Best Commercial Property Insurance

You can get commercial property coverage with Thimble via a business owner’s policy (BOP), which includes general liability, commercial property, business interruption insurance, and $10,000 in off-premises property coverage. Thimble’s BOP is available in every state and you can purchase coverage online in minutes. The company provides several convenient digital tools, such as a highly-rated mobile app for policy management, and a free certificate manager that makes compliance easy. 

Thimble’s policies are underwritten by Markel and National Specialty Insurance Company, which are both rated A (Excellent) for financial strength by AM Best. However, Thimble will only write a policy for up to $1.5 million per location, so it won’t serve businesses with high-value buildings. 

Workers’ compensation, business equipment, and professional liability 

Read more in our Thimble small business review. 

Next offers comprehensive commercial property coverage that covers buildings, business goods and gear, plus inventory, equipment breakdown, and business income. The covered losses are standard, and you can add coverage for terrorism events. However, you can’t get earthquake coverage from the company, and inland marine (tools and equipment) is only offered for certain industries. 

Purchasing coverage from Next is quick and results in a live certificate of insurance that is easy to share with clients. You can also add free additional insureds at any time. Premiums start at $17 per month, and you can get a 10% discount if you bundle two or more policies. Next has an A- (Excellent) financial strength grade with AM Best and fewer complaints with the NAIC than expected given the company’s size. Next was also our top pick for the best small business insurance companies of 2023. 

Terrorism coverage

CNA offers relatively high coverage limits with no square footage maximums for buildings under $10 million. You can purchase standalone commercial property coverage or get a BOP from the company. Coverage is comprehensive—it includes equipment breakdown, business income and extra expense, limited off-premise, and even some protection against identity theft and employee dishonesty. 

CNA has an A (Excellent) financial strength rating with AM Best and a low complaint rate with the NAIC over the last three years than expected given the company’s size. Coverage is not available in Alaska or Hawaii, and you can’t get an online quote. 

CNA offers 18 industry-specific property endorsements

Nationwide will cover up to $20 million in buildings and business personal property for businesses with up to $20 million in annual sales, with the exception of wholesalers and manufacturers, which are limited to $5 million. The company offers standalone commercial property coverage that includes business income and extra expense coverage, along with a business owner’s policy (BOP). However, few details about coverage are available on its website, and you’ll need to work with an agent to get a quote or buy a policy. 

Nationwide has a third-place ranking from J.D. Power in the 2022 U.S. Commercial Insurance Study and an A+ (Superior) financial strength rating from AM Best. However, the company had slightly more complaints with the NAIC over the last three years than expected given its size. 

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State Farm has the top financial strength grade from AM Best, and J.D. Power’s ranked it #1 in its 2022 U.S. Small Commercial Insurance Study.

The company offers a comprehensive BOP that includes equipment breakdown, loss of income, and money and securities protection at no additional premium. You can add professional liability to the policy, too. However, few details are available online. For example, State Farm doesn’t disclose coverage limits or square footage limits online, so you’ll need to speak with an agent to find out if your business is eligible for coverage. You can’t buy coverage online, either, but you can get a general cost estimate. 

Not disclosed