Insuranks
Insuranks

Commercial Property Insurance Quotes & More

For your business best protection and savings, we recommend bundling GL with some other important coverages on one Business Owners Policy!


For your business best protection and savings, we recommend bundling GL with some other important coverages on one Business Owners Policy!

AND then, get even more quotes over the phone!icon

Speak with a Representative Now Call 866-929-3479

Table of contents

1. What is Commercial Property Insurance?2. What Does Commercial Property Insurance Cover?2.1. Business Building2.2. Business Personal Property 3. Specialized Types Of Commercial Property Insurance3.1. Commercial Property Landlord Insurance3.2. Commercial Tenant Insurance3.3. Unoccupied Commercial Property Insurance 4. When Does The Coverage of Commercial Property Insurance Take Effect?5. How Does Commercial Property Insurance Work?6. How is Commercial Property Insurance Underwritten?7. How Much Commercial Property Insurance Does Your Business Need?8. Exclusions Of Commercial Property Insurance9. Small Business Property Insurance9.1. Business Owner’s Policy9.1.1. General Liability Insurance9.1.2. Professional Liability Insurance 9.1.3. Workers Compensation Insurance 9.1.4. Cyber Liability Insurance 9.1.5. Employer’s Liability Insurance9.1.6. Commercial Property And Inland Marine Insurance Package10. How To Get Commercial Property Insurance?10.1. What Are Commercial Property Insurance Brokers for?11. How Much Does Commercial Property Insurance Cost?11.1. How To Compare Commercial Property Insurance Quotes?12. Best Commercial Property Insurance Companies12.1. NEXT Commercial Property Insurance 12.1.1. Pros12.1.2. Cons12.2. CoverWallet Commercial Property Insurance 12.2.1. Pros12.2.2. Cons12.3. Tivly Commercial Property Insurance 12.3.1. Pros12.3.2. Cons 12.4. Thimble Commercial Property Insurance 12.4.1. Pros12.4.2. Cons12.5. Hiscox Commercial Property Insurance 12.5.1. Pros12.5.2. Cons

Protecting assets is one of the most important things to do as a business owner. Your business can meet its end if its building, stocks, inventory, and equipment become lost or damaged and there’s no sufficient countermeasure in place. 

Insurance companies offer commercial property insurance. This insurance prevents losses or allows business operations to continue as if there were no setbacks at all. 

Commercial property insurance can be quite daunting with the vast amounts of information needed to understand it. That said, read this discussion of how the policy works, the best companies, its cost, and more.

What is Commercial Property Insurance?

Also called business property or commercial real estate insurance, commercial property insurance is a policy that shields your business’s tangible assets against damage or destruction caused by unfortunate and uncontrollable occurrences


What Does Commercial Property Insurance Cover?

What’s covered by commercial property insurance entirely depends on which insurance company you decide to work with. Nonetheless, these are the following tangible business assets that the policy can protect:


Business Building

Business building pertains to the commercial space where clients are admitted, employees are trained, and transactions are processed. Commercial property insurance covers the following types of commercial buildings:

  • Condos used as an office

  • Commercial building used as a business office 

  • Home office

  • Retail buildings-stores, shops, car showrooms, and centers

  • Industrial buildings-factories, warehouses, and garage

  • Recreational buildings-Gyms, playgrounds, video game centers, etc. 

  • Medical facilities-Hospitals, clinics, and nursing homes


Business Personal Property 

A commercial property insurance policy also shields your business personal property. Business personal property pertains to other things your business owns aside from its building and vehicle, such as:

  • Specialty tools used to manufacture a product or provide a service

  • Computers

  • Furniture

  • Blueprints, financial records, and other documents

  • Air conditioner, electric generators, and computer equipment 


Specialized Types Of Commercial Property Insurance

There are specialized types of commercial property insurance-commercial property landlord insurance, commercial tenant insurance, and unoccupied commercial property insurance.


Commercial Property Landlord Insurance

Commercial property landlord insurance covers the building you rent or lease to others. Aside from the perils above, this insurance also provides coverage if your property is damaged or destroyed by the person renting or leasing it. 

