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Open perils

A commercial property insurance policy that covers open perils protects your business possessions from most causes of loss or damage. However, this option is typically more expensive than a policy that covers named perils.

What is open perils coverage?

Open perils coverage – also known as all-risk or all-perils coverage – is a type of comprehensive commercial property insurance. If you choose this option, your provider will pay to replace items that were lost or damaged by any event not specifically excluded in the policy.

While open perils coverage offers coverage against many events, some insurance providers might exclude loss or damage due to:

  • Natural disasters such as floods, earthquakes, and mudslides
  • Mechanical breakdowns, including boiler explosions
  • Power outages
  • Rust and corrosion
  • Pollutants and fungi
  • Animal or insect pests
  • Employee theft or fraud
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Named perils vs. open perils 

When shopping for commercial property insurance, you may also come across the term “named perils.” Named perils insurance covers property damage or loss from events only specifically listed in the policy. Such instances often include:

  • Fire
  • Theft
  • Vandalism
  • Wind and hurricanes

Named perils policies are typically less expensive than their open perils counterparts because they don’t provide as much coverage. If your business is exposed to multiple risks or has exceptionally valuable equipment, the added protection of open perils coverage might be worth the higher premium.

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