Best Commercial Property Insurance In 2023

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.

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 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.

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.

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 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.

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

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.

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.

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 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.

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 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 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.

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 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’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.

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 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.

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.