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Best Business Personal Property Insurance for 2024

Cover your tools, equipment, furniture, merchandise & more.
Quotes available through: Simply Business
BBB Acredited Business
1115 reviews
  • Business personal property insurance (BPP) is a type of commercial property insurance that protects a company’s physical possessions found inside its office building – like office equipment, furniture, tools, supplies, and inventory.
  • BPP insurance won’t cover the building itself or intangible assets like patents, intellectual property, digital files, customer data, etc.
  • Small businesses should especially consider investing in business personal property insurance as it’s one of the more expansive insurance coverages available for tangible assets.
  • We recommend using an online tool to get matched with a policy that is tailored to your business’ specific needs and parameters.
  • To get the most out of your insurance, you may want to combine BPP insurance with other types of business insurance such as a BOP, general liability, professional liability, or workers’ comp plan.

Whether you plan on operating out of a brick-and-mortar storefront, renting office space from elsewhere, or working remotely from home, having business property insurance is essential for protecting your business assets.

BPP insurance protects physical possessions owned by a business, such as office equipment, furniture, and machinery while it’s located at your office. It can also protect valuable assets like inventory, artwork, and a company’s other tangible items.

Amounts and costs of coverage vary by business, so we recommend comparing quotes or speaking to an insurance agent to find the best coverage options.

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Our top picks for business personal property insurance

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Hiscox Insurance

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AMB Financial Strength
A (Excellent)
Specialized for:
Small Businesses

Why We Like It

Hiscox is one of the largest insurance providers in the US and operates in all 50 states. It offers serval types of coverage options to suit your needs including:

  • General liability insurance
  • Professional liability insurance
  • Business personal property insurance (add-on)

Hiscox specializes in insurance for small and micro-businesses and its robust coverage options are available for tons of business types & trades. Hiscox also has over 120 years of experience behind its name as part of the original Lloyds group from 1901. This long track record speaks volumes for how trustworthy Hiscox is.

Coverage Highlights

General Liability Coverage through Hiscox offers your choice of access to:

  • $1 million occurrence limit & $2 million aggregate limit
  • $2 million occurrence limit & $3 million aggregate limit

Other coverage highlights for General Liability include:

  • $100k in coverage for damage to rented premises
  • $5k in coverage for medical payments
  • Blanket Additional Insured endorsement (automatically included)
  • Waiver of Subrogation endorsement (optional)

Professional Liability Coverage through Hiscox offers your choice of access to:

  • $1 million occurrence limit & $1 million aggregate limit
  • $2 million occurrence limit & $2 million aggregate limit
  • $3 million occurrence limit & $3 million aggregate limit

Business Personal Property add-on:

  • Business Personal Property coverage is available as an add-on to your Hiscox General Liability policy
  • Choice of coverage limits: $5k, $10k, $15k, $20k, or $25k

RLI Insurance

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Compare quotes from participating carriers via Simplybusiness.com

AMB Financial Strength
A+ Superior)
Specialized for:
Home-based Businesses

Why We Like It

RLI Insurance specializes in offering affordable General Liability coverage for home-based businesses. RLI is available nationwide in all 50 states as well as in Washington DC. Through RLI, your home business can get General Liability coverage regardless of whether the business functions take place at home, or on the road. This makes it optimal even for companies that run events or visit industry trade shows away from their main home office. As an added benefit, you have the option of bundling a customizable Business Personal Property insurance plan with your General Liability plan to ensure all of your coverage needs are met. More on that below.

Coverage Highlights

With General Liability through RLI, you can gain access to:

  • $1 million occurrence limit & $2 million aggregate limit

Other coverage highlights include:

  • $50k in coverage for damage to rented premises;
  • $5k in coverage for medical payments;
  • Waiver of Subrogation (optional)
  • Blanket Additional Insured endorsements (optional)
  • Business Personal Property (optional add-on)

Business Personal Property add-on:

  • Business Personal Property coverage is available as an add-on to your RLI general liability policy
  • Coverage is available in increments of $5k up to a total coverage of $100k

Garagekeepers Legal Liability add-on: *Available only to Car Detailing businesses as an add-on to your RLI general liability policy *Limits of $30k or $60k

Harborway Insurance

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Compare quotes from participating carriers via Simplybusiness.com

AMB Financial Strength
A+ Superior)
Specialized for:
Small Businesses

Why We Like It

Harborway is a lesser-known provider that offers specialized coverage for:

  • General liability insurance
  • Business personal property insurance
  • Inland marine insurance

This provider offers great coverage for equipment and items you transport or store off-premises makng is great for companies that send employees to work off-site or occaisionally do field work.

