Property insurance provides protection against most risks to property, such as fire, theft and some weather damage. This includes specialized forms of insurance such as fire, flood and earthquake insurance.
Property is insured in two main ways—all risk and named perils. All risk covers all the causes of loss not specifically excluded in the policy while named perils require the actual cause of loss to be listed in the policy for insurance to be provided. The more common named perils include such damage-causing events as fire, lightning, explosion, and theft.
Commercial property insurance covers a wide variety of property, including equipment, inventory and supplies, office furniture and fixtures, computers, and electronics. Personal and customer property kept at the business site is also covered.
In addition, commercial property insurance can cover property fixtures such as lighting systems or carpeting; windows; outdoor signs; even fencing and landscaping.