote for coverage, the range of policies offered, features aimed at the target audience, customer satisfaction, and each company’s transparency about coverage limitations.

We also looked at each company’s claims process. The best commercial property insurance companies offer online filing, monitoring, and resources to help you reduce risks and the odds of having to file a claim.

We also weigh unincentivized reviews from actual business customers. That means checking review sites like the Better Business Bureau, G2, and Consumer Reports. We consider users’ experience with these insurance providers and use that as a ranking factor.

To create this list, we gathered information from each company’s website and company representatives. Information is reviewed by the Merchant Maverick editorial team to ensure accuracy.

Which Commercial Property Insurance Is Right For You?

Because we understand that small businesses come in all types and sizes, we include a range of options and highlight what we think makes each insurance company unique, so you can find the right fit for your business.

Whether your business is international or small and seasonal, we included an option for you on this list. There’s something for every small business in between, too.

If your business works out of a rented space, we’d suggest you check out our list of the best commercial renters insurance. Because commercial property insurance often includes coverage for your physical building, renters may be able to find coverage for less when they exclude their physical workspace.

And if you don’t see a commercial insurance option that looks right for you here, we encourage you to visit our list of the overall best small business insurance companies. Whatever your business insurance needs, we think you’ll find it there.

Finally, if you’re wondering how to get business insurance, the cost of business insurance, or exactly who needs business insurance in the first place, Merchant Maverick has you covered!

Commercial Property Insurance FAQs

Is commercial property insurance required?

Property insurance for business is not required by law. A commercial property insurance policy protects your business assets from certain types of disasters, such as fires, and from human disasters like vandalism and theft. So it makes sense to look into commercial property insurance.

How much does property insurance for business cost?

You can take out a commercial property insurance policy for as little as $17/month from Next Insurance. The price you end up paying any insurance provider will depend on details about your business, such as your location, size, and property value.

Does business property insurance cover natural disasters?

Business property insurance usually covers some but not all natural disasters. Certain types of natural disasters are almost always excluded from standard policies, including hurricanes, floods, earthquakes, and volcanic eruptions. If you live in an area that’s vulnerable to those types of disasters, speak with your insurance provider to learn your options.

In Summary: The Best Commercial Property Insurance For Small Business

  1. Nationwide Small Business Insurance:
    • Pricing by personal quote only
    • BOP includes 4 policies
    • Quotes in 30 minutes
  2. The Hartford Small Business Insurance:
    • Averages $55/month
    • Standard BOP
    • Same-day quotes
  3. Next Business Insurance:
    • Starting at $17/month
    • Customizable BOP
    • Instant quotes
  4. Thimble:
    • Personalized quotes
    • Standard BOP
    • Instant quotes+coverage
  5. Hiscox Business Insurance:
    • Price by personal quote only
    • Standard BOP
    • Quotes in 10 minutes
  6. Chubb Business Insurance:
    • Pricing by personal quote
    • Standard BOP
    • Quotes by phone or online
  7. Gallagher Business Insurance:
    • Pricing by personal quote only
    • BOP includes 3 policies
    • Easy online quote
Kate Hoots

Kate Hoots

Expert Analyst & Reviewer at Merchant Maverick
An expert in business banking, consumer finance, and online payments, Kate Hoots has been writing about small business commerce since 2020. A former journalist for the West Linn Tidings and the Wilsonville Spokesman, Kate boasts wide experience in business leadership and communication. She has a degree in English Literature from Lewis & Clark College.
Kate Hoots
View Kate Hoots's professional experience on LinkedIn.

Expert ERC Filing Support Trust ERC Specialists to maximize your tax credits. Experience competitive rates, excellent customer support, and a fast & easy claim process. Request a free analysis today. Get Started Claim your ERC now

We Want Your Feedback!

Help us to improve by providing some feedback on your experience today.

The vendors that appear on this list were chosen by subject matter experts on the basis of product quality, wide usage and availability, and positive reputation.

Merchant Maverick’s ratings are editorial in nature, and are not aggregated from user reviews. Each staff reviewer at Merchant Maverick is a subject matter expert with experience researching, testing, and evaluating small business software and services. The rating of this company or service is based on the author’s expert opinion and analysis of the product, and assessed and seconded by another subject matter expert on staff before publication. Merchant Maverick’s ratings are not influenced by affiliate partnerships.

Our unbiased reviews and content are supported in part by affiliate partnerships, and we adhere to strict guidelines to preserve editorial integrity. The editorial content on this page is not provided by any of the companies mentioned and has not been reviewed, approved or otherwise endorsed by any of these entities. Opinions expressed here are author’s alone.

Reveal Featured Offer

Expert ERC Filing Support Trust ERC Specialists to maximize your tax credits. Experience competitive rates, excellent customer support, and a fast & easy claim process. Request a free analysis today. Get Started Claim your ERC now

Sign up for the Maverick Newsletter

  • Please select topics of interest

  • We occasionally send out emails with special offers.
  • Hidden
  • This field is for validation purposes and should be left unchanged.