“Commercial property insurance is a must-have for businesses that own assets such as property, equipment, furniture, and buildings. To ensure comprehensive coverage, it is essential to choose a top-rated commercial property insurance company that offers high total insurable value and provides options for actual cash value and replacement cost value. In addition, the policy should include coverage for business loss income. Our extensive research has led us to identify the six best commercial property insurance companies out of the 16 providers we evaluated.”
- The Hartford: Best overall provider for commercial property insurance
- Nationwide: Best for wholesalers
- Next: Best for construction companies
- Hiscox: Best for consultants
- Obie: Best for real estate investors
- CoverWallet: Best for comparison shopping
The Hartford: Best Overall Provider for Commercial Property Insurance
“The Hartford is a leading provider of commercial property insurance for a diverse range of industries, such as advertising, graphic design, barbershops, electrical contractors, financial institutions, pet grooming, and retail. What sets it apart from other companies is its unique offering of standalone commercial property coverage, while others bundle it into a BOP with general liability insurance.
The Hartford provides coverage with high limits of up to $40 million per policy for building insurance, along with an in-house claims team that is available 24/7. The provider also offers online policy management and quick online quotes to make the process more convenient for businesses.”
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Nationwide: Best for Wholesalers
“Nationwide Insurance offers commercial property insurance for various industries, but it particularly stands out in the wholesale industry. It has a wholesale program that includes a cap of 50,000 square feet for the building and up to $10 million in total insurable value (TIV). The building limit is $5 million, and the maximum sales are $5 million.
The wholesale program covers industries such as baked goods distributors, auto parts and supplies wholesalers, candy, nut and confectionery wholesalers, dry goods wholesalers, home improvement, office, machine, equipment, and supplies wholesalers. Moreover, Nationwide Insurance provides customized coverage for wholesalers, including endorsements for brands and labels, worldwide coverage of up to $10,000 for laptop computers, and commercial property insurance for items in transit.”
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Next: Best for Construction Contractors
“Next provides insurance coverage for over 1,300 different industries, with a particular focus on the construction industry. Its property insurance for construction contractors is specifically tailored to meet the unique needs of the industry.
During the quote process, Next offers personalized recommendations based on the specific type of work the business performs. For example, when we mentioned that we do roofing work, Next suggested adding roofing as standalone coverage to the quote. It provided a comprehensive explanation of the coverage and why it may be necessary for our business, along with a warning that it could increase the cost by up to 50%.”
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Hiscox: Best for Consultants
“Hiscox is a dedicated small business insurer that offers a wide range of insurance products, but its commercial property coverage is primarily aimed at consultants. The insurer covers various types of consulting services, such as business, education, marketing, human resources (HR), information technology (IT), and management consulting services. The coverage is designed for small one- to three-person operations, which are likely to be home-based businesses or those renting office space.
Hiscox’s commercial property insurance is focused on small businesses with revenue limits of up to $3 million, with coverage limits of up to $4 million available but only by contacting the provider directly. The deductible can range from $500 to $10,000, and the building coverage limit is set at $500,000. Hiscox’s commercial property insurance covers contents, equipment, tenant improvements, and personal effects. It doesn’t always factor in depreciation and offers replacement cost value (RCV) coverage for insured items.”
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Obie: Best for Real Estate Investors
“Obie Insurance is a new provider that specializes in insurance for real estate investors. The provider has a streamlined, online process that is fast and easy to use. With Obie, you can get an online quote and bind a policy for same-day instant coverage 24/7. The coverage is available for both building and detached structures, including landlord insurance. For furnished rental homes, you can obtain commercial property insurance for the contents as well.”
CoverWallet: Best for Comparison Shopping
“CoverWallet is an online insurance broker that provides quotes for micro to medium-sized businesses. The broker collaborates with multiple carriers to offer you a range of quotes that you can compare. Each quote comes with key details on the coverage, exclusions, and information about the provider, such as their AM Best rating. CoverWallet can assist you in finding the right commercial property insurance provider, regardless of whether you own a restaurant, retail store, or accounting firm.”