Note that commercial property landlord insurance comes with liability coverage which provides protection in case your building isn’t in good condition and causes property damage or bodily injuries to the person leasing or renting it. 


Commercial Tenant Insurance

Also called commercial rental insurance, commercial tenant insurance allows you to cover a rented or leased space. This will reimburse the owner in case his or her property got damaged or destroyed because of your fault. Insurance companies include a general liability policy provision in commercial tenant insurance. 


Unoccupied Commercial Property Insurance 

Unoccupied commercial property insurance covers a rental building that’s vacant or is currently undergoing renovations.

Insurance companies underwrite and sell this policy because an unused and vacant business building can’t be covered by standard commercial property insurance. The following are what’s commonly covered:

  • Contents and fixtures

  • The building

  • Your liability over bodily injuries or property damage to people who visit the unoccupied property

  • Loss of rent


When Does The Coverage of Commercial Property Insurance Take Effect?

Commercial property insurance provides coverage when business property becomes damaged or lost due to:


Theft

Customers, visitors, and members of the public can commit theft and, while in the process of doing this, damage or destroy the commercial building and its contents. Commercial property insurance will help you in case this happens. 

Note that the policy doesn’t cover theft your employee committed. But still, this can be covered if you introduce employee dishonesty insurance to commercial property insurance. 


Vandalism

Commercial property insurance mitigates your losses if an unruly individual decides to destroy or damage your business’s commercial building and the contents inside. 


Riot 

Your business can claim commercial property insurance to cover losses because the building and its contents got damaged or lost because of a riot. 


Civil Commotion

The damage or loss of commercial property due to stampedes, shootouts, or public fights between individuals that occurred within or outside your business’s premises is also covered. 


Sprinkler 

Commercial property insurance covers business personal property that becomes lost or damaged due to sprinkler leakage or false sprinkler alarm. 


Volcanic Action

Emission of gasses, aftershocks, and fire caused by the eruption of a volcano resulting in business property damage or loss are perils included in the language of commercial property insurance. 


Aircraft

In case a drone or any other aerial craft crashes into your business, commercial property insurance will kick in to cover the resulting costs. 


Vehicle

You can use commercial property insurance to cover expenses in case a vehicle crashes into your business and damages the building and its contents. 


Natural Disasters

Commercial property insurance provides coverage if business property damage or loss is caused by a lightning strike, storm, hail, snow, and heavy winds. 


How Does Commercial Property Insurance Work?

It’s easy to understand how commercial property insurance works. Commercial property insurance provides the money you can use to replace or rebuild the commercial property that got damaged or lost due to fire, theft, vandalism, civil commotion, and other perils we mentioned above. 


How is Commercial Property Insurance Underwritten?

Insurance companies underwrite commercial property insurance as a replacement cost policy or as an actual cash value policy. 

Replacement cost commercial property insurance provides reimbursement based on the original market value of a covered property. This type of commercial property insurance provides the most comprehensive coverage. 

The majority of insurance companies underwrite commercial property insurance as a replacement cost policy.  

Actual cash value commercial property insurance, on the other hand, recovers financial losses based on the depreciated value of a covered property.  In other words, this policy only allows you to recover a portion of the covered property’s value. 


How Much Commercial Property Insurance Does Your Business Need?

Insurance companies offer commercial property insurance having a $10,000-$25,000 minimum coverage for independent professionals and small businesses. 

Growing businesses decide to get $100,000-$200,000 coverage from their commercial property insurance. 

As for established and thriving businesses, many opt to get $500,000 coverage or more from the policy.

Note that some businesses have so many assets that insurance companies can’t keep up. And so, most of them decide to self insure

All in all, there’s no fixed amount of commercial property insurance needed. How much to have primarily depends on the number of your tangible commercial assets and their value. That said, it’s best to consult an expert if you’re confused about how much coverage to get. 


Exclusions Of Commercial Property Insurance

Commercial property insurance doesn’t take care of business property damage or loss because of mudslides, earthquakes, and floods. However, you can get an endorsement to cover these perils. 

