Commercial Property Insurance

Building insurance for commercial property is not usually required by law.

However, commercial landlords may require you to have insurance for a commercial rental property when you sign a lease. Financial lenders could also require you to have coverage to buy business property with a bank loan.

You can file a claim anytime online or in the NEXT app.

You’ll be asked to share the details of what happened and to provide relevant photos and documentation. We strive to make claims decisions as quickly as possible so that you can get back to work.

Learn how to file a claim..

It takes about 10 minutes to get a quote, buy coverage and get access to policy documents and your certificate of insurance (COI).

You can access your documents and COI 24/7 online or in the NEXT app for iPhone or Android.

Whether you lease or own a space for your business, commercial property owner insurance coverage can help protect your essential business assets — laptops, furniture, shelving, business equipment, HVAC units and more — inside the building.

The amount of commercial property insurance best for your business depends on many variables, such as:

• Property value
• Location
• What the building is used for
• The number of employees and customers you have
• Your building structure and stability
• Preventive measures like fire-retardant materials, sprinklers and alarms

Knowing the value of your building, inventory and equipment can help you decide on the amount of coverage you require — and not overpay on insurance.

Commercial property insurance policies are based on the actual cash value of your business assets, or what it would cost to replace your property in its current condition. Note that this is different than your business property’s replacement value, which is the cost to replace or repair your property if it’s damaged or destroyed.

Learn more about actual cash value and replacement value.

BOP insurance, also called a Business Owner’s Policy, combines commercial property insurance with general liability insurance.

A BOP can cover business goods included with commercial property insurance as well as general liability risks, such as slip-and-fall accidents and damage to other people’s property.

When both are combined in one package, it can be less expensive than buying them separately.

Learn more about BOP insurance coverage.

A Business Owner’s Policy (BOP insurance) combines commercial property insurance with general liability insurance.

When both are combined in one package, it can be less expensive than buying them separately.

A BOP can cover items included with commercial property insurance as well as general liability risks, such as slip-and-fall accidents and damage to other people’s property.

Learn more about Business Owner’s Policy coverage.

Property commercial insurance can include protection against theft of your business property at your business location.

If you’re in construction or cleaning and you often carry gear between job sites, you would need tool and equipment insurance (also known as Inland Marine insurance coverage) if someone steals your tools.

Learn more about tools and equipment insurance.