While Harborway isn’t an AM Best rated company, it is reinsured by Munich Re which has an AM Best financial strength rating of A+.

Coverage Highlights

General Liability Coverage through Harborway offers access to:

  • $1 million occurrence limit & $2 million aggregate limit

Other coverage highlights for General Liability include:

  • $100k in coverage for damage to rented premises;
  • $5k in coverage for medical payments;
  • Waiver of Subrogation (optional)
  • Blanket Additional Insured endorsement (automatically included)
  • Contractors’ Errors & Omissions endorsements (optional)

Business Personal Property Coverage through Harborway offers access to: *Property limits of $5k, $10k, $15k, $20k, $25k, and $50k *Blanket Additional Insured endorsement (automatically included)

Inland Marine Coverage through Harborway offers access to:

  • $5k or $10k coverage limits on inland marine property
  • Blanket Additional Insured endorsement (automatically included)
Looking for customized BPP coverage? Get a free quote in minutes! Suitcase and Shield With Checkmark GET A QUOTE

What is business personal property insurance?

Business personal property insurance (BPP) is a specialized type of commercial property insurance that covers the property held within your business’ building. It’s broad-reaching insurance that can cover many types of tangible assets from loss, theft, damage, or complete destruction.

Because BPP coverage is so broad, it can sometimes be referred to as simply “business property insurance” or “business contents insurance”.

Is BPP the same as commercial property insurance?

There are several types of property insurance for small businesses. Business personal property insurance is a specialized type of commercial property insurance, but it is not as expansive as some broad commercial property insurance plans as it will not cover the building – only its contents.

For this reason, BPP is often called business contents insurance.

BPP insurance can be a good alternative to broader commercial property insurance for people who rent their business’ primary location. Most landlords already have commercial property insurance to protect the building itself.

What does business personal property insurance cover?

BPP covers financial losses due to the damage, destruction, or theft of business property and will reimburse you or pay to replace the affected assets. Coverage can include protection from vandalism or unforeseen incidents like a burst pipe or a fire.

As a general rule, BPP insurance plans cover items that you can see, touch, and have moved from one location to another.

This includes things like:

  1. Supplies
  2. Equipment
  3. Tools & machinery
  4. Furniture & fixtures
  5. Inventory & merchandise
  6. IT systems

Take a look at the following examples to understand what assets you may need coverage for.

Supplies & equipment

Most businesses have some form of expensive supplies or equipment needed to operate. BPP coverage pays for repairing or replacing raw materials, supplies, and equipment if they are stolen, damaged, or ruined. It can also provide coverage for any leased supplies such as copiers or postage machines.

Furniture & fixtures

Furniture, fixtures, and equipment are essential for the day-to-day operation of many businesses, so it’s important to protect these items with some form of commercial property insurance for small businesses. Property insurance can also include coverage for outdoor lighting, signs, and fences, which are often overlooked but can be expensive to repair or replace out of pocket.

Inventory & Merchandise

Especially true for retail or e-commerce businesses, inventory is another common asset you should protect with commercial property insurance.

This may also include raw materials and finished goods your business produces. For example. if you own a construction or fabrication business, this could also cover semi-finished projects or on-site works that are still in progress.

IT systems

Business property insurance will protect things like computers, servers, software, and phone systems—all of which are critical infrastructure for most companies to operate.

Time is also money. Having business property insurance in place means that hardware and software components can be replaced quickly if they are damaged or stolen allowing you to replace essential data processing systems with less downtime and lost productivity.

What’s not covered by commercial property insurance?

As a general rule, BPP insurance does not usually provide coverage for intangible items like patents, copyrights, and trademarks—nor does it protect a business against liabilities arising from injuries sustained by customers, employees, or other members of the public.

