Using the right commercial property insurance can protect your business, its assets, and its employees from financial loss due to unexpected events that are out of your control. It’s important to have an insurance company that can be counted on when you need them most, so it’s important to do your research before choosing one.
In every commercial property insurance review, you’ll see certain insurance companies being called the best in the business. But, how do you know which company to trust with your business’s insurance needs? This guide will help you sort through all of the different options so that you can get the best commercial property insurance for your needs.
As a bonus, at the end of this article, you’ll also find some great tips on how to save money on your commercial property insurance premiums. Whether you want to use them or not, they can be helpful when you need to negotiate on price with your agent.
What are Commercial Property Insurance Companies?
Commercial property insurance is a type of commercial insurance that protects your business’s physical assets. The basics behind commercial property insurance policies aren’t difficult to understand, but there are many factors you need to consider when deciding on a commercial property policy. One thing you need to make sure of is that your commercial property insurance policy covers all types of damages and losses.
The 5 Best Commercial Property Insurance Companies
1) Farmers: Since its inception in 1897, Farmers has been a provider of property insurance to millions of Americans. In addition to being a leader in residential property insurance, Farmers offers commercial business insurance solutions for small and large businesses alike. At Farmers, you can get coverage for both your personal and business properties.
Whether you own a storefront, warehouse or office building, it’s important to have peace of mind that your property is protected from any damage that may occur during operations or from the weather. To ensure you’re protected against such disasters, choose Farmers—one of America’s oldest and most reliable companies when it comes to delivering top-quality commercial policies at competitive rates.
2) State Farm: State Farm is one of America’s most reliable property insurance companies. The company has been rated as excellent by A.M. Best, receiving a rating of A++ (Superior). State Farm also received a rating of A+ from J.D. Power and Associates based on customer satisfaction. In addition to being reliable, State Farm is also competitively priced. You can find plans for both businesses and individuals that are less expensive than those offered by other companies. In fact, according to an online quote engine created by Bankrate, it’s possible to get a better deal with another company only about 20% of the time compared to State Farm.
3) Nationwide: Nationwide was founded in 1931 and is based in Ohio. The company has more than 22,000 employees and over $18 billion in annual revenue. It has a B+ rating with A.M. Best and an A+ rating with Moody’s. Nationwide offers property insurance for both commercial and personal properties as well as liability coverage. Its business insurance policies include business interruption insurance, business property coverage, business owner’s policy (BOP), errors & omissions liability coverage and other custom policies.
4) Allstate: Allstate is an example of a commercial property insurance company that provides comprehensive and affordable insurance to both businesses and individuals. They offer $1 million in liability coverage, which is more than most other companies. This type of coverage protects you if someone is injured on your property and decides to sue you. For most people, Allstate is an excellent choice for getting low-cost but high-quality commercial property insurance that will protect them from all types of losses.
5) Liberty Mutual: Founded in 1912 and based in Boston, MA, Liberty Mutual is one of the largest property and casualty insurance companies in America. The company focuses on commercial property insurance for businesses, providing business interruption coverage for owners of small to large-sized businesses throughout all 50 states. You can also purchase personal coverage through Liberty Mutual, which will protect your home or rental property. For more information about commercial property insurance from Liberty Mutual, contact an agent today!
They are a great option for anyone looking to purchase commercial property insurance because they are affordable and cover all of your needs if you own or rent commercial property. Commercial property can be quite expensive, so it’s important that you have high-quality commercial property insurance to keep your investments safe.