Insurance companies also exclude mold, rust, normal wear and tear, termite damage, and rodents in the language of commercial property insurance. 

You can’t use commercial property insurance to provide indemnification in case the property of others in your custody got lost or damaged due to fire, theft, vandalism, and other covered perils. But you can introduce a care, custody, and control provision in the language of the policy to take care of this. 

Compare Commercial Property Insurance Quotes

Get all the best quotes from leading providers in a click of a button!

AND then, get even more quotes over the phone!icon

Speak with a Representative Now Call 866-929-3479

Small Business Property Insurance

Small businesses have different needs. And when it comes to insuring their property, most want to get numerous types of protection without paying a lot of premiums for different insurance policies. 

This is why the ISO formulated different types of small business property insurance packages that allow small businesses to enjoy a comprehensive shield against property loss, legal liability, and other kinds of perils. 


Business Owner’s Policy

The most common of all these packages is a business owner’s policy. A business owner’s policy bundles commercial property insurance with commercial casualty insurance policies such as general liability insurance, professional liability insurance, employer’s liability insurance, and more. 

Let’s discuss the functions of these policies that can be bundled together with commercial property insurance:


General Liability Insurance

General liability insurance is the policy that you’ll always find bundled together with commercial property insurance in a BOP.

This insurance grants protection if a third party files a claim after sustaining injuries or property damage because of your business. The following costs are commonly covered:

  • Medical expenses-General liability insurance allows you to get the claimant treated or reimburse his or her medical expenses

  • Refunds-You can use general liability insurance to refund the property of the claimant that got damaged due to your business’s fault 

  • Settlement-General liability insurance provides the funds you can use to cover the settlement the claimant demands for his or her injuries or property damage 

  • Defense costs-The funds of general liability insurance can be used to cover attorney fees, court fees, judgments, investigation fees, and other legal defense expenses


The general liability insurance of most business owner’s policies is a broad form coverage. This means that it also offers the following add-ons:

  • Advertising injury coverage-Covers defense costs and settlements if your business faces a claim for slander, libel, and copyright infringement

  • Rented premises liability coverage-Provides indemnification if a rented space is damaged by fire because of your business’s fault

  • Non-owned/hired auto liability coverage-Takes care of defense costs, medical treatment, and reimbursement for property damage if a vehicle your business hired or borrowed cause an accident 


Professional Liability Insurance 

Professional liability insurance provides coverage if your business caused economic or financial losses because lapses were committed while providing a service. This usually kicks in when a claim is filed because of:

  • Misrepresentation

  • Negligence

  • Violation of good faith

  • Violation of fair dealing

  • Missed deadlines

  • Breach of confidentiality

  • Breach of contract


Workers Compensation Insurance 

Workers' compensation insurance takes care of expenses if an employee sustains a work-related injury or disease. The following are the common costs covered by this policy:

  • Medical expenses and ambulance fees-You can use workers compensation insurance to cover private EMT service and the emergency treatment of an employee

  • Hospitalization-Workers compensation insurance covers bills if your employee needs to stay in the hospital

  • Medication-Funds are provided by workers' compensation insurance so that the employee can buy prescription medicines

  • Rehabilitation-Workers compensation insurance covers the cost of rehabilitative care if ever an employee experiences impairment due to a work-related injury or disease 

  • Lost wages-If he or she can’t work due to a work-related injury or disease, an employee will receive a weekly allowance from workers' compensation insurance. This will be equal to two-thirds or 67% of the average weekly wage

  • Death benefits-Workers compensation insurance covers funeral costs and allowance to dependents if an employee dies due to a work-related illness or injury 


Cyber Liability Insurance 

Cyber liability insurance can be added to a BOP at an additional cost. This kicks in when your business experiences a data breach due to employee error or the work of cyber criminals. Cyber liability insurance takes care of the following:

  • Defense cost if third parties got their data exposed and decide to file a claim against your business

  • Professional services needed to contain the breach

  • Public relations services needed to inform concerned parties of the breach

  • Business interruption in case your business needs to stop operations temporarily in order to contain the breach 


Employer’s Liability Insurance

Employer’s liability insurance covers defense costs and settlements if an employee, who sustained a work-related injury or disease, sues your business for negligence. This is sometimes offered as additional coverage in the language of workers' compensation insurance. 