Commercial property insurance can be an invaluable asset when you own or manage a business, but it doesn’t cover everything.

Here are some examples of things that business personal property insurance doesn’t cover:

1

Commercial building & land

BPP insurance only covers items within the building. To have your building covered as well, you will need commercial property coverage, which may be included in a business owner’s policy.

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2

Intangible assets

Intangible assets like patents, copyrights, and trademarks are generally not covered by BPP insurance. You may need other specialized insurance for these assets.

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3

Vehicles

BPP insurance does not cover vehicles used for business purposes. Instead, businesses typically need commercial auto insurance to cover their vehicles.

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4

Earthquakes & floods

While some policies may cover these perils, they are often excluded from standard BPP insurance policies. Businesses in areas prone to earthquakes or floods will likely need to purchase separate coverage for these scenarios.

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5

Cyber attacks

BPP insurance generally does not cover losses caused by cyber attacks, such as data breaches or hacking of sensitive business or client data. For this type of coverage, businesses need cyber liability insurance.

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6

Employee theft

While theft by external parties is typically covered, theft by employees may not be covered by BPP insurance. Businesses may need to purchase employee theft insurance or fidelity bonds to protect against this risk.

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Be sure to read the fine print on any policy you’re considering to ensure you have the right coverage for your business and to avoid unanticipated expenses down the line.

If you have any coverage questions or are unsure of what type of insurance you need, we recommend speaking to an insurance professional as an initial step.

(855) 843-2963

Call us now to speak to a licensed agent.

Who needs business personal property insurance?

Any business that has physical assets can benefit from a business property insurance plan, but this type of coverage is especially good for businesses that rent the building they currently operate from.

This includes homeowners running home-based businesses, since most homeowner policies typically do not cover technology, files, and equipment related to your business.

These are some examples of types of businesses that can benefit from BPP insurance:

Advertiser Disclosure
Even solo workers need protection. There are special policies suited for sole proprietors who work alone. These can include workers comp, as well as other liability coverage to protect the business owner or customers whether at home or while on the job.
Get coverage for the things your homeowner policy won’t cover such as property, equipment, and theft of sensitive client information. It can also pay medical and legal fees if a third party is injured as a result of business activities, and more.
Contractor-specific insurance plans can help cover theft, damage, or loss of movable equipment needed for construction. It can also cover claims relating to personal & physical injury or illness to employees or third parties, and more.
Insurance for photographers can cover your equipment on and off-premises. Get coverage for payouts resulting from bodily & personal injury, negligence, photo/video leaks, and more.
Esthetician Insurance can cover you as a sole proprietor or with employees. Ensure your supplies are covered in case of damage, theft, or loss. Get general & professional liability protection regardless of if you work in a fixed location or visit clients’ homes, and more.
Get coverage for you and your employees in case of injury or illness. Protect your equipment, supplies, and furniture from theft & damage. Ensure visitors and clients are covered in case of personal or bodily injury as a result of business operations.
Get protection from liability and injury to clients regardless of your working location. Insurance for personal trainers can also cover damage or theft of equipment, as well as pay for medical bills or lost wages, and more.
Handyman insurance provides coverage for a range of risks faced by handyman businesses. It typically includes protection for bodily injury and property damage liabilities, personal and advertising injury claims, products liability, and completed operations.
Electrician’s insurance protects your equipment while on the job or moving about. You can also get coverage in case you, an employee, or a client gets injured. Protections can also cover claims of negligence or errors in your work, and much more.
Protect your merchandise and goods while in transport or storage. E-commerce business insurance can also protect you from cyber-related risks, such as hacking and data breaches. Blanket coverage is available for general & professional liability, and more.
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Contractors & builders

For contractors and builders, BPP insurance can cover the cost of tools, equipment, and materials used on job sites. A commercial property policy can provide coverage against direct physical losses such as fire, theft, and vandalism that might occur on a construction site.

Home-based businesses

Home-based businesses can benefit from this coverage by protecting important office equipment, such as computers and printers, as well as product stock, raw materials, or any other necessary supplies.

Handymen & electricians

For handyman and electrician businesses, BPP insurance can help cover the cost of tools and equipment used for repairing and maintaining electrical systems, appliances, and fixtures. This can include electrical testing equipment, circuit breakers, fuses, wire connectors, and more.

