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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.

    Matt Sherman
  • Last updated onUpdated

  • Chelsea Krause
  • REVIEWED BY

    Chelsea Krause

    Lead Staff Writer

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. It offers protection for your physical building and the valuable inventory, equipment, and other items you keep inside.

We searched a crowded field of more than 20 of the best business insurance providers to spotlight the best commercial property policies. Our top choices will offer the affordable property insurance you need.

Learn More About Our Top Picks

CompanyBest ForNext StepsBest For
Nationwide Commercial Insurance

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  • Full range of business coverage available
  • BOP includes 4 policies
  • Quotes in 30 minutes
  • Full range of business coverage available
  • BOP includes 4 policies
  • Quotes in 30 minutes

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The Hartford Small Business Insurance

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  • Includes risk-reduction services
  • BOP includes 3 policies
  • Same-day quotes
  • Includes risk-reduction services
  • BOP includes 3 policies
  • Same-day quotes

Visit Site

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Next Business Insurance

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

Visit Site

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Thimble

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  • Coverage available for offsite events
  • Standard BOP
  • Instant quotes+coverage
  • Coverage available for offsite events
  • Standard BOP
  • Instant quotes+coverage

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Hiscox Business Insurance

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  • Transparent about what is and isn't covered
  • Standard BOP
  • Quotes in 10 minutes
  • Transparent about what is and isn't covered
  • Standard BOP
  • Quotes in 10 minutes

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Chubb Business Insurance

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  • Multinational coverage available
  • BOP includes 3 policies
  • Quotes by phone or online
  • Multinational coverage available
  • BOP includes 3 policies
  • Quotes by phone or online

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Gallagher Business Insurance

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  • Multiple quotes from top insurance providers
  • BOP includes 3 policies
  • Easy online quote
  • Multiple quotes from top insurance providers
  • BOP includes 3 policies
  • Easy online quote

Visit Site

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Read more below to learn why we chose these options.

Table of Contents

What Is Commercial Property Insurance?

There are many types of business insurance, but commercial property insurance 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 another 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 (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%).

Most of the time, you will not be able to purchase commercial property as a standalone policy, so a BOP may be your best bet. Insurers can offer a slightly different bundle of coverage in their BOP, so we’ll cover that in the list below.

  • Related: Interested in learning more about business insurance? Our general guide to business insurance can help you decide what types of coverage you need and where to get it.

Remember that while property insurance for business is not required by any law, this coverage protects your business assets from certain types of disasters, such as fires, and human disasters like vandalism and theft. So it makes sense to look into commercial property insurance.

Does Commercial Property Insurance Cover Natural Disasters?

Damage from some natural disasters may be covered by your commercial insurance policy. Others will not.

You’ll need to read your policy carefully or speak to your insurance representative to make sure you understand your coverage and its limits.

Generally, you’ll need a separate policy to cover damages from natural disasters (often called “acts of God”). If you’re in an area prone to these events, you should consider adding flood insurance.

Damage from tornadoes and hurricanes may be covered, but damage from tsunamis and earthquakes almost certainly will not be. Our complete guide to property insurance gives a good rundown on what is and isn’t typically covered.

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. It’s one of the most essential types of insurance and should be on your to-do list if you don’t already have coverage. Start with the insurance providers on this list:

Commercial Property Insurance Comparison

Pricing Quotes Included in BOP Best For
Nationwide Personal quote In 30 mins. Bundled coverage
The Hartford Personal quote Same day Risk reduction
NEXT From $17/month Instant Affordability
Thimble Personal quote Instant Events
Hiscox Personal quote 10 minutes Transparency
Chubb Personal quote Same day Global coverage
Gallagher Personal quote 24 hours Comparison shopping

Nationwide Commercial Insurance: Best Comprehensive Coverage

Nationwide Commercial 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

Why We Chose Nationwide For The Best Comprehensive Coverage

Nationwide makes it simple to protect your business property fully with 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.

You can purchase these policies 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 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.

In addition to the policies bundled into Nationwide’s business owners policy, you can purchase a full range of coverage for your business. That includes crime and cyber coverage, errors and omissions, inland marine, and umbrella coverage.

