Which of the following represents a key characteristic of a business personal property policy?

A business personal property policy primarily focuses on protecting personal property that the insured business owns. This key characteristic is vital for business owners to understand, as it outlines the specific bounds of coverage they can expect in the event of a loss. Such policies are designed to cover furniture, fixtures, machinery, and inventory that belong to the business, ensuring that owners can recover their investments in the owned assets.

In the context of the other options, while it is true that policies may have exclusions or specific terms relating to customers' property, the main defining feature of a business personal property policy is indeed its focus on the property that the business owns. Endorsements are a common component in many insurance policies, allowing businesses to tailor coverage, but their presence or absence does not define the core characteristic of this type of policy. Lastly, coverage typically does not extend to both personal and business property in a single policy; instead, they are generally treated separately in different types of insurance coverage, thus clarifying the purpose of the business personal property policy.