Commercial Property And Inland Marine Insurance Package

Insurance companies also create a small business property insurance package that bundles commercial property and inland marine insurance policies. 

Commercial property insurance only covers business property that becomes lost or damaged within the business premises. Business properties that are currently in-transit aren’t covered. 

And to solve this problem, insurance companies allow you to pair the policy with inland marine insurance. Inland marine insurance reimburses your loss of business property in transit that becomes lost or damaged due to:

  • Theft

  • Fire

  • Wind

  • Hail

  • Vehicular accident

  • Malicious mischief

  • Impact

  • Jettison


How To Get Commercial Property Insurance?

Commercial property insurance is sold online or through agents by private commercial insurance companies. In case no company is willing to cover you, self-insurance is also an option. 


What Are Commercial Property Insurance Brokers for?

Aside from acquiring insurance directly from an agent of one insurance company, commercial property insurance brokers step in to represent various companies at once. This is also essential in helping you determine the information needed for a commercial building insurance quote from companies. However, with every choice, it has its pros and cons.

ProsCons
Their lack of commitment to a single company allows them to have a broader perspective of the benefits and offers of each company best suited to your needs. They compare prices and coverages on each company to find what you want.Options regarding insurance policies are already laid out for you by the broker, reducing the need to search for them yourself.Brokers focus on your business needs to find the best match.Due to their connections to various insurance companies, you can secure all other needed insurance plans to one broker.They are commission-based, and their motivation may not be entirely sincere. Although brokers generally would want you to achieve the best insurance for your business, some may still try to oversell an insurance policy to gain a higher commission.They may suggest additional coverage despite your stated needs. It is best to remind yourself of your goals for your business to refrain from getting unnecessary deals.

The primary difference between insurance brokers and agents is their target objective which may affect how they choose to sell the insurance package. Insurance agents are trained to represent their own commercial property insurance company but show commitment to one carrier. The objective of brokers is to find the best insurance policy for you from all the choices available in the market.

Deciding to ensure your business is already a step forward in reducing risks and shielding your business from dangers. Both the agent and the broker provide ways for you to ensure protection against potential harm and threats to your commercial properties. In the end, it is your choice to determine what best suits your needs and what will propel your business forward. 

Rank and Review Insurance Companies

Help others make better decisions

Show more

How Much Does Commercial Property Insurance Cost?

Various factors affect commercial property insurance cost. Premiums are determined by the level and value of the covered items and properties, use of the business premises, protection available in the area, and exposure to risks and criminal activity. On average, commercial property insurance cost $43.65 per month or $523.80 per year.

In addition, here’s a table showing the cost of commercial property insurance from the recommended carriers:


Cost per MonthCost per YearBest for
NEXT$35$420Best overall; Fastest commercial property insurance
CoverWallet$38$456Commercial property insurance quotes comparison online
Hiscox$37.50$450Commercial property insurance that covers accounts receivable
Tivly$40$480Comparing commercial property insurance quotes over the phone
Thimble$69$828On-demand commercial property insurance

How To Compare Commercial Property Insurance Quotes?

The most reliable way to identify your business’s individual cost of commercial property insurance is to get a commercial property insurance quote through proper comparison, which you can perform through this page. You can easily compare commercial property insurance quotes from the best companies and find the best business property insurance policy by clicking the “Get Quotes” button.

Compare Commercial Property Insurance Quotes

Get all the best quotes from leading providers in a click of a button!

AND then, get even more quotes over the phone!icon

Speak with a Representative Now Call 866-929-3479

Best Commercial Property Insurance Companies

These are the best commercial property insurance companies. Read to know their pros, cons, and rate for commercial property insurance.


