What insurance policy typically covers damages from fire to a business’s physical property?

Property Insurance is designed to cover damages to a business’s physical assets from various risks, including fire. This type of insurance provides financial protection for a business's buildings, equipment, inventory, and other tangible assets against loss from specific perils, one of the most significant being fire.

While Fire Insurance specifically addresses damage caused by fire, it is often considered a component or endorsement within broader Property Insurance policies. Thus, Property Insurance is more comprehensive, as it can cover a wider array of risks beyond just fire, such as theft, vandalism, and natural disasters, depending on the specific terms and conditions set forth in the policy.

Business Interruption Insurance primarily focuses on loss of income due to a business being unable to operate following a covered event, rather than on physical damage to property. General Liability Insurance, on the other hand, is focused on protecting against claims of bodily injury, property damage, personal injury, and advertising injury rather than insuring physical property itself.