Photographers

Photographers can benefit from this type of coverage by protecting their valuable camera equipment, lighting, and studio props. Also, tools you use for editing such as your computer setup, hard drives, etc can all be covered.

Salons & estheticians

For businesses in the beauty industry, such as estheticians and salons, commercial property insurance can cover the cost of equipment and supplies. Some examples could include your salon chairs, shampoo sinks, hair dryers, razors, dying products, and all other materials and equipment needed to keep your business running smoothly.

Personal trainers & gym boxes

Business personal property insurance for personal trainers would cover the cost of fitness equipment such as weights, resistance bands, and exercise machines, as well as any other equipment used during training sessions.

E-commerce businesses & shops

Online stores & e-commerce businesses can safeguard their digital equipment, such as computer servers and inventory stored in warehouses, with business personal property insurance. Depending on the policy, this may include damage to the store’s brick-and-mortar locations, inventory, costly displays, equipment, or other assets.

Food-based businesses

For food businesses, commercial property insurance can protect kitchen equipment and inventory such as food supplies, ingredients, and packaging materials. If you have a restaurant, this coverage would also be extended to the on-site dining room and the manager’s office equipment. However, if you have a food truck, you may want to consider inland marine insurance instead.

Landscapers & lawn care

Lawn care businesses can benefit from BPP insurance by covering the cost of lawn equipment such as mowers, trimmers, and other tools used to maintain lawns and landscapes. This material would be covered when it is at your main facility, but for a mobile business, you may also want to look into inland marine insurance.

How much does BPP insurance cost?

Based on sales data from our partner Insureon, business property insurance costs an average of $67 dollars a month. That said, the cost of business personal property insurance varies based on several factors.

In general, small business owners can expect to pay anywhere from a few hundred dollars up to several thousand dollars per year for comprehensive business property insurance coverage.

Some of the factors that influence the cost of business property insurance include:

  1. The type of property you have
  2. The value of your business property
  3. The activities your business engages in
  4. The level of risk your business faces
  5. The state you operate in

There are multiple types of small business insurance available to companies, and sometimes insurers offer discounts for bundling multiple policies and incentives that can reduce costs even further.

The LA Times comparison tool can help you evaluate prices and coverage options, making it easier to find a policy that fits within your budget and provides adequate protection.

Alternatively, if you have specific questions, you can speak directly to a representative and get personalized assistance.

(855) 843-2963

Speak to an insurance professional for free.

Best plans to combine with business personal property insurance

Business personal property insurance can be combined with other coverage types to create a more comprehensive policy. Depending on the type of business you have you may need several types of business insurance.

These are some of the best plans to add to your business personal property insurance:

Business owner’s policy (BOP)

A business owner’s policy (BOP) is an all-in-one package that combines property, liability, and other coverages into one convenient plan. BOPs are typically less expensive than buying several separate policies but provide the same level of protection and may even include additional umbrella coverage.

General liability insurance

General liability insurance provides protection from claims of bodily injury and property damage. This type of coverage is essential for businesses that interact with customers or clients, as it can help cover the costs associated with any legal judgments against your company.

Workers’ compensation insurance

Workers’ compensation insurance provides coverage for employees who get sick or injured while on the job. Required in most states, workers’ comp coverage will help to protect your business from any potential legal action taken by an injured worker.

Errors and omissions insurance

Errors and omissions insurance—also called professional insurance—provides coverage for professional negligence or mistakes made while providing services to customers. E&O policies can help cover the costs associated with any lawsuits stemming from mistakes that your business makes while performing its duties.

Home-based business insurance

Home-based business insurance can help protect your assets and provide coverage for any legal issues that may arise from running a business out of your home. Instead of being a specific type of coverage, these policies may include a business owner’s policy, general liability insurance, professional liability insurance, and other coverage types.

Cyber liability Insurance

Cyber liability insurance covers expenses related to data breaches, cyber-attacks and other online risks businesses face. Though less commonly bundled with business personal property insurance, this type of coverage can help protect your business from losses related to identity theft, stolen customer information, and other malicious activities.

