As a business owner, it's essential that you protect your property. Whether you buy inventory or you have high-end equipment in your shop, you need comprehensive commercial property insurance in place.
This coverage provides protection from a wide range of risk factors — including fire. While fire protection is common, you also need to think about prevention. Here's you should know about insurance coverage for fires.
When Does Insurance Cover Fire Damage?
A standard commercial property insurance policy generally provides you with fire protection. It should cover fire damage related to:
- Your building's structure
- The contents of your building, such as your inventory
- Any furnishings within the building
- Equipment in the building
- Any other items related to the business
- Signage attached to the building
Yet, there are caveats.
For one thing, it is important to learn the cause of the fire. Policies like this only cover accidental and unavoidable losses. They also don't cover fires set intentionally.
For this reason, it is very important to keep equipment in good working order, and always perform regular fire inspections throughout the business.
Your policy may also include business interruption coverage. Verify this with your Busha-Okeson Insurance agent. If available, this may help cover the cost to move your business. It can also pay for the lost revenue you would have if the business was operating and open. If the business' damage is significant or will take time to repair, this policy may help you pay your bills — including your employees' salaries. Coverage will therefore help you reopen without suffering severe setbacks.
Prevention Is Vital
In every situation, having ample coverage is important. However, preventing a fire carries a higher level of importance.
Work closely with your Busha-Okeson Insurance agent to pinpoint any areas of risk. In addition, you want to be sure you are taking steps to meet all building codes associated with fire prevention.
- Be sure you have working fire extinguishers and sprinkler systems in place.
- Ensure you have a local company check your hood systems and fire extinguishers for functionality at least once a year.
- Keep up on all maintenance tasks related to fire risks. This includes maintaining electrical systems, keeping cooking systems clean, and minimizing any risk of heat-related fires. Store chemicals properly, too.
Commercial property insurance claims for fire are common. However, they can raise your costs if you file multiple claims. To avoid this, implement fire safety protocols. It can help save your company money on insurance costs and keep your business operational for years to come.