6 Best Commercial Property Insurance Companies

We received a quote for commercial property insurance for one building, with $700,000 in building coverage and $20,000 in personal property coverage and business income expense. The deductible was $1,000. The policy costs $4,346 annually or $362.17 per month, but you could save $381 by paying in full.

Once you purchase a policy through The Hartford, you can manage it online or work with your agent. You can also get an instant certificate of insurance (COI) through your account.

Unfortunately, you can’t always get online quotes and buy the policy online with The Hartford, so if you are looking for a similar provider with online purchasing capabilities, then check out Next Insurance.

Customers are happy with their experience with The Hartford. The National Association of Insurance Commissioners (NAIC) tracks complaints filed with state departments of insurance, and complaints against The Hartford are lower than the national average.

Obie supplied us with three quotes for the same property with different levels of coverage.

1. Basic: It costs $926 annually and covers $14,000 in loss of rental income and $5,000 for contents as well as the total cost of the building. It also carries general liability with $500,000 per occurrence and $1 million aggregate. The policy carries a 3% inflation guard.
2. Complete: It costs $1,170 annually. Some coverages increased, such as general liability, which rose to $1 million per occurrence and $2 million aggregate, $34,000 for ordinance and law, and $25,000 for water backup. The inflation guard also increased to 6%.
3. Premium: It costs $1,287 annually. In this quote, ordinance and law increased to $68,000, water backup increased to $50,000, and inflation guard increased to 9%.

Though new, Obie continues to grow, and its customers are happy with its product. On Google,^[1] it has over 600 reviews with an average rating of 4.9 out of 5.

You can manage your policy through your online account. If you have questions about the policy or billing, or if you need to file a claim, then you can email or call. Obie is only available on weekdays.

We received one quote for a general contractor business with three different levels of coverage:

1. Basic: It costs $1,968.67 monthly. It does not carry any property coverage—only general liability with a $2 million aggregate limit and $50,000 in professional liability.
2. Premier: It costs $2,042.09 monthly. It carries the same liability as Basic but has coverage for tools and equipment up to $10,000.
3. Deluxe: It costs $2,710.84 monthly. It carries the same liability as Basic and Premier: $15,000 in coverage for tools, $36,000 in office equipment and content coverage, and building coverage up to $700,000.

Next Insurance’s primary convenience is found in its app. Here, you can manage your policy, pay your bill, file claims, and even get an instant COI.

The provider is well received by its customers, with lower-than-expected complaints with the NAIC. There are over 3,500 user reviews on its website^[2] with an average of 4.5 out of 5 stars.

We received a quote for a BOP. It had a $1 million liability limit and $100,000 in business personal property coverage, with a $500 deductible. It also included $500,000 in building coverage, again with a deductible of $500. In our quote, the limits for the building and contents could be raised to $2 million and $500,000, respectively.

The policy could be purchased online, and the coverage was for the same day. The cost was $3,357 annually or $558.50 down with $279.75 for the next 10 months.

While Thimble is a newer company, its customers are happy with their experience. On Trustpilot,^[3] the company has earned over 1,800 reviews with a rating of 4.5 out of 5.

We received a quote for a BOP for $834 annually. The liability carried limits of $1 million per occurrence and $2 million aggregate. However, no details on the property coverage were provided, and we needed to call Nationwide to finalize the quote.

This program covered the following industries:

• Baked goods distributors
• Auto parts and supplies wholesalers
• Candy, nut, and confectionery wholesalers
• Dry goods wholesalers
• Home improvement, office, machine, equipment, and supply wholesalers

Nationwide also has customized coverage for wholesalers. It includes endorsements for laptops, brands, and labels, with worldwide coverage of up to $10,000.

Customer satisfaction with Nationwide has been trending in the right direction. For a company of its size, Nationwide has received lower-than-expected complaints monitored by the NAIC. And, according to the J.D. Power small business owners survey, Nationwide is No. 1 in customer satisfaction.

We received a quote for a home-based computer consultancy for a BOP. It had a monthly and annual option: the monthly option required a down payment of $88.30 and then 10 payments of $44.07, while the annual package cost $529.

The general liability carried a per-occurrence limit of $1 million and $2 million per aggregate. It also carried $25,000 in business property coverage, with a deductible of $1,000. It’s notable that this policy was quoted for a home-based business because Hiscox specializes in these businesses and can offer potential discounts.

Hiscox insurance is available in all 50 states and offers global coverage. This means your insurance is good anywhere in the world, provided you file the claim in America.

Complaints reported by the NAIC are slightly higher than average. However, on its website,^[4] the company has earned a rating of 4.7 out of 5 stars from over 1,200 users.

Commercial property insurance, sometimes called business property insurance, is first-party coverage. Insurers will often describe it by saying that if you pick up a building and shake it, whatever falls out is considered business property. The building you are holding can be insured under commercial property insurance, too.

Actual cash value (ACV) means some depreciation will be factored into what the insurer will pay you, whereas replacement cost value (RCV) means the insurer will pay the actual cost to replace the item. Both are terms used to describe how the provider will pay you for a lost item.

TIV is an acronym insurers use for “total insurable value.” Usually, the term is directly referencing a building and its contents, but it can also include business income. So, if you own a building worth $850,000, with $50,000 in contents and $100,000 in business income, then the TIV would be $1 million.

Yes. Commercial property insurance is a type of property insurance and also an umbrella term for many others. Inland marine insurance is good for tools and equipment that move from site to site. Business personal property insurance covers items inside a building that are not part of the building.

There are a lot of insurance companies for commercial property. When you are trying to decide on the right one for your business, ensure you have a firm grasp on the total value of your property.

The insurance company must have a TIV that is in line with your actual costs. Then, determine whether you prefer actual cash value or replacement value for your property. Finally, ask questions like what types of services are important to you outside of the policy. Do you want one that is open 24/7? Is an emergency response team important to you? Questions like these can help you pick the right company for your business.