A Commercial Property Insurance policy in California typically provides coverage for physical damage or loss to a business's real property and personal property. Here are the main components usually covered:

1. Building Coverage

Protects the physical structure of the commercial building owned or leased by the business against risks like fire, vandalism, windstorms, hail, and other covered perils.

2. Business Personal Property

Covers equipment, furniture, inventory, supplies, and other personal property owned by the business that is located on the premises or in transit.

3. Contents Inside the Property

Includes office supplies, computers, machinery, and other movable items inside the building.

4. Business Interruption (Optional / Part of a broader policy) 

Provides income replacement if a covered event causes the business to temporarily shut down or reduce operations.

5. Additional Coverages (may vary by policy) 

Equipment Breakdown**: Damage to machinery or equipment due to mechanical failure.

Outdoor Property**: Coverage for fences, signs, landscaping, and other outdoor structures.

Debris Removal**: Costs associated with removing debris after a covered loss.

Law and Ordinance**: 

Coverage for increased costs associated with rebuilding to current codes following a covered event.

6. Perils Covered

Typically includes perils like fire, lightning, explosion, windstorm, hail, vandalism, theft, and certain other risks. Some policies may be "all-risk," covering most perils except those specifically excluded.

7. Exclusions

Damage from floods, earthquakes, and certain other events usually require separate policies or endorsements, especially important in California due to seismic risks.

Important Notes for California Businesses:

Earthquake and Flood Insurance**: Because California is prone to earthquakes and flooding, these perils are generally not covered under standard Commercial Property policies and require separate coverage.

Local Regulations**: Policies can be tailored based on local regulations, building codes, and specific business needs.

Summary:

A Commercial Property Insurance policy in California generally covers physical damage to your business property caused by common perils, with optional coverages and endorsements available to address specific risks like earthquakes and floods. Always review your policy carefully and consider additional coverage based on your location and business type.

If you need more specific details or have particular concerns, consulting with an insurance agent familiar with California commercial policies is advisable.