If you own a business, you want to make sure your assets are protected. Burglary or theft alone can cost your business a large sum of money. Anything more serious comes with a heftier price tag. Insurance is not the place to cut corners because if you suffer any kind of accident or disaster, you could be unable to rebuild independently.
Despite the cost to a business if a loss occurs, many small business owners don’t have insurance coverage. Many corporations don’t have adequate coverage to mitigate the losses they could suffer. Business owners erroneously think they don’t need insurance if the law doesn’t require it.
Insurance coverage is designed to protect you from a variety of scenarios. Depending on your business, you could need multiple kinds of business insurance. If you run a brick-and-mortar location, you will definitely want to research commercial property insurance.
- 5 best commercial property insurance companies in New York
- What does commercial property insurance cover in New York?
- Who needs commercial property insurance in New York?
- How much does commercial property insurance cost in New York?
- Factors that affect the cost of commercial property insurance in New York
5 best commercial property insurance companies in New York
The following five insurance companies were our favorites from the ones we surveyed.
- CoverWallet: Best for comparing several quotes online
- Hiscox: Best online experience
- The Hartford: Best property coverage options
- Liberty Mutual: Best for manufacturing firms
- Thimble: Best for affordable costs
We attempted to get quotes from three of the choices for commercial property insurance for a small coffee shop in Manhattan. As you will notice below, two of the three gave us quotes for comprehensive business owner policies (BOP) that included both general liability and commercial property. They didn’t offer commercial property as a stand-alone policy for our scenario. However, The Hartford quoted for commercial property as a stand-alone policy.
CoverWallet : Best for comparing several quotes online
CoverWallet is an online insurance broker that allows you to obtain multiple quotes at one time. Typically, you will input information specific to your business, and CoverWallet will return up to three quotes for you based on the information you share. If you like the quotes, you can then purchase the policies through CoverWallet. Getting multiple quotes at once can save you time and potentially save you money.
When we requested our quote today, they quoted a business owner’s policy rather than a simple commercial property policy. A business owner’s policy combines commercial property with general liability insurance. As you can see, they only returned one quote rather than the typical three.
Commercial property insurance is a bit more complicated requiring more details about the building and your specific business, it makes sense that you might not be able to get several quotes online. However, if you give them a call, their agents will be able to discuss your quote options.
Hiscox: Best online experience
Hiscox caters to small businesses with less than five employees in the company. Their focus is on sole proprietors and small companies. They bundle various coverages together to create comprehensive packages that benefit smaller companies. If you own a home-based business, Hiscox offers a discount for that.
Hiscox is not available in Hawaii. Their offerings are limited with commercial auto, workers’ comp, and employment practices liability policies only being offered through partners. While you can complete the application online, you cannot chat with someone while you are filling out the application.
As you can see from the quote we generated, the base policy was a general liability policy, with commercial property being an add-on.
The Hartford: Best property coverage options
The Hartford has over 200 years of experience in the insurance industry. They know their insurance. This company has stepped into the modern age by offering online quotes. The entire quote process takes about 10 minutes, give or take, depending on if you have all your information together.
While you can request a quote online, some of their policies aren’t available for purchase online. Their commercial property policies are available to any business, from the smallest one-person operation to a large corporation. They do tend to work better with smaller companies though
The Hartford was the only company from whom we requested a quote that gave us a stand-alone commercial property quote.
Liberty Mutual: Best for manufacturing firms
Liberty Mutual is a national insurance company that serves mom-and-pop and manufacturing firms well. They offer options that give strong coverage for manufacturing equipment. They offer commercial property insurance as both a stand-alone option and part of a business owner’s policy.
Liberty Mutual doesn’t offer online quotes or online claim reporting. They do offer 24/7 claims assistance over the telephone. Unfortunately, while they are considered a national company, they don’t provide coverage in every state. You will have to contact an agent regarding coverage in your location.
Thimble: Best for affordable costs
Thimble is an insuretech based in New York City. They are known for a slick digital experience, making complicated business insurance application simple and beautiful. You can get a quote and complete your policy purchase within 5 minutes with Thimble for most coverages a small business might need. They claim that they can save 35% insurance cost for small businesses.
For commercial property insurance, they don’t seem to be able to offer quotes online yet, but they are able to discuss your quote option on the phone. We recommend you giving them a try to see if their quotes can be much more cheaper than other options.
We also love Thimble because they have an excellent customer satisfaction rating. They actually have the highest customer rating that we have ever seen for an insurance company on Trustpilot, 4.7 out of 5 with 87% of their customers rating them at 5 (excellent).
What is commercial property insurance?
Commercial property insurance protects the actual property of a business. This includes the building and assets inside, such as computers, equipment, furniture, and inventory. The insurance helps to cover the cost to replace or repair damage to the business’s physical assets.
Losses that are typically covered by commercial property insurance span various causes. Theft and vandalism are usually covered, as are fire and explosion. Wind and water damage are also typically covered by these policies.
What does commercial property insurance cover in New York?
Commercial property insurance covers the space where you do business and the items inside and around it. It includes:
- Computers
- Furniture
- Equipment
- Exterior signs, fencing, etc.
- Important documents
- Business inventory
- Building
- Tools
- Loss of income due to property damage
The last one is important. If there’s a fire in the building where you rent space and you can’t use it for two weeks while it’s being repaired, commercial property insurance will cover you for the loss of income.
Commercial property insurance covers these assets when they are damaged due to the following causes:
- A fire damages or destroys your inventory
- Lightning strikes your building, which causes damage to your computers
- Someone breaks into your office and steals your equipment.
Commercial property insurance typically includes business interruption protection, which will replace lost income if your company is unable to operate for a covered reason.
Commercial property insurance can be enhanced with many types of coverages, depending on the unique needs of the organization. This could include coverage to:
- Reproduce important company documents
- Pay for temporary storage
- Move documents to avoid further damage after a fire or other covered incident.
Who needs commercial property insurance in New York?
Anyone who owns a business can benefit from commercial property insurance. Commercial property insurance covers more than the physical building. If your company has inventory or equipment you routinely use, commercial property insurance could be the coverage you need. Speak with an insurance agent or broker to determine your exact needs regarding commercial property coverage.
How much does commercial property insurance cost in New York?
The average commercial property insurance cost for New York-based businesses is $110 per month or $1,320 a year.
Commercial property insurance isn’t a set price across the board. Each business has unique needs, so the cost will vary depending on the business. Your needs vary based on the kind of equipment you use and the kind of property you have.
Costs vary based on the size of your business too. The amount of coverage also scales the cost of your premiums. Every million dollars of coverage costs, on average, $1,000 annually.
These are just the averages. Be sure to shop around with a few companies or work with a broker like CoverWallet or Policy Sweet to compare several quotes before making a final decision.
Factors that affect the cost of commercial property insurance in New York
Various factors affect the cost of commercial property insurance. The most important considerations are the amount of property to be insured and the value of that property. Your industry and the location of your business also affect the cost, as do the property’s characteristics, such as the building’s construction materials. There are also factors within the policy, such as the kinds of hazards covered that affect the cost.
Final thoughts
Commercial property insurance is insurance that covers the physical assets of your business. These include the building itself as well as inventory and equipment. Your industry and your business size will determine the scope and the cost of your commercial property insurance policy.
Some insurance companies cater to smaller businesses, while others cater to large corporations. To determine the best insurance for you, gather pertinent information such as location, the valuation of your equipment, your annual revenue, and your annual payroll costs, and request a quote from the companies you think best meet your business insurance needs.
