Commercial property insurance is a type of insurance that covers your business’s properties. This includes assets such as equipment, technology, furniture, and inventory, as well as commercial buildings and structures.
Most businesses need commercial property insurance, the same way you would need homeowners or renters’ insurance. If you need to buy commercial property insurance, you’d need to get quotes, either online or through an agent. Here are our recommendations of the 6 best companies offering commercial property insurance quotes online.
- 6 best commercial property insurance quotes online
- What is a commercial property insurance quote?
- Where to get commercial property insurance quotes: Insurers or Brokers?
- When does it make sense to get online commercial property insurance quotes from the insurer?
- When does it make sense to get online commercial property insurance quotes through a broker?
- Which information do you need to get commercial property insurance quotes online?
- How much does commercial property insurance cost?
- How to reduce your commercial property insurance cost?
6 best commercial property insurance quotes online
- CoverWallet: Best for comparing quotes online
- Simply Business: Best for finding low-cost coverage from a several carriers
- InsurePro: Best for flexible, pay-per-day coverage
- The Hartford: Best for comprehensive and customizable commercial property insurance
- biBERK: Best for different coverage options
- Thimble: A leading short-term business insurance provider
CoverWallet: Best for comparing quotes online
CoverWallet is a cloud-based platform that sells business insurance. CoverWallet, a self-described “concierge” service, helps business owners understand what insurance they need, offers quotes, and manages policies, claims, and payments.
CoverWallet’s online platform is user-friendly. It’s great for business owners to compare prices. The service is ideal for busy or new business owners who need a quick way to compare commercial property insurance quotes online and buy a policy online within a few mins.
Sometimes they may not offer instant quotes online and need to discuss the quote options with business owners on the phone.
|– Simple to use|
– Quotes are available for no cost.
– Insurers from a wide range of companies are compared.
|– Quotes don’t always appear right away|
– Only partners can provide insurance.
Simply Business: Best for finding low-cost coverage from a several carriers
Simply Business is a broker that connects business owners with the right business property insurance they need.
Simply Business does most of the job, gathering quotes from industry providers tailored to their client’s business type. As a broker, they focus on finding the cheapest commercial property insurance available to small business owners. Their platform is optimized to find low-cost coverages from their carrier partners to ensure that small businesses are provided with the cheapest quotes available to them.
- You can get quotes from a variety of insurance companies.
- A wide range of coverage options is available.
- An online dashboard allows you to manage your policy, pay premiums, and handle claims.
- A third party, not an insurance company, will provide your coverage.
- To complete the quote process, you may need to call.
InsurePro: Best for flexible, pay-per-day coverage
InsurePro is a special insurance provider. Unlike other insurers, InsurePro allows its clients to buy insurance when needed. That is, you can decide to buy insurance coverage for a day or two days, depending on your job description. This might work for companies where jobs are seasonal, and there is no need for extensive monthly coverage. However, like others on this list, the company does not provide insurance. Instead, they offer quotes from their over 20 partner top-rated insurers in the US.
- Quick quote generation in less than 10 minutes
- You have access to quotes from over 20 top insurers
- Easy to use platform
- They have too many confusing websites
- Not all policies are available online
The Hartford: Best for comprehensive and customizable commercial property insurance
Hartford Insurance Company is a publicly-traded insurance company based in Hartford, Connecticut. The company stands out in the small-business world for its flexible, customizable business owner’s policy.
Unlike most others on the list, Hartford is a leading carrier of commercial property insurance or business insurance in general. The company has insured more than 1 million small businesses. They has a long history of excellence that you can rely on.
- Hartford is one of the oldest and most experienced insurers in the US.
- Policies can be tailored to meet the needs and requirements of a specific industry or business.
- Because there are so many insurance policies to choose from, it’s easier to stick with one issuer and keep things simple with The Hartford.
- There is no coverage in Alaska, Hawaii, or New Jersey
- Policies may not be the most affordable
biBerk: Best for different coverage options
biBERK started in 2015 with the unique aim of making commercial insurance easier for business owners to purchase. The company saw a flaw in most insurance agreements, which are usually too long to read and comprehend.
To correct this anomaly, biBERK created a platform where business owners can buy policies in minutes. After completing the online form, the website automatically generates quotes for its clients.
Their quotes are also unique as they allow you to pick between basic and premium plans, so everyone has something to buy. Most importantly, biBERK benefits from a huge experience pool despite being a new company. The company is backed by Warren Buffet’s Berkshire Hathaway Group.
- The platform is easy to use.
- The website allows you to download insurance certificates whenever you need them.
- Fast quotes in less than 10 minutes.
- You can file claims online.
- Not available in all states.
Thimble: A leading short-term business insurance provider
Thimble is another place to find commercial property insurance quotes online. For small businesses, self-employed individuals, and just about anyone in between, Thimble offers quotes for property insurance. Thimble stands out from its competitors by offering policies with flexible terms, despite being a relative newcomer to the business insurance market.
Rather than locking you into a yearly contract, the company allows you to purchase a policy for as little as a month, a day, or even an hour. You can also use the Thimble app to extend, modify, or cancel your policy.
We were able to get this quote from Thimble for a small IT consulting firm in Orlando, Florida. Note that Thimble does not offer commercial property insurance alone. Instead, the company offers the policy along with general liability.
