Skip to main content
1-855-550-5515

Compare commercial property insurance quotes from top insurers

Intact logo
Aviva logo
Travelers logo
Economical logo
Chubb logo
Wawanesa logo
Berkley logo
Allianz logo
Gore Mutual logo
Unica logo
Echelon logo
The Commonwell logo
Victor logo
See all providers

⊸ Business Insurance⊸ Commercial Property Insurance

Save on commercial property insurance tailored to your needs

You need commercial property insurance coverage if you rent or own a physical location.

Your business has a lot to gain. But it also has a lot to lose if your property is not protected against inherent threats. Loss or damage to your property can bring your operations to a standstill. When you have commercial property insurance, you don’t have to worry that your livelihood is in peril. You’ll have the financial protection you need when the unexpected happens.

Proper coverage protects your place of business and physical assets. Compare the best quotes for commercial property insurance from the top insurers in Canada. We'll find you an affordable policy for your business property and ensure it's adequately insured.

Top things to know about business property insurance

  • Commercial property insurance is not mandatory but may be required by your lender or commercial landlord.
  • Commercial property insurance protects your physical assets - building, structure, equipment, and more.
  • Any Ontario business with a physical location can benefit from commercial property coverage.

What is commercial property insurance?

Commercial property insurance provides financial protection when your building is damaged. It protects the physical assets of your business from threats - water damage, fire, theft, vandalism, and more. This includes the physical structure of your building and its contents. This policy may also be known as business property or commercial building insurance.

Do I need commercial property insurance?

Woman walking in an outdoor mall

The simple answer is yes! All companies should have business property insurance in Ontario. It protects your company's physical assets from loss or damage. Having a policy is very important whether you have a home office, storefront, coffee shop, or large building. There are many different solutions to meet the demands of small, medium and large organizations.

You’ll want a policy if the following applies to your situation:

  • You operate in a commercial space.
  • You own or lease a building.
  • You have equipment or inventory.
  • You do business off-site.
  • You use computers, machinery or electronics for business purposes.

Get commercial property insurance for all types of businesses

All company types and industries can benefit from protection against an unplanned event. We customize options and packages for your specific situation. Get coverage for these industries:

  • Auto Repair
  • Large Office
  • Contractors and Skilled Trades
  • Home-based business
  • Small business
  • Real Estate
  • Hospitality
  • Retailers
  • Transportation
  • Wholesale
  • Manufacturing
  • Professional Services

What does commercial property insurance cover?

store front inside large shopping mall

Loss or damage to your location can be devastating. Imagine the cost of replacing manufacturing machinery, your computers or several months of inventory. It could be a situation you could not recover from without business property insurance. Here is what commercial property coverage includes:

  • Physical building: Any damage to your building by an insured peril. This includes landscaping, signage, and other physical structures on your land.
  • Contents: All inventory, materials, furniture, supplies, and contents within the building.
  • Equipment: All tools, equipment, machinery and computer systems. Get protection from breakdowns with equipment breakdown insurance
  • Disruption: Get compensation for loss of income if you have to shut down with business interruption insurance.
  • Property in transit: Protection from loss while goods move to and from your location.

What Is not covered by commercial property insurance?

The following types of protection are not commonly included

  • Equipment wear and tear
  • Loss that cannot be explained
  • Deliberate damage to your property
  • Cash and securities
  • Theft at vacant locations
  • Liability - you’ll need commercial general liability insurance

How much does commercial property insurance cost?

It is easier to estimate the costs after first exploring your insurance options. Average costs can vary, and no two properties are the same. The business type, size, location, equipment, and more are all part of premium calculations.

For example, the cost to cover a small restaurant would differ greatly from a large warehouse. Property values, equipment, and risks to operations are very different. Plan limits and inherit threats based on your industry are also factors. Speak with a ThinkInsure expert to assess your needs and find the best rates.

What factors affect commercial property insurance premiums?

Insurers use a variety of factors to assess and set premiums. They include:

  • Location
  • If you have more than one property
  • Age of your property
  • Building size, construction type, and features
  • Replacement cost
  • Coverage options and limits
  • Plumbing, electrical and building upgrades
  • Theft and fire security systems
  • The type of operation
  • Value of assets and equipment
  • Security systems and business risk reduction practices
  • Your insurance history

What are the top benefits of getting commercial property insurance?

