Get a Quote

Property Insurance

Start my quote now
We offer flexible payment plans to fit any budget needs.

We offer flexible payment plans to fit any budget needs.

We've helped over 60,000 employers buy more affordable insurance coverage.

We've helped over 60,000 employers buy more affordable insurance coverage.

We shop your coverage with up to 35 national carriers.

We shop your coverage with up to 35 national carriers.

We shop your commercial insurance to save you time and money.

What is Property Insurance?

Property insurance provides coverage for property owned, in the event of damage or theft. The property covered is usually confined to an owned or rented structure, and only covers the property while in said structure. Property insurance is usually bought included with other lines of insurance such as in a business owners policy (or commercial package policy), homeowners insurance, renters insurance, flood insurance or earthquake insurance. Perils typically covered by basic property insurance include damage caused by fire, smoke, wind, hail, the weight of ice or snow, lightning, theft and more. Property insurance also provides some liability coverage in the event someone other than the property owner or renter is injured while on the property.

It is important to note that most property insurance policies do not cover water damage caused by floods, tsunamis, drain backups, sewer backups, groundwater seepage, standing water or many other water sources. Also not covered are mold, earthquakes, nuclear events or acts of war, such as terrorism.

As previously mentioned, and demonstrated by all the exclusions above, property insurance isn’t coverage that should stand alone, you will need additional lines in order to assure your business property is protected against all viable perils. Working with an Insurance Shop specialist to identify how much property coverage you need is the first step, then looking at your overall business insurance portfolio to design the best package or program that will save you money while providing the coverage you need is the next.

Find your lowest business insurance rates.

Find your lowest
property rates

We take the time to make sure your business and employees are classified correctly and then we get to work finding the lowest rates available for your insurance coverage.

  • National property specialists.
  • Licensed throughout the United States.
  • Programs for standard and tough class codes.
Compare quotes from over 35 carriers.

Compare quotes
from over 35 carriers

Once we've got your best quotes back from our carriers, we take the time to help you understand your options and take the next steps to get you covered quickly.

  • Easy billing and installment plans.
  • Pay As You Go insurance coverage options.
  • We continue to follow up after binding; our service to you never ends.

Learn More

Property Insurance
We shop your commercial insurance to save you time and money.

Why Do I Need Property Insurance?

All businesses have property, even home-based businesses, and businesses without a physical location. Computers, inventory and customer goods are all types of property that need insurance whether or not they are kept at a single place of business. (Keep in mind that if this is the case for you that you may need inland marine insurance as this covers property in transit.) However, if you have a physical location in which you keep machinery, computers, raw materials or inventory, for example, then you definitely need property insurance or your items will not be covered in cause or loss or theft.

If you do not own the building in which you do business then your lease should describe your obligations with respect to insurance. It is a good idea to review your lease carefully with an insurance expert who can help point out gaps in coverage. Perhaps your landlord will pay for damages from a fire, but not for replacing merchandise. This is the type of information you need to know before buying your property or renters insurance.

What Does Property Insurance Cost?

The best thing about purchasing commercial property insurance, whether it be stand-alone or through a package, is how customizable it is, therefore you’ll never pay for more coverage than you need. That is, provided you are working with a knowledgeable agent who can guide you through identifying your exposures and building coverage for them. When insurance carriers are appraising risks at your business they are generally looking at the following factors:

  • Size and location of your business.
    • Is your business in a high-crime area?
    • Do you have a large, multi-level office space? Or just a single office on one floor?
    • Do you have many employees or just a few?
  • Safety and security at your business.
    • Do you have safety policies in place? And do you train your employees in using them?
    • Does your building have a security system or third-party security company that monitors the premises?
    • Does your business handle toxic materials, as in a dry cleaning business?
  • Age of building and equipment.
    • Is your building up to code? Older buildings may need regular inspections to prevent fire or damage from things like old wiring or foundation shifts.
    • Is the equipment you use out of date? The newer your technology the safer it is evaluated to be.
  • Replacement value vs. actual cash value.
    • Depending on how you want to be reimbursed, either for the cost to replace your property entirely or the just for the depreciated value of the property lost, your coverage premium can vary quite a bit.

As always, when you bundle, you save. The more lines of insurance a carrier can write for one customer, the better their rates will be. The carriers know, statistically, that you will not have a claim on every coverage you buy in a single policy period, so they can bank most of your premiums for use when you, or others, do have a claim. The Insurance Shop partners with many nation-wide carriers who write these policies every day. Let us help you shop for the right coverage, right package, and right premiums today.

What are Common Property Claims?

The first step to take when you think you have a claim is to call your agent. Your agent will help you organize your information and guide you through calling the insurance carrier who will process your claim. The following are the top five property and liability claims for small businesses as reported by The Hartford1 (2015):

  1. Burglary and theft
    1. 20% of claims.
    2. Average cost to business owner: $8,000.
  2. Water and freezing damage
    1. 15% of claims.
    2. Average cost to business owner: $17,000.
  3. Wind and hail damage
    1. 15% of claims
    2. Average cost to business owner: $26,000.
  4. Fire
    1. 10% of claims
    2. Average cost to business owner: $35,000.
  5. Customer slip and fall
    1. 10% of claims
    2. Average cost to business owner: $20,000.

1The Hartford Newsroom

How Can I Reduce my Risk?

Reducing risk of property loss in your business can be as simple as locking doors and doing monthly inspections. There are some more measured steps that you can take to mitigate more specific risks. For example, to try to prevent burglary and theft a business owner should conduct proper background checks on all employees, invest in some level of a security system, put up fences and gates around company property and install sufficient interior and exterior lighting. Other hazards like inclement weather, fire, water damage and freezing damage can be mitigated as well through employee training, maintaining the landscape, alarm systems and emergency drills.

Frequently Asked Questions

  1. What is the difference between property insurance and general liability insurance?
  2. Property insurance only protects the material objects a business owns by paying to either repair or replace damaged goods after a covered event. General liability covers the expenses resulting from third-party bodily injury or property damage on your business property.

  3. Does property insurance cover my laptop that I take to meetings with me off-site?
  4. Commercial property insurance may pay to repair or replace laptops used off-site. The best way to make sure all your specific exposures are covered is to meet with an experienced agent who will ask the right questions and assure your policies are written just how you need them.

  5. If I rent my building used for business does my landlord have to provide me any coverage?
  6. Landlords are required to insure the physical structure in which they rent. They are not required to provide or extend any coverage to their tenant’s belongings. Before signing a lease, it is a good idea to ask the landlord what kind of insurance is covering the structure. For example, while they aren’t required, some landlords may take out extra coverage for events such as fire or flood, but you will need to add coverage for debris removal.

Insurance Services

Our Special Products and Services Make Us Better

Whether you are looking for the best coverage or to save more money over your current policy, our fast and friendly service staff is always here to help. As we work with numerous carriers across the United States we can offer more products at the best competitive rates. We at The Insurance Shop don't stop there, we also have a highly trained and experienced customer service team who guide and support you both before and after you've obtained your coverage.

EV SSL Certificate