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Commercial property insurance helps protect your owned or rented building, plus the tools and equipment you use to operate your business. It covers losses from many sources, such as:
For home-based business owners, this type of commercial insurance provides more coverage than homeowners insurance. You may have heard other names for this type of insurance, like:
What does commercial property insurance cover exactly? Commercial building insurance helps protect your business’ physical assets, such as your:
Commercial property insurance is important because without it, your business would have to pay out of pocket to repair or replace your business property if it’s damaged by a covered loss. This coverage also includes business interruption insurance, which will help replace your lost income in case you can’t operate your business because of covered property damage.
Any business that operates out of a building faces risks to their business’ property. If you own or rent any building or property for your business, you’ll need protection against unexpected events, like lightning or windstorms, fire, theft and vandalism. Although many types of businesses will benefit from having commercial property insurance, it’s common for these industries to have this coverage:
Customers of The Hartford pay about $1,605 a year on average for commercial property insurance. 2 However, your commercial property insurance cost may be higher or lower than that amount depending on factors like:
When Derby Industries experienced a catastrophic property loss, The Hartford did what we do best: restore lives and businesses. Watch the video and see how we helped get them back up and running.
Be aware that your commercial property insurance policy doesn’t cover every type of property damage. This coverage can’t help your business if:
You can get other types of commercial insurance, such as Commercial Casualty Insurance, Mixed-Use Property Insurance and Ordinance or Law Coverage, to give your business more protection against these kinds of claims. Get an insurance quote today and see how you can protect your business best.
You can get commercial property insurance as a standalone policy. But many small businesses choose to get a Business Owner’s Policy (BOP), which combines three types of essential coverage, including:
Commercial property insurance helps protect your business’ building and tools that you use to operate.
Business income insurance, or business interruption insurance, helps replace lost income if you can’t operate because of covered property damage.
We make it easy for you to file a commercial property insurance claim online or by calling 800-327-3638.
We offer a wide range of insurance to help protect your company. You can combine your commercial property insurance with different types of coverage.
If you own, rent or lease commercial property of any kind, then you should have commercial property insurance. Without it, you’d be responsible for paying the costs to fix or replace your damaged business property. Your policy can provide the replacement cost value, actual cash value or market value for your business property.
Evidence of commercial property insurance is also known as proof of insurance or a certificate of insurance (COI). Your company may need a COI to prove you have commercial property coverage. We know your time is valuable, so we make it quick and easy to get a certificate of insurance online.
There are many different types of commercial property insurance that can help protect your business property from various claims. They include:
Deductible amounts can vary and can range from a couple hundred to a few thousand dollars. You’ll choose a deductible amount when you get your commercial property insurance policy. Generally, if you pick a higher deductible, it’ll lower your commercial property insurance cost.
Check your policy if you’re unsure how much your current commercial property insurance deductible is.
There are ways you can reduce your company’s risk exposure. For example, you can create a plan to regularly examine and test your company’s alarm and sprinkler systems in your building or home office. Regular checks give you an opportunity to fix any issues and make sure you’re prepared if a disaster strikes.
Commercial property insurance doesn’t just help protect owned property, but also leased or rented property too. Be sure to review your lease terms and obligations to find out what you’ll need for insurance coverage.
Commercial property insurance isn’t required by law, but it is considered essential to most small businesses. Some rental or lease agreements may require you to carry commercial property insurance coverage.
Lessor's risk only insurance, often referred to as LRO Insurance, shields commercial property owners from legal liabilities stemming from tenant injuries and property damage lawsuits. In the event of a covered loss leading to a tenant's legal action, an LRO policy can mitigate the financial burden by covering associated legal expenses.
“Quick, efficient, patient, [empathized] with my situation, explained the process thoroughly, resolved the issue quickly.”
“The Hartford quickly responded and paid for the equipment replacement as well as for the lost income our business suffer[ed].”
“The entire process was very simple, easy to understand and the pay-out of the claim was both fair and quick.”
“Very prompt, courteous and professional. Highly recommend The Hartford to anyone looking for insurance.”
2 Premium amounts presented are based on monthly premium paid by The Hartford's Small Business customers between 1/1/23 and 12/31/23 for 12-month policies. Premium is derived from a number of factors specific to your business and may vary.
Additional disclosures below. Back To Top© 2024 The Hartford
The Hartford shall not be liable for any damages in connection with the use of any information provided on this page. Please consult with your insurance agent/broker or insurance company to determine specific coverage needs as this information is intended to be educational in nature.
The information contained on this page should not be construed as specific legal, HR, financial, or insurance advice and is not a guarantee of coverage. In the event of a loss or claim, coverage determinations will be subject to the policy language, and any potential claim payment will be determined following a claim investigation.
Certain coverages vary by state and may not be available to all businesses. All Hartford coverages and services described on this page may be offered by one or more of the property and casualty insurance company subsidiaries of The Hartford Financial Services Group, Inc. listed in the Legal Notice.
The Hartford Financial Services Group, Inc., (NYSE: HIG) operates through its subsidiaries under the brand name, The Hartford, and is headquartered in Hartford, CT. For additional details, please read The Hartford’s Legal Notice.
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