An insurance policy that covers all perils
An all risks insurance policy, be it business or personal, is essentially an insurance policy that covers all loss or damage to specified property, subject to the listed policy exceptions.
Some typical exclusions are wear & tear, mechanical/electrical breakdown, riot & strikes, inherent vice, employee/director dishonesty, detention/confiscation by authorities and theft from unattended vehicles – be sure to read your policy to ensure you aware of all the exclusions.
Away from the premises cover
Most insurance policies will restrict the place of loss to the premises only. An All Risks policy, however, is designed to cover your property on and away from the premises in terms of the items specified in the schedule – a big advantage indeed!
Typical items insured under All Risks, therefore, include portable property such as cell phones, laptops, projectors, iPods etc. Insurers will generally load the premium slightly as their risk exposure is wider.