NEXT Commercial Property Insurance

Pros

  • Best overall

  • Issues an online proof of insurance instantly

  • Great customer service and reputation

  • Excellent rates

  • Outstanding value for money

  • Get a 10% discount if you bundle commercial property insurance with other business insurance policies

Cons

  • Couldn’t find any

NEXT’s commercial property insurance is very comprehensive. It offers up to a minimum $110,000 building and contents coverage. Moreover, its commercial property insurance also covers employee dishonesty, money and securities, equipment breakdown, and business income.

Your commercial property insurance from NEXT is 100% available online. There’s no need to talk with a representative to get covered. All you need to do is provide business information, get your rate, and then purchase.

Best for: Best overall; Fastest commercial property insurance

Average cost: $35 per month

Our rating: 10/10


CoverWallet Commercial Property Insurance

Pros

  • Compare commercial property insurance quotes online

  • You can add terrorism coverage to commercial property insurance

  • Covers a lot of business sectors

  • Cancel your commercial property insurance anytime

Cons

  • Not an insurance company but an insurance broker

CoverWallet sells commercial property insurance for businesses and professions in the following sectors:

  • Administrative service and building maintenance

  • Wholesale trade

  • Transportation and warehousing

  • Technology, media, and telecommunications

  • Sports, arts, entertainment, and recreation

  • Retail

  • Rentals and leasing

  • Real estate

  • Professional services

  • Nonprofits

  • Manufacturing

  • Healthcare

  • Food and hospitality

  • Finance

  • Education

  • Construction

  • Agriculture

  • Forestry

  • Aquaculture


CoverWallet’s commercial property insurance is available as a stand-alone policy. The company also allows you to avail the policy together with general liability insurance in a BOP. This company’s commercial property insurance provides a $10,000 minimum coverage for your business’s building and contents.

To get covered, use CoverWallet’s quotes comparison tool that generates commercial property insurance quotes you can buy online.

Best for: Commercial property insurance quotes comparison online

Average cost: $38 per month

Our rating: 10/10


Tivly Commercial Property Insurance

Pros

  • Compare commercial property insurance quotes over the phone

  • Takes you to partners if your business profile doesn’t match its underwriting appetite

  • Responsive customer service

Cons

  • Doesn’t issue online commercial property insurance quotes

Tivly (formerly CommercialInsurance.NET) underwrites and sells commercial property insurance with a minimum $50,000 building and contents coverage. The commercial property insurance of this company caters to the needs of businesses operating in industries that fall out of the underwriting appetite of other carriers.

Call Tivly now and compare commercial property insurance quotes over the phone.

Best for: Comparing commercial property insurance quotes over the phone

Average cost: $40 per month

Our rating: 10/10


Thimble Commercial Property Insurance

Pros

  • Quick to provide an estimate of your commercial property insurance rates

  • Comprehensive commercial property insurance

  • ACORD 25 certificates of insurance

Cons

  • You can’t buy commercial property insurance as a stand-alone policy

Thimble allows you to avail commercial property insurance if you buy its business owner’s policy. This company provides $25,000-$500,000 building and contents coverage.

At an additional cost, you can customize Thimble’s commercial property insurance and have it cover debris removal, property of others in your custody, employee dishonesty, property in transit, and more.

Best for: On-demand commercial property insurance

Average cost: $69 per month

Our rating: 9/10


Hiscox Commercial Property Insurance

Pros

  • File and track your claim online

  • Quick to process claims

  • In-house team of insurance adjusters

  • A company with a considerable experience in underwriting commercial property insurance

Cons

  • Not accredited by BBB and has a lot of poor customer reviews


Hiscox sells commercial property insurance online and through its partners and agents. According to the company, its commercial property insurance covers the following:

  • Accounts receivable

  • Business equipment

  • Tenant improvements

  • Property in and away of your business premises

  • Electronic data

  • Lost business income and extra expense


Depending on your business size and industry, this company’s commercial property insurance can provide $10,000-$300,000 coverage.

Best for: Commercial property insurance that covers accounts receivable

Average cost: $37.50 per month

Our rating: 9/10




Recent Reviews

Recent Posts


Speak with a Representative Now Call 866-929-3479