Property insurance helps businesses pay to repair or replace property damaged or destroyed by covered perils. Property generally includes buildings and other structures, business personal property (BPP), and inventory. Businesses can purchase commercial property insurance regardless of whether they own, rent, or lease the premise.
Covered perils generally include fire, lightning, vandalism, theft, etc. Property insurance is written on a named perils or an open perils policy. A named perils or broad form policy provides property coverage for losses resulting from a peril specifically listed on the policy. An open perils or special form policy provides property coverage for losses resulting from a peril unless it is specifically listed on the policy.