Businesses buy property and auto insurance, but what about coverage for the space they lease? If your business rents property, you should look to get liability insurance that protects the property rented to you. Here are some details of the 9 best renters insurance companies for commercial property leases.
- The Hartford: Best Overall
- Chubb: Best for Flexible Service Options
- Geico: Best for Businesses on a Budget
- Hiscox: Best for Startups
- CNA: Best for Personal Service
- Gallagher: Best for Full Property Coverage
- Travelers: Best for Bundling with Auto
- Progressive: Best for Bundling Discounts
- CoverWallet: Best for Multiple Policy Management
Comparison Table
Insurer | Types of rental coverage | Quote process | Special features |
The Hartford | Business owners policy | Online quotes | Great customer service |
Chubb | Business owners policy, property insurance | Online quotes | Customizable policies |
GEICO | Business owners policy | Online quotes | Bundling discounts |
Hiscox | Business owners policy | Online quotes | Customizable policies |
CNA | Business owners policy | Quotes through agent only. | More than 300 optional endorsements to customize your policy |
Gallagher | Property insurance | Online quotes | Coverage customized to your rental property and its contents |
Travelers | Property insurance | Quotes through agent only. | Online portal makes managing policies easier |
Progressive | Business owners policy | Online quotes | Bundling discounts |
CoverWallet | Business owners policies, commercial property insurance | Online quotes (in most cases) | Manage all your business policies in one place |
9 Best Renters Insurance Companies
The Hartford: Best Overall
One of the best companies for renters insurance is The Hartford, which has an A+ AM Best rating and an A+ Better Business Bureau rating. It gets high marks for its claims process and overall customer service. You can get a quote through the website by answering a few questions, but you’ll have to finish up with a phone call.
The Hartford offers several different policy types that cover business rental property. The most comprehensive is a business owners policy (BOP) that includes general liability insurance, commercial property insurance, and business income insurance to cover you from every direction. With a BOP, you have coverage for injuries on your property, loss due to fire or theft, loss of income, and more.
Pros
- Easy online quote process
- Positive customer service experience
- Easy claim-filing process
- Wide variety of business insurance options
Cons
- Phone consultation required to finalize quote
- Prices can be higher than competitors
How to Get Coverage
First, get a preliminary quote using the tool on The Hartford’s website. If you like the pricing, you’ll need to talk to a small business specialist to sign up. The specialist will answer any questions you have and help you set up your new policy.
Chubb: Best for Flexible Service Options
Chubb has a solid credit rating and, as of 2019, was the second-largest U.S. commercial lines insurer. The website can guide you to the types of insurance you need based on your industry, making it a flexible option. Chubb offers business owners policies that can cover a variety of insurance types, but you can also purchase a property insurance policy that will cover your personal property and liability for your leased business space.
But the best insurance companies for renters insurance also have a solid Better Business Bureau presence. Chubb is not BBB accredited, although it does have a low number of customer complaints, particularly for its commercial insurance offerings. However, it does have a D- Better Business Bureau rating, though it has an A++ AM Best credit rating.
Pros
- Easy online quote process
- Coverage can be tailored to business size and type
- Higher than average customer service ratings
Cons
- Not BBB accredited
- Insurance certificate must be requested
How to Get Coverage
To get a quote, choose your business industry or service from Chubb, then answer the questions. You’ll need to contact a representative to set up your policy.
GEICO: Best for Businesses on a Budget
An A++ credit rating and affordable rates make GEICO worth considering, especially for small businesses. GEICO doesn’t offer dedicated renters insurance for commercial space, but you can purchase a business owner’s policy that will cover your liability and personal property. GEICO has an A+ Better Business Bureau rating.
One downside to GEICO is that, aside from auto insurance, its business-related policies are covered by a third-party provider. That means policies can vary by the provider representing your specific policy. GEICO also doesn’t handle claims for business policies, which can make the process of filing a claim more complicated than with other insurers.
Pros
- Rates can be more affordable than competitors
- Business owners policies available
- Bundling discounts available
Cons
- Policies managed by third parties
- No dedicated commercial rental insurance option
How to Get Coverage
You can generate a quote in minutes through the GEICO website. If you decide to proceed, you can accept the quote. You can also speak to a representative through live chat or by phone.
Hiscox: Best for Startups
Unlike many other business insurers, Hiscox specializes in policies for small businesses and startups. The insurer has an A rating from AM Best with a stable outlook, and online reviews are largely favorable. Most negative reviews relate to bad customer service experiences. The Better Business Bureau rates Hiscox with an A= rating.
Despite its small business focus, Hiscox lacks a dedicated rental property policy. This would be covered under a business owner’s policy. The good news is, Hiscox can customize your policy to exactly the coverage type your business needs.
Pros
- Specializes in small business coverage
- Customizable policies
- Mostly favorable reviews
Cons
- Some coverage types are through third parties
- Business owners policies not available to all business types
How to Get Coverage
You can obtain a quote and buy your policy online. If you’re doing a renters insurance comparison, you can come back to the quote later and purchase it if you choose. You can also speak to a licensed insurance agent by phone during business hours.
CNA: Best for Personal Service
As one of the largest commercial property insurers in the U.S., CNA understands a business’s property insurance needs. Your renters insurance will be housed under CNA Connect, which is the company’s flagship business owners policy. This policy covers risks to a business’s buildings, business income, business personal property, computer equipment, accounts receivable, money and securities, and more. Its policy specificity makes it great for service-based businesses. There are also more than 300 optional endorsements that can be added to your policy to further customize it.
