6 Best Commercial Property Insurance Companies 2023

We received a quote for a building with $700,000 in building coverage and $20,000 in personal property coverage and business income expense. The deductible is $1,000. It costs $4,346 annually or $362.17 per month, and you can save $381 by paying in full.

One area where The Hartford stands out is a commercial property for apartment owners. It has developed a BOP for apartments and condominiums called Building Stretch^®, and it bundles essential coverages like backup sewer and drains, increases coverage limits, and includes business income from off-premise utility outages. The business income only requires a 12-hour waiting period before coverage kicks in.

The Hartford is available in every state and has multiple options for you to get a quote and manage your policy. You can get a quote online, call it, or reach out to an independent agent. If you purchase the policy, you can manage it online or work with your agent. COIs are available instantly through your account.

Customers are happy with their experience. 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.

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

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

Next Insurance has a fairly high total insurable value (TIV) with a maximum of $3 million in coverage.

The provider offers commercial property insurance in every state except for Florida. If you are in Florida and need property insurance, check out The Hartford for coverage.

It is a relatively new insurance company that is targeting the mobile space for businesses wanting to deal directly with the provider. That is why it has Android and iOS apps, which allow you to manage your policy, pay your bill, file claims, and get an instant COI. From the app, you can also share the COI as needed.

Next is well received by its customers. It has lower-than-expected complaints with the NAIC. There are more than 5,000 user reviews on its website^[1] with an average of 4.5 out of 5 stars.

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

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

Obie was founded in 2017. It is growing, and its customers seem happy with the product. On Google, it has around 190 reviews with an average rating of 4.7 out of 5.

It is available in all 50 states and offers short and long-term rental property insurance. Its quote process is swift, and you do not need to produce any paperwork to finalize the quote and purchase the policy online.

Your policy is managed 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. It is only available during the weekdays.

You can get a quote and purchase a policy from Thimble in 60 seconds or less. Simply visit the website, or download the app, and enter the information on your business. Thimble will then generate a quote, which can be changed with adjustments in limits and some coverages.

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.

Thimble is available in all 50 states, though which specific coverage is available varies from state to state. While it is a newer company, its customers are happy with their experience. On Trustpilot^[2] there are more than 1,300 reviews with a rating of 4.5 out of 5.

Thimble has an app for iOS and Android that acts like a 24/7 call center. Through it, you can get a quote, purchase a policy, change coverage, file a claim, and create a COI.

Thimble’s certificate manager platform is a free service for its customers. It enables you to keep track of any certificates from other vendors or contractors involved with any of your properties and stay in compliance with any local requirements.

You can also request updated COIs, and it even gives any parties you work with the option to purchase insurance to meet any requirements you may have. The insurance can be purchased by the month. Thimble will send notifications for renewals or expirations so that everything remains current.

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

Covered industries under this program are:

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

Nationwide also has customized coverage for wholesalers. It includes endorsements for brands and labels, laptop computers with worldwide coverage of up to $10,000, and commercial property insurance for items that are in transit.

Customer satisfaction with Nationwide is a bit of a mixed bag. Complaints monitored by the NAIC are slightly higher than expected for a company of its size. However, when J.D. Power surveyed small business owners to see who they were most satisfied with, Nationwide ranked third.

For most coverages, including commercial property, you can get a quote online. To purchase the policy, you do need to call. It maintains a 24/7 call center for claims and customer service, though you can also file a claim online or via your independent agent.

Unfortunately, it is difficult to find any details on how its online policy management system works.

We received a quote for a computer consultancy for a BOP. It had a monthly and annual option: monthly required a downpayment 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. This was for a home-based business, which is something Hiscox specializes in, offering up to a 5% discount for work-from-home businesses.

Hiscox is an exclusive small business insurer 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 NAIC are slightly higher than average. However, it has 4.7 out of 5 stars from over 1,000 users.

For smaller businesses, an online quote can be quickly obtained, and you can call to discuss it or purchase the policy online. You will gain access to an online account to manage your policy and get instant COIs. If you need to call, it is only available during weekdays.

Commercial property insurance, sometimes called business property insurance, is first-party coverage. Insurers will often describe it by saying 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, too.

Actual cash value (ACV) and replacement cost value (RCV) are terms used to describe how the provider will pay you for a lost item. ACV means there will be some depreciation factored into what the provider will pay you while RCS means the provider will pay what it costs to replace the item.

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