Top 6 Best Commercial Property Insurance Providers
If you’re in the market for commercial property insurance, it’s important to choose a provider with a strong reputation. Reputable providers offer policies that are tailored to the needs of each business.
Travelers offers unique commercial property insurance for at least 24 industries. It also bundles property coverage with general liability and workers’ compensation coverage.
Thimble is an online-only managing general agent (MGA) that specializes in small business insurance. They use a combination of their own underwriting and top-rated carriers to generate quotes quickly and bind policies for same-day coverage. Thimble has a good reputation for customer service, and many customers have appreciated their convenience.
They offer a variety of small business insurance products, including general liability, professional liability, and workers’ compensation. They also offer a flexible monthly and on-demand policy called Pause, which allows you to start and stop coverage as needed.
Their quote process is streamlined by a simple application that asks only a few questions about your business. They also provide a convenient online app that allows you to request a COI and make changes to your policy. You can also pay your bill, file a claim, and get in touch with a live agent through the app.
Next offers flexible commercial property insurance policies tailored to the needs of specific business types. Its easy online application process takes less than five minutes and can be completed from any location with internet access. The company also offers a mobile app to manage policy documents and claims. Its policies start at $17 a month, and it can provide up to 30% discounts for micro businesses. It also offers a bundle discount of 10% for two or more policies.
The company’s commercial property insurance (also known as business personal property insurance) covers items like furniture, inventory and equipment in the event of damage or theft. It is often bundled with business liability insurance, but it can be purchased separately. Although Next is a relatively new company, it is backed by Munich RE and has an A rating from A.M. Best. Its policies are available in more than 40 states, and it serves hundreds of professions.
State Farm is a top commercial property insurance provider that offers a wide range of services. In addition to providing business owners with liability and property coverage, it also provides financial products and mutual funds. In addition, it has a highly rated mobile app that allows customers to pay bills, manage policies and view ID cards. The app is available for iPhone and Android devices.
The company has a good customer service reputation and provides lower-than-average rates. According to MarketWatch, the company has a B rating from the Better Business Bureau and fewer complaints than average for a large insurer. State Farm is available in most states, but not all coverage options are available. For example, it does not offer guaranteed asset protection or Drive Safe & Save discounts in California, Massachusetts and Rhode Island.
Founded in 1922 by farmer George Jacob Mecherle, State Farm offers auto, home and renters insurance as well as life and retirement products. It also provides small business owners with a comprehensive business owner’s policy (BOP) that includes both liability and property coverage.
Travelers provides a large variety of insurance policies and is one of the largest policy providers in the country. Their services include car insurance, homeowners insurance and business insurance. They offer a variety of discounts and have good financial strength ratings. They also have good claims settlement records and customer service.
In addition to standard home and auto insurance coverages, Travelers offers a number of add-on options, including Xtend Endorses that provide expanded liability protection for auto dealers, architects and engineers, colleges and schools, and healthcare companies. The company also offers specialty coverage for small businesses, such as crime, contractor equipment, and food spoilage.
CNA offers multiple types of insurance coverages for businesses including business interruption, cyber risk, and inland marine insurance. They have been in the industry for over a century, making them an established carrier with a high reputation among customers and peers alike. They also boast a high rating through AM Best, which is an indicator that they are a reliable company projected to remain so for the foreseeable future.
CNA’s official website feels dated, and many sections seem only to offer the bare minimum of information. Their claims process is also brief, and there is no promises of a specific claims response time frame. Despite this, they provide customer service 24/7 via phone and email, and also offer links for customers to report their claims online. Additionally, their pricing structure is fairly straightforward and they make a point of offering discounts to qualified applicants.
As one of the largest insurance companies in the US, Nationwide offers a variety of financial products. Their portfolio includes auto and home insurance, as well as credit cards and retirement plans. The company also provides banking/investment services through its partner Axos Bank.
During the COVID-19 pandemic, Nationwide went above and beyond to support its customers by suspending policy cancellations, waiving late fees, and deferring payment deadlines. They have also made a commitment to diversity and inclusion, with thousands of associates participating in business unit and associate resource groups.
The company’s homeowners and renters insurance policies provide a variety of valuable coverage options, including personal property protection and liability coverage. Nationwide also offers a number of optional add-ons, such as identity theft protection and water backup coverage. Its UL product is a good choice for individuals who want to protect their families against the risk of premature death and need a flexible premium structure.