  • Peace of mind: You never know when a disaster could strike. Having insurance gives you peace of mind. You’ll be covered if you have a flood, fire, or experience a loss.
  • Financial security: You’ve invested a lot. Protect this investment and maintain your financial security when times get tough.
  • Recovery expenses: Recovering from damage or loss can be crippling. Insurance assists with the recovery process. Get financial compensation for repairs, replacement, and recovery.
  • Business disruption protection: Get compensation if you have had to close due to an unforeseen event. Get funds to help you make up for lost revenue and sales.

How do I get cheaper commercial property insurance?

Here are some useful tips to get cheap commercial property insurance:

  • Review your policy: Assess your needs each year. This is important if you are in a growth phase or have recently changed locations.
  • Secure your business: Being proactive will help protect against threats and lower your insurance. Installing security systems, inventory control systems, hiring security, and other preventive measures could qualify you for savings.
  • Avoid too many claims: Filing too many will increase your insurance payments. Make sure it is worthwhile before you open a claim with your insurer.
  • Review your options each year: A lot can change in a year. Get a quote to assess your insurance needs annually.
  • Work with an expert: A commercial insurance broker can help you find the right solution. Get help assessing your needs, finding cost savings, and choosing a plan.

See our 5 star insurance reviews

ThinkInsure Google 5 star reviews

Rated 4.7 out of 5 stars in 1516 Google reviews

We help customers save more on insurance every day!

See all reviews

Mariann Szekeres

2025-06-20

Star Rating Review2

Thank you Sohel for all your help in finding the right insurance for me, I greatly appreciate it.

Zach Barnett

2025-06-06

Star Rating Review2

Excellent Experience sorting out insurance with Todd A. Very helpful and friendly Thank you !

Mike C

2025-05-30

Star Rating Review2

Great service and seamless process. Todd was great!

Examples of commercial property insurance claims

Here are some examples of typical commercial property claims:

  • A kitchen fire in a restaurant damaged the ovens and other kitchen equipment. Your policy covers the cost of replacing the stove and other equipment.
  • Overnight, someone breaks into your office building and steals computers and other electronic equipment. Your policy covers the cost of replacing the broken window and the stolen items.
  • A pipe breaks and floods the storage room, ruining thousands of dollars in inventory. Your policy covers the cost of replacing the inventory.

Commercial property insurance FAQs

Commercial property insurance is not legally required in Canada in most instances. However, banks and lenders typically require it as a condition of property financing. The landlord also requires it in the lease agreement. So, even though it's not mandatory, it's still required in most situations.

It depends on your business type. Some inherently require more than others. Your plan is based on location, size, industry, operations and more. Speak with an insurance expert to assess your situation and choose the right solution.

It protects your physical location. It helps you reduce potential issues associated with operating and running your business. Protect your location, assets, equipment, and inventory. It helps to safeguard your organization's existence.

All commercial property insurance policies include a deductible. Choosing a higher deductible will reduce your premiums. Some insurers offer deductible options - a flat amount, a percentage for catastrophic events, and some come with a waiting period before they activate.

Each insurer uses a unique formula to calculate property insurance premiums. They consider different variables and offer various insurance packages. So, looking at policies from multiple providers is essential to ensure you find the right coverage at the best premiums.

Yes. Theft coverage is part of your plan. The amount, type of plan, and limits will vary based on your provider. However, employee theft is typically not covered. Theft from third parties is included.

All types of business properties should have it. If you have an unoccupied dwelling, you should insure it. You’ll require a vacant property plan. Speak with your insurance expert about requirements.

There is not one specific insurer that is the best provider. The best insurers offer solutions that meet your company’s unique requirements. Shop around for solutions with multiple insurers to find lower payments.

shopping mall street

Get protection with commercial property insurance

Protect your business property. Our experts will compare quotes from the leading providers in Canada to ensure you get the best rates and coverage. Get started online, or give us a call to get a quote.

Get started

More ways to save on business insurance