Best Commercial Property Insurance Companies for 2023
Learn about costs, how commercial property insurance works, and how customers rate the best commercial insurance providers.
Updated on January 1st, 2023
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Updated 16th of January 2020
We added more FAQs and listed a few Pros and Cons to consider when choosing commercial property insurance.
Commercial property insurance is a type of insurance that businesses can purchase to protect their property. Coverage from commercial property insurance extends to buildings, equipment, inventory and all other physical assets of a business.
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Read through a list of the best small business insurance providers and learn more about business insurance through FAQs and customer ratings.
Jan 1, 2023
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Why We Chose CoverWallet:
CoverWallet sources a wide range of business insurance products from third-party insurance providers, including commercial property insurance. These insurance products offer coverage to businesses in a variety of industries, from education to construction and real estate.
CoverWallet offers clients a hands-on approach to their policies with an intuitive dashboard for managing policies and requesting quotes. Clients can also file online claims 24/7.
Things to Consider When Evaluating Commercial Property Insurance Providers:
- Learn the definitions for some key insurance terms so that you can properly evaluate the different plans and options.
- Carefully go through the terms and conditions and look out for hidden costs.
- Consider an insurance bundle. This may save you money and provide better protection for your property and your business.
Best Commercial Property Insurance:
Average Customer Rating
Features a great dashboard for managing policies and users can file claims 24/7 but sometimes the customer support can be slow to respond.
Offers industry-specific coverage with 24/7 claims filingbut only some products are available online.
Offers policy bundles, reasonable rates, and good customer service but the discounts are not available in some states.
Offers a wide range of products with bundle insurance savings and good customer service but features increasing premiums.
Offers national coverage with a wide range of products but some customers have said that the customer service is not helpful.
Offers online policy management and dedicated account representatives but only offers a few online quotes.
Offers a wide range of products with easy online application but not all products are available nationwide.
Performs research into various coverage options and policies on behalf of customers but some policies exclude coverage of punitive damages.
Offers comprehensive umbrella policies with affordable rates but poor customer service.
Offers a wide range of products and policy bundles but has high rates.
Offers good rates with strong customer support but they are slow to respond to claims.
Pros and Cons:
- Industry-specific coverage is available for a more tailored service.
- Policies can be managed online, making it easier to submit claims.
- Some companies have very slow or unresponsive customer support services.
- Not all policies are comprehensive, and you may not be covered for all potential claims.
What does commercial property insurance cost?
Commercial property insurance can cost between $500.00 and $3,000.00 per year. Average property insurance for small businesses costs $745.00 per year.
Why do I need commercial property insurance?
You need commercial property insurance if you have a commercial property and you want to be able to replace or repair your business's physical assets in case of fire, theft, natural disaster or other events.
What is covered under commercial property insurance?
Commercial property insurance covers a business's physical assets from fire, water damage, storms, theft, and vandalism. Typically, natural disasters, such as earthquakes and floods, aren't covered by commercial property insurance unless a business adds it to its insurance policy.
Is theft covered in commercial property insurance?
Yes, theft is typically covered in commercial property insurance.
How is commercial property insurance calculated?
It is calculated by the value of the property you want to insure, or the value you want to cover. It is typically $1,000 per million dollars of coverage.
What is commercial tenant property insurance?
Commercial tenant property insurance can be purchased by businesses that rent a facility on a commercial property. A tenant policy provides insurance coverage to the business so that the owner of the property doesn't need to carry the risk.
How much does property insurance cost for a small business?
Small businesses pay an average of $745.00 per year for property insurance. Your quote may not reflect the average business property insurance cost as it depends on the value of your commercial property, and how much of it you want to insure.
Is there a commercial property insurance calculator?
There isn't a standard calculator for business property insurance because the cost has different factors, depending on your business. Some insurance companies have better commercial property insurance rates than others. Get quotes from different insurance agencies to find the best rate.
Does commercial property insurance coverage include building insurance?
Most commercial property insurance policies include commercial building insurance. However, if you own commercial property that does not include a building, you can have this coverage excluded from your policy.
What qualifies as business personal property?
Business personal property is anything that is personally owned by the business owner but is used in the operation of the business. This can include things like buildings, equipment, and furniture. Business personal property insurance can be included in your commercial property insurance policy.
What are the best commercial property insurance companies?
- State Farm.
- The Hartford.
- Trusted Choice.
Can I get commercial landlord insurance quotes online?
Online quotes are very common in the insurance business. Companies like The Hartford offer free, no-obligation online quotes for comprehensive property insurance and commercial landlord insurance policies.
Is commercial real estate insurance the same as commercial property insurance?
Commercial real estate insurance is specifically for real estate assets, but commercial property insurance is a more general type of coverage that may include real estate and other physical property owned by a business.
What are the average commercial property rates by state?
Data is not readily available for each state, but according to our research, small businesses in the U.S. pay an average of $745.00 per year for commercial property coverage.