All Risk

What it is

All-risk coverage

An insurance policy with all-risk coverage covers claims from all incidents that aren't specifically omitted in your contract.

What is all-risk coverage?

All-risk insurance, also called open perils coverage, provides protection from any risks that aren’t explicitly excluded in your property insurance. This means that if you need to make a claim over loss or damage to your business property, it will be covered unless it’s already listed as a loss scenario that the insurance company will not cover; most non-listed events are covered.

For example, say you’ve purchased multiple new PCs for your software development business, and the delivery person accidentally drops one of the machines on the floor. The computer breaks and also damages the flooring on impact. All-risk property insurance would cover claims for both the PC and the floor since the event was accidental, unforeseen, and not listed among the specific loss scenarios that your policy excludes.