Choose Nationwide For Commercial Property Insurance If:

  • Your small business needs basic property coverage with options to grow into greater insurance needs
  • You have a large, established company that needs complete insurance coverage
  • You prefer to work with an insurer that’s rated highly for both customer satisfaction and financial stability

Get Started With Nationwide Commercial Insurance

Read our in-depth review

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The Hartford Small Business Insurance: Best For Reducing Risks

The Hartford Small Business Insurance

Total Rating 4.3
Pricing4.5

Features5.0

Customer Service3.0

User Reviews3.0

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

Why We Chose The Hartford For Reducing Risks

In addition to a full complement of business insurance policies that includes commercial property coverage, 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 $1,500/year, on average, for commercial property insurance. That breaks down to about $125/month. Your cost may be higher or lower, depending on factors such as your location, building details, and property value.

The company’s BOP includes commercial property, general liability, and business income insurance for an average cost of $261/month.

The Hartford Features For Commercial Property Insurance

The Hartford’s business property insurance protects your physical assets, including your building, equipment, tools, inventory, furniture, and personal property.

This coverage also includes business interruption insurance. That can help you make up for lost income while your business recovers from a covered event.

Covered events include but are not limited to fire, burglary, theft, wind, and lightning. Flooding and intentional damage are excluded.

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.

Choose The Hartford For Commercial Property Insurance If:

  • You’d like assistance analyzing business risk and planning loss control
  • You’re interested in creating a safety plan for your business
  • A simplified claims process holds appeal for you
  • You want to purchase specialized insurance policies beyond commercial property

Get Started With The Hartford Small Business Insurance

Read our in-depth review

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Next Business Insurance: Most Affordable

Next Business Insurance

Total Rating 4.3
Pricing4.9

Features4.3

Customer Service3.5

User Reviews3.1

Pricing

Starting at $11/month

Types Of Insurance Offered

8+ policy types

Time To Receive A Quote

Instant online quotes

Pros

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

Cons

  • Limited number of policies available

Why We Chose NEXT For The Best Commercial Property Insurance

If you want the smallest possible price tag on your commercial property insurance, take a look at NEXT.

Smaller businesses that might be put off by the cost of business insurance coverage from larger companies will appreciate this upstart provider's pricing.

NEXT Pricing

NEXT offers an easy online application process and instant quotes and certificates of insurance.

Commercial property insurance policies from NEXT can start as low as $17/month. Your price will depend on factors such as your location, your building type, and the value of your business property.

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.

Choose NEXT For Commercial Property Insurance If:

  • You are looking for affordable commercial property insurance
  • Your business is small and your insurance needs are not complex
  • You want basic insurance coverage at a reasonable price
  • You are comfortable with self-service online options

Get Started With Next Business Insurance

Read our in-depth review

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Thimble: Best Coverage For Events

Thimble


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Pros

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

Cons

  • Limited to basic policies

Why We Chose Thimble As The Best Coverage For Events

Thimble offers a unique feature, allowing users to adjust their insurance coverage by the day, week, or job. The company even advertises coverage for event planners and participants.

So if your work is cyclical, seasonal, or occasional, Thimble's event-based coverage can save you money by ensuring you're not paying for coverage when you don't need it.

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 does not offer standalone commercial property policies; you’ll be required to carry general liability coverage through Thimble too.

Thimble offers a business owners policy (BOP) that includes general liability and commercial property in one bundle. The company lists averages for 10 industries, with BOP costs ranging from $87/month for an event planner to $163/month for cleaning businesses.

Thimble Features For Commercial Property Insurance

Although Thimble allows users to pay for event-based insurance, it’s probably not possible and definitely not advisable to insure your valuable property or building with on-again, off-again coverage.

However, if you work events like concerts, weddings, marketplaces, or fairs, you can add a type of coverage that Thimble calls business equipment protection and that is functionally the same as inland marine insurance.

This added coverage protects the equipment and tools you take offsite with you when you’re working those events. Most commercial property insurance covers the equipment and business property you store and use at your main location. Thimble’s business equipment coverage protects you when you take your business property offsite.

You’ll even be covered by Thimble’s equipment coverage if you use rented equipment or tools. You can add this coverage for a price that starts at $6/month. However, you’ll need to add a general liability policy. Thimble says this bundle can be purchased for $23/month and up.

Remember that you can pay for your Thimble coverage by the month, 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.

Choose Thimble For Commercial Property Insurance If:

  • You take inventory, equipment, or tools to offsite events
  • Your budget would work best with monthly rather than annual payments
  • You’re willing and able to get combined property and liability coverage in a business owners policy

Get Started With Thimble

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Hiscox Business Insurance: Best 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

Why We Chose Hiscox For The Best Transparency

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 are 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 technology 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 or $500/year for a BOP.

