Named perils coverage is an umbrella term for different types of commercial property insurance, including:

Business Income Coverage – Helps cover lost income caused by a covered loss to the building or building contents. This includes lost income from tenants that rent space in your building.

Business Personal Property Coverage – Covers personal property owned by the insured business, such as cash registers and inventory. It also covers any other personal property that’s not attached to the premises or building, like cars parked in a lot owned by your company.

Business Equipment Coverage – Covers business equipment used in your business operations, like computers and machinery (for example, forklifts). This excludes property owned by others who may have business relationships with your company (such as customers who come into their store).