Inland marine insurance

In contrast to commercial property insurance that protects a business’s brick-and-mortar facilities on-site personal property, inland marine insurance provides coverage for movable property such as tools, equipment, and materials used off-site. This type of policy can also help protect your business from losses related to theft, damage, or destruction while the property is in transit.

How to buy commercial property insurance

Business personal property insurance is an important investment for many companies, but there are steps you can take to get the best policy for your needs.

Follow these tips when buying commercial property insurance:

(855) 843-2963

Call for a personalized comparison and free quote.

How do you determine property value for insurance?

Determining the value of your property for insurance can be tricky, but knowing how to determine property value for insurance purposes accurately is an important part of owning a business.

There are three ways that property can be valued:

  1. Replacement cost: The replacement cost of property is how much it would cost to replace your items at current prices. Notably, this value does not include depreciation.
  2. Actual cash value: Actual cash value looks at the replacement cost of a piece of business property and deducts depreciation. Therefore, this calculation results in a lower figure than that for replacement cost.
  3. Extended replacement cost: Extended replacement cost accounts for price increases that may occur due to inflation related to unforeseen circumstances, like natural disasters. This results in a higher final figure than a simple calculation of replacement costs and may be a more accurate representation of costs under certain conditions.

Replacement cost and extended replacement cost both factor in current market trends, while the actual cash value amount considers depreciation and age at the time of loss.

Need BPP coverage? Get a free quote in minutes! Suitcase and Shield With Checkmark GET A QUOTE

Business personal property insurance FAQ

What is business personal property?

Business personal property can be thought of as all the physical assets that are owned or used by your business for day to day operations that are not permanently attached to the land or building your business operates from.

Business personal property can include things like equipment, machinery, furniture, fixtures, computers, tools, inventory, and any other contents your business has within its main premises.

It’s important to note the distinctions between the business personal property which is movable and real property which refers to land, buildings, or other immovable, permanent structures.

The difference between these two types of business assets determines the type of insurance commercial property requires.

What are the two basic forms of property insurance?

Property insurance can cover two main types of property:

  1. Real property
  2. Personal property

Real Property insurance?covers immovable assets like buildings, land, and permanent structures on your property.

Personal property insurance?covers the movable contents within the building or land - such as furniture, fixtures, machinery, valuables, etc.

Depending on what your business owns, you may be interested in broad commercial property insurance (to cover both real and personal property) or only business personal property insurance to cover the movable property.

Are business personal property insurance and commercial property insurance the same thing?

Business personal property (BPP) insurance is a type of commercial property insurance, and the terms are sometimes used interchangeably. However, business personal property insurance protects physical property inside a business like furniture, inventory, and equipment — not the building itself. This is a major difference between BPP insurance and other types of commercial property insurance.

Business personal property insurance is typically purchased as part of an all-encompassing commercial property policy which can cover many different types of assets, including land, buildings, and equipment owned by a business. Commercial property insurance is also commonly included in a business owner’s policy, or BOP.

What situations does a commercial property insurance policy cover?

Most commercial property insurance policies cover business losses due to theft, fire, and vandalism. Some broader plans may even cover natural disasters such as floods and hurricanes.

Generally, most commercial property insurance plans will come in two forms – coverage for real property, which includes the building and its contents, or coverage for business personal property, which excludes the building and only covers the contents.

That said, commercial property insurance is normally wide-reaching and comes in many shapes and sizes.

Can I combine business personal property insurance with other policies?

Yes, you can combine business personal property insurance with other policies to broaden the scope of your coverage and increase the protection it provides. In fact, most businesses buy several types of policies at once to gain full coverage for a range of liabilities.

Some common types of insurance that can be combined with BPP insurance include general liability insurance and business interruption insurance.

Combining policies may also help lower your overall premiums so it is worth considering when looking into insurance for your business.

Kiah Treece
Kiah Treece Business Finance

Kiah Treece is a business finance expert with more than five years of editorial experience. Through her experience as?a small business owner, real estate investor, and lawyer, she’s knowledgeable in the areas of banking, loans, financing, and insurance for small businesses. Her first-hand experience has enabled her to?break down complex?financial topics to help?consumers make informed decisions so they can spend their money wisely.

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