Commercial Property Insurance

Whether you own your business building, lease an office space, or work from home, commercial property insurance helps protect your important assets.

A man smiling behind the counter at a coffee shop.

Find an Agent

Two women in a nail salon laughing in front of a display of nail polish.

Coverage at Westfield

What Is Commercial Property Insurance?

Commercial property insurance, sometimes called business property insurance, is coverage that helps protect your company’s owned or rented building, as well as your physical assets. It covers losses from many sources, such as:

Fire
Lightning
Wind
Theft
Vandalism

A comprehensive business property insurance plan is one of the smartest investments you can make as a business owner, regardless of your company’s size. At Westfield, you can customize your coverage to fit your unique needs.

File a Claim

Need to File a Commercial Property Insurance Claim?

Call us at 800.243.0210, option 3, to report your claim — we’re here to help 24 hours a day, 365 days a year.

Call Now

A man standing in front of manufacturing equipment in a factory.

How It Works

What Does Commercial Property Insurance Cover?

To put it simply, commercial property insurance protects your business building, outdoor fixtures, and items in the building. Covered assets typically include*:

Physical structures
Equipment
Fencing
Furniture
Inventory
Signs
Supplies
Tools

A man and a woman in a real estate office with the woman shaking hands with the realtor.

Common Exclusions

What Does Commercial Property Insurance Not Cover?

While commercial property insurance can do a lot for your business, it can’t cover everything. The following items are common policy exclusions:

Earthquake and flood damage
Goods in transit
Customer property
Income loss
Employee theft
Equipment malfunction

You may want to consider adding inland marine, general liability, business interruption, crime, and equipment breakdown coverages to give your company additional protection against these kinds of claims.

Bundle Essential Coverages

SureStep® BOP

You can get commercial property insurance as a standalone policy, but many small businesses choose to get a business owners policy (BOP). Our SureStep BOP combines three essential coverages — property, business interruption, and liability — with additional coverages available, based on your industry. See if SureStep is right for your business.

Explore Our BOP

Loading component...

A woman standing in front of a store area with products on display.

Defining Essential Terms

Replacement Cost vs. Actual Cash Value

Commercial property insurance policies typically pay for losses based on the replacement cost of the item or its actual cash value**. Let’s break down what these two terms mean:

Replacement cost value: The amount needed to replace your business property with comparable, new items. There is no reduction in value for depreciation.
Actual cash value: The present-day value of the property. This takes depreciation into account.

Choosing to insure your business property’s actual cash value can result in lower monthly premiums, but you may have to pay more out of pocket if you experience a loss. Your Westfield agent is here to help you make sure your business property is adequately covered.

Loading component...

4.5/5

claims satisfaction rate

“A” Rated (Excellent)

by AM Best since 1934

175+

years of experience

Loading component...

A smiling woman in a safety vest in a warehouse.

Businesses That Benefit

Who Needs Commercial Property Insurance?

Whether you own a large manufacturing plant with multiple facilities, rent office space for your small accounting firm, or run an online retail store from your home, commercial property insurance is essential. That’s because your business building, equipment, inventory, and tools need protection against unexpected events.

Here are just some of the businesses that could benefit from a commercial property insurance policy:

Barbershop or salon
Financial services provider
Manufacturing plant
Photography studio
Real estate
Restaurant
Retail store
Technology firm

Loading component...

Hear From Our Customers

During a time when things can be a little unsettling, Westfield Claims stepped up their game. We had a substantial amount of damage to our warehouse/office due to hurricane-strength winds. Within four days, funds were transferred to cover our claim. We appreciate the quick response so much!
– Michelle A., Commercial Lines Customer

Loading component...

Two people working in finance laughing in an office while looking at a computer.

Pricing Factors

How Much Is Commercial Property Insurance?

The cost of commercial property insurance depends on the value of your business building and physical assets. For example, someone insuring a home office will have a considerably lower premium than someone who owns a large auto repair shop with extensive equipment and inventory. Other factors that help determine the cost your commercial property insurance policy include:

Business size
Industry
Location
Condition of your building
Loss prevention practices
Claims history

The best way to determine how much commercial property insurance will cost you is to contact a Westfield agent for a quote.

Loading component...

Risk Control Services

How Can I Reduce My Risk Exposure?

No matter your industry, maintaining the safety of your property and employees is critical to your success. That’s why we offer risk control services specific to your unique needs. Our team of experts can help you identify loss sources, reduce claims, and safeguard your future. See how we can help provide an all-encompassing level of protection, confidence, and control.

EXPLORE SERVICES

Loading component...

Customize Your Policy

Explore Other Add-On Coverage Options

General Liability

Coverage for when bodily injury or property damage happens on your premises, regardless of whether you’re legally responsible.

Commercial Auto

Protection for the vehicles your business owns, hires, or borrows and the employees who drive them.

Business Interruption

Coverage that keeps the cash flowing and helps you meet your obligations while working to get back in business.

Commercial Cyber

Insurance that provides first- and third-party coverage against losses like data breaches, extortion, and ransomware.

Crime Insurance

Protection against theft of money or property inside or outside your premises under certain circumstances.

Equipment Breakdown

Coverage for the cost to repair or replace equipment and any property damaged by the equipment breakdown.

Inland Marine

Coverage for property that is movable or used in multiple locations, such as equipment, tools, and goods in transit.

Workers’ Compensation

Coverage that pays for the medical care, rehabilitation costs, and lost income of employees who are injured on the job.

Commercial Umbrella

Protection beyond the coverage limits of your business policy that is typically used for larger exposures.

Loading component...

Find an Agent Near You

Commercial Property Insurance Quotes

Catastrophe for your business could be just one windstorm away. With commercial property insurance from Westfield, you have the support, resources, and coverage to help keep your operations running smoothly. Reach out to an agent to start the quote process today.

Contact an Agent

Loading component...

Frequently Asked Questions

Commercial Property Insurance

What are the different types of commercial insurance?

There are many different types of commercial insurance, including general liability, commercial auto, commercial property, crime, commercial cyber, equipment breakdown, inland marine, workers’ compensation, and commercial umbrella. Many small businesses opt for a business owner’s policy (BOP) which combines many essential coverages into one convenient policy.

Do I need commercial property insurance?

You should consider commercial property insurance if you own, rent, or lease business property of any kind. Without this coverage, you would have to pay out of pocket for damage to your business building and physical assets like product inventory, computers, and office furniture

How do I choose the right policy for my business?

When selecting an insurance provider, make sure you’re choosing one with expertise in your industry and a history of financial stability. At Westfield, we have over 175 years of experience, and our agents work with you to customize your coverage to fit your needs. Contact an agent to get started.

Is property insurance legally required?

While commercial property insurance isn’t required by law, some rental, lease, and lender agreements may require you to carry this coverage.

Do I need commercial property insurance if I don’t own the building?

Even if you do not own your business building, you likely need commercial property insurance. That’s because commercial property insurance doesn’t just cover the physical building — it also covers the contents inside the building like your computers, tools, and products. Additionally, your landlord may require you to carry this coverage.

Loading component...

*Please review your actual policy language to see applicable coverages, limits, and exclusions.

**Please review your actual policy language as terms may differ.