Best Commercial Property Insurance In 2023 (2024)

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

• Not available in a handful of states

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.

• 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

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

• Not available in Alaska or Hawaii

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.

• 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

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

• Limited number of policies available

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.

• 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

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

• Limited to basic policies

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.

• 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

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

• Limited policies available
• Not suited for large businesses

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.

• 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

• Overseas protection available
• Fast quotes
• Specialty policies available

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

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.

• 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

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

• Brokerage fees could increase cost

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.

• Related: Our post on how to read and understand your insurance quote will ensure you know what to look for and how to compare different 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.

• 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

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.

View Matt Sherman's professional experience on LinkedIn.

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