Hiscox Features For Commercial Property Insurance

Hiscox is very 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, with up to five office locations included. Coverage 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. So-called “acts of God” or natural disasters such as earthquakes, floods, and volcanic eruptions also are excluded.

Hiscox’s commercial property insurance includes coverage for lost business income and extra expenses.

Choose Hiscox For Commercial Property Insurance If:

  • You want to work with an insurer that offers transparency about what your policy does and doesn’t cover
  • You want coverage for up to five office locations
  • You’re interested in adding lost business income and extra expense coverage
  • You’ve made improvements to a rented workspace and want to ensure coverage

Get Started With Hiscox Business Insurance

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Chubb Business Insurance: Best For Global Coverage

Chubb Business Insurance


Visit Site


Pros

  • Overseas protection available
  • Fast quotes
  • Specialty policies available

Cons

  • Available only to businesses with revenue below $30 million
  • Online price quotes may not be available for all businesses

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.

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.

I asked for a quote for a bike shop making around $400,000/year. I answered a few general questions about my business in a process that took less than five minutes. Quotes are delivered by email.

Chubb Features For Commercial Property Insurance

Chubb caters to businesses with annual revenue below $30 million. Target industries include real estate and hospitality, business services, communications and telecommunications, financial services, healthcare, education, manufacturing, retail, technology, and transportation.

Chubb’s business owners policy (BOP) includes general liability, business property, and lost income insurance.

You can beef up your property coverage by adding an equipment breakdown policy or what Chubb calls complex multinational property solutions targeted at US-based multinational companies.

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.

Choose Chubb For Commercial Property Insurance If:

  • You do business in countries other than the US
  • Your annual business revenue is below $30 million
  • You’d like coverage for lost income
  • You have employees who frequently travel overseas and want special insurance to protect them

Get Started With Chubb Business Insurance

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Gallagher Business Insurance: Best 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

Why We Chose Gallagher For The Best Comparison Shopping

Gallagher is not a direct insurance provider but an insurance broker. That means that Gallagher can connect your small business 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 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

As an insurance broker, Gallagher acts on your behalf, gathering insurance pricing information from multiple top-tier insurance companies. Gallagher’s partners include top names like Travelers, The Hartford, Chubb, and Nationwide. Expect to see several coverage options.

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.

Choose Gallagher For Commercial Property Insurance If:

  • You’d like to work with a broker who can collect insurance quotes for you to consider
  • You’re not sure which top-rated insurance company will have the best coverage and pricing for your business
  • You’d like to access money-saving special offers and perks

Get Started With Gallagher Business Insurance

Read our in-depth review

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Business Insurance Review Methodology

Merchant Maverick has been researching and reviewing business insurance since 2020. Our writers have tested over twenty different major insurance companies. In each review, we evaluate pricing, features, customer service, and user reviews.

Read more about how we rate business insurance providers.

When comparing different business insurance companies, we consider many data points, including relative pricing, the number of standard insurance policies available, and the ability to create custom policies. Our lists of the best business insurance providers include only those we’ve deemed worthwhile from multiple vantage points and often share qualities such as low cost, a variety of niche business insurance policies, multiple ways to file claims, and excellent customer support.

We spend an average of 10-15 hours researching and updating each one of our lists, ensuring that the business insurance companies included meet our internal standards for quality and reputation.

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.

Commercial Property Insurance For Renters & Home-Based Business

Two types of businesses may not find a good match for commercial property insurance on this list.

  • Renters: If your business works out of a rented space rather than one you own, we’d suggest you check out our list of the best commercial renters insurance instead. 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.
  • Home-Based Business: If you’re running your business from your own home, you may need a different type of insurance. We’ve got you covered with a list of the best home-based business insurance options.

Finally, if you’re wondering about 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 with the answers you need. Good luck with your insurance journey!

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Matt Sherman

Matt Sherman

Lead Staff Writer at Merchant Maverick
Matt has been helping small businesses make decisions since 2017. He has written reviews and articles across many different channels but specializes in the point of sale, payroll, and small business insurance categories and has been quoted in articles for Fox Business, Forbes, and other publications. Prior to joining Merchant Maverick, Matt was a journalist and editor for 14 years for a pair of weekly newspapers. He is a graduate of the University of Oregon and currently resides in Gladstone, Oregon.
Matt Sherman
View Matt Sherman's professional experience on LinkedIn.