CNA has both an AM Best rating of A and an A+ Better Business Bureau rating with very few customer complaints. The website is challenging to navigate, though, and includes no option for getting a quick quote. To sign up for insurance with CNA, you’ll have to go through an agent certified to sell it. There is a matching tool on the website to help track one down.
Pros
- Wide range of business coverages
- Specializes in commercial property insurance
- Low number of customer complaints
Cons
- Website lacks user-friendliness
- No online quote or signup option
How to Get Coverage
To get coverage from CNA Insurance, you’ll need to go through an agent. Through the website, you can request to be automatically matched or browse a list of CNA agents and choose your own.
Gallagher: Best for Full Property Coverage
Among commercial renters insurance companies, Gallagher stands out for one reason. Your policy can be customized to your property rental protection needs. You’ll be asked to itemize your contents and details of your rental space, and your coverage will be tailored to match.
One of the best things about Gallagher, according to online reviews, is its easy online quote process. You can price a policy and sign up for it through the website, with detailed questions walking you through the process. However, negative reviews blast the claims process, with some believing their claims were denied unfairly. Still, Gallagher has an A+ rating from the Better Business Bureau.
Pros
- Easy online quote and application
- Customizable rental property policies
- Online claims filing
Cons
- Policies provided by third-party insurers
- Negative reviews cite claims denials
How to Get Coverage
The entire quote and application process can be completed through the Gallagher website. The questions walk you through setting up the policy you need.
Travelers: Best for Bundling with Auto
Travelers is one of the largest auto insurers in the U.S., but the company offers a wide range of other coverage options. Businesses of all sizes can access commercial property insurance through Travelers, with coverage designed to match your needs.
With an A++ AM Best rating and a 170-year history in the insurance business, Travelers is a stable company. However, there are a large number of complaints about customer service and claims denial. Many of these complaints relate to the consumer side of its business, though, with few reviews referencing the business side of things. It has an A rating from the Better Business Bureau.
Pros
- Long history in the industry
- Policies tailored to your unique needs
- Online portal makes managing policies easy
Cons
- No online quotes
- Must have an agent to start a policy
- Customers complain about the claims process
How to Get Coverage
Unfortunately, Travelers doesn’t offer online quotes or policy requests. You’ll need to go through an agent to set up your policy. You can search for Travelers agents by zip code on the website.
Progressive: Best for Bundling Discounts
Progressive is one of the best insurance companies for renters insurance if you plan to bundle it with your auto. You’ll not only get a discount, but Progressive is the top auto insurer in the U.S. It has an A+ AM Best rating and overall good reviews, although there are repeat complaints about premiums increasing over time. The Better Business Bureau gives it an A+ rating.
When you choose a commercial renters policy with Progressive, you’re shopping rates from third-party providers. This means your experience can vary depending on the provider who handles your policy. But you can file the claim online, so at least you won’t be stuck trying to find contact information.
Pros
- Online quote available
- Bundling discounts available
- Easy-to-use website
Cons
- Policies issued by third-party providers
- Must speak to a representative to set up a policy
How to Get Coverage
You can get a quote on the Progressive website in minutes. If you decide to sign up, you’ll need to speak to a representative.
CoverWallet: Best for Multiple Policy Management
CoverWallet is one of the newer insurers providing renters insurance for commercial space. The company was founded in 2016, but it has quickly built a large number of positive online reviews. CoverWallet’s parent company, Aon, has an A rating from AM Best and an A+ Better Business Bureau rating.
CoverWallet calls itself a concierge service, allowing businesses to manage all their policies in one place. You can price policies, sign up for insurance, and manage your policies all through CoverWallet’s portal, but the policies themselves will be with third-party providers.
Pros
- Offers business owners policies and commercial property policies
- Easy-to-use dashboard makes it easy to keep up with policies
- Online quotes available
Cons
- Customer service process can be tough to navigate
- Policies are with third-party providers
How to Get Coverage
In most instances, you can get a quote on the website, but you may be directed to speak to a representative. The signup process will vary from one insurer to another, but in some cases, you won’t be able to finalize your policy online and will have to speak to a representative.
Methodology
Our renters insurance comparison took a look at the most important features of a business insurance policy. First, we looked at whether the insurer offers property insurance at all. Most often, renters insurance would be covered under a business owners policy, which provides a full suite of coverage types.
But before reviewing a commercial rental insurance provider, we also took a look at their AM Best rating and online reviews. It’s important to choose an insurer whose business model is stable and whose track record of claim payouts is strong. That said, most insurers have disgruntled customers who post negative reviews after having a claim denied. Other factors that were considered were the quote process, average pricing, and customer reviews.
The best companies for renters insurance can create a policy that fits your business needs. Make sure you get multiple quotes and pay close attention to the fine print in each policy. In doing so, you’ll get the peace of mind of knowing your business is protected against the worst.
Frequently Asked Questions
How do I get cheap business renters insurance?
The best way to get a good rate on renters insurance is to price policies from multiple renters insurance companies. Many business insurers offer customers the opportunity to get a quick quote. Go through this process with a few insurers with online quote options and use that to compare against any policy you’re considering.