Why do preferred stock have more protection?

Question

Why do preferred stock have more protection?

Answer 1

more often preferreds are more expensive but they also are guaranteed a payment while common stock is not. it is now more rare for a company to offer preferred stock.

Answer 2

The value of preferred stock is somewhat protected by its dividend which is a stated amount.  Preferred also have preference over common stock in liquidation of the company.  In today's age that is not saying much however.  Most of the time when management gets through pillaging a company there is very little if anything left.  Some, but not all preferred stock also accumulate their dividends if they are not paid.  

There are preferred stocks today paying over an 8% dividend.  That does tend to support the price of the stock.