- Monthly, weekly, daily, or even hourly coverage terms are available.
- The mobile app allows you to modify policies from your phone.
- In less than 5 minutes, you can receive quotes.
- Over a hundred different types of small businesses are covered.
- Not available in all states of the US.
What is a commercial property insurance quote?
A commercial property insurance quote estimates how much a policy will cost you. Insurers each have their formula for calculating commercial insurance quotes, so even if you give two companies the same information, you may not get the same quotes. You’ll better find the cheapest commercial property insurance if you get multiple commercial property insurance quotes for comparison.
In most cases, the quote you get is an estimate that predicts the actual price you will pay. Property insurance can be complicated since it depends on many variables. Most companies may increase or reduce their quotes later as they discover fresh information about your property.
For better understanding, if you get a quote this year for a commercial property worth 50,000 dollars. And then, in 6 months, you finally decide to pay for the property; you may pay more or less than the initial quote depending on whether your property’s value has increased or reduced.
Where to get commercial property insurance quotes: Insurers or Brokers?
You can obtain free commercial property insurance quotes in a variety of ways. You can buy directly from an insurer or an insurance broker, online or over the phone.
One of the simplest ways to shop for insurance is to get free commercial property insurance quotes online from the company. Most companies offer free online commercial property insurance quotes. These companies let you start your quote online in less than 10 minutes.
However, not all of them offer quotes online. Some companies may assign you a captive agent to finish your request over the phone if your circumstances are complicated.
When does it make sense to get online commercial property insurance quotes from the insurer?
Buying commercial property insurance “direct” from the insurer means purchasing a policy online (or over the phone). Purchasing insurance without the assistance of an agent gives you more flexibility in adjusting coverages and comparing commercial property insurance quotes, but there are drawbacks.
Buying directly from the insurer allows you to benefit from possible discounts, such as when you bundle multiple policies at once. However, buying directly from the insurer may not work for you if you do not know which company or policy to choose. Also, choosing one company may be expensive if you have not considered what others offer.
When does it make sense to get online commercial property insurance quotes through a broker?
Getting a commercial property insurance quote from a broker may be a good choice if you want to discuss your options but don’t want to limit yourself to one company.
Online brokers can offer a wide range of options and policies because they work with multiple insurers. They sell policies for big-name insurance companies and are paid on commission. Therefore, they may try to provide you with the best possible customer service or, on the other hand, steer you toward more expensive policies.
Learn more at the best commercial insurance brokers
Which information do you need to get commercial property insurance quotes online?
Commercial property insurance costs vary and are determined by several factors, including:
- Other considerations include:
- The amount of protection you require.
- The number of properties you’d like to cover.
- The property’s age, the locks, and other security measures are in place.
- The type of business that is conducted on the premises.
- Whether the commercial property you own is in a flood-prone area or is a listed structure that would be more difficult to repair.
- Your insurance claim history. Have you ever filed a claim on your commercial property insurance?
How much does commercial property insurance cost?
The average cost of commercial property insurance can be as low as $500 per year or as high as $500,000 per year. A typical small business pays between $1,000 to $3,000 a year for their commercial property insurance policy, or $83 to $250 per month.
These are just the averages. Be sure to shop around with a few companies or work with a broker like Simply Business, CoverWallet, or InsurePro to compare several quotes in one place.
Learn more at how much does commercial property insurance cost
What factors affect the commercial property insurance cost?
The following are some of the factors that go into calculating your commercial property insurance quote:
- How high do you set your boundaries?
- How many workers do you have?
- The location of your workplace
- What kind of work do you do?
- Your insurance claim history
- Your professional experience
Before starting a commercial property quote, it’s a good idea to know how much your business property is worth. Knowing the value of your inventory and equipment will help your insurer determine what it would cost to replace them — and how much coverage you require (so you don’t overspend on insurance).
How to reduce your commercial property insurance cost?
The only way to find the best and cheapest commercial property insurance for you is to shop around for regular commercial property insurance quotes. Even if you are satisfied with your current insurer, you may be able to find a better deal elsewhere.
You can try these other strategies to keep your premium down besides shopping around (at least once a year):
Work on improving your credit score.
Another reason to pay your bills on time is that it saves you money on insurance. Research shows companies with bad credit scores pay nearly twice as much for commercial insurance as those with good records. In some cases, those with terrible scores do not even get coverage.
Keep your work environment safe
A safe workspace is always cheaper to insure because there’s less chance they will have claims. So, you must show your insurer that you are committed to keeping your workspace safe. Do this by having the following:
- Have regular employee safety training
- Invest in fire alarms and burglary alarms
- Have fire extinguishers in the right places and teach employees to use them.
Compare several quotes
The only certain way to get the cheapest commercial property insurance quotes is to always compare several quotes. Different insurance companies assess risks differently. For the same company, different insurance companies will always give you different quotes. Make sure to shop around with a few companies or work with a broker like CoverWallet, Simply Business, or InsurePro to compare several quotes to find the cheapest one.
Increase your insurance deductibles or reduce your coverage limit
If you choose to pay more out of pocket for your insurance, you can lower your monthly premium. However, this may not be a good idea if you don’t have enough cashflow.
Another way is to increase the policy’s coverage limit. The lower the coverage limit is, the cheaper the rates are.