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Fire Insurance

Fire insurance is a type of insurance that provides coverage for property damage and loss caused by fire. It is essential for businesses to invest in fire insurance as it can protect their property, assets, and operations from potential devastation caused by a fire.

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Why do you need fire insurance for businesses?

A fire can occur at any time, and the damage it can cause can be catastrophic, leading to the loss of valuable property, equipment, and even life. Fire insurance provides financial protection for businesses, ensuring that they can recover from the damage caused by a fire and continue their operations.

Without fire insurance, the costs of repairing or rebuilding a business after a fire could be overwhelming, potentially leading to financial ruin for the business. Investing in fire insurance can provide peace of mind, knowing that your business is protected from the devastating effects of a fire.

Business Risks Covered By Fire Insurance

Property Loss or Damage

If a fire incident damages a business’s property or equipment, fire insurance coverage will cover the cost of repairing or replacing it. This coverage includes the cost of materials, labor, and equipment required to restore the property to its pre-damaged state. This type of coverage also protects against damage caused by smoke, water, or other substances used to extinguish the fire.
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Natural Disasters

Property can be damaged by natural disasters, such as hurricanes, floods, or earthquakes. In such cases, fire insurance coverage will protect businesses against the financial losses resulting from the natural disaster.
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Professional Fees

Professional fees may be needed to rebuild a business’s property and resume its operations after a fire incident. These fees may include those incurred by architects, engineers, contractors, and other professionals involved in the rebuilding process. Fire insurance coverage provides financial protection to businesses for these fees, ensuring that they can recover quickly from the fire incident.
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Loss of rental

Loss of rental income can be a significant financial burden for businesses that lease their property to others. If the leased property becomes uninhabitable due to fire damage, the business may lose its rental income. Fire insurance coverage provides financial protection to businesses for lost rental income resulting from covered incidents. It covers the rental income lost during the period when the property is being repaired or replaced.
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Alternative Premise for Tenant

If a business’s property becomes uninhabitable due to fire damage, it may need to find alternative premises to continue its operations. Finding and leasing a new location can be a significant financial burden for businesses. Fire insurance coverage provides financial protection to businesses for relocation expenses resulting from covered incidents. It covers the costs of leasing a new location, moving equipment and inventory, and other related expenses. This type of coverage ensures that businesses can quickly resume their operations after a fire incident
View Example

Property Loss or Damage

If a fire incident damages a business’s property or equipment, fire insurance coverage will cover the cost of repairing or replacing it. This coverage includes the cost of materials, labor, and equipment required to restore the property to its pre-damaged state. This type of coverage also protects against damage caused by smoke, water, or other substances used to extinguish the fire.
View Example

Natural Disasters

Property can be damaged by natural disasters, such as hurricanes, floods, or earthquakes. In such cases, fire insurance coverage will protect businesses against the financial losses resulting from the natural disaster.
View Example

Professional Fees

Professional fees may be needed to rebuild a business’s property and resume its operations after a fire incident. These fees may include those incurred by architects, engineers, contractors, and other professionals involved in the rebuilding process. Fire insurance coverage provides financial protection to businesses for these fees, ensuring that they can recover quickly from the fire incident.
View Example

Loss of rental

Loss of rental income can be a significant financial burden for businesses that lease their property to others. If the leased property becomes uninhabitable due to fire damage, the business may lose its rental income. Fire insurance coverage provides financial protection to businesses for lost rental income resulting from covered incidents. It covers the rental income lost during the period when the property is being repaired or replaced.
View Example

Alternative Premise for Tenant

If a business’s property becomes uninhabitable due to fire damage, it may need to find alternative premises to continue its operations. Finding and leasing a new location can be a significant financial burden for businesses. Fire insurance coverage provides financial protection to businesses for relocation expenses resulting from covered incidents. It covers the costs of leasing a new location, moving equipment and inventory, and other related expenses. This type of coverage ensures that businesses can quickly resume their operations after a fire incident
View Example

Learn more about Fire Insurance for your business:

Each business has different assets that they have invested in, whether it’s the building or premises, machinery, office equipment, or stock or inventories. Each has its own risk exposure. With the fire coverage, you will be able to make a claim if anything were to happen to your assets because of fire damage.

Should there be any unforeseen accidents, such as fire, with selected coverage, SME owners are able to claim their sum insured limit for the damages to the premises, their machinery, and their stocks and inventories.

With every business, there are different risks involved. Whether or not the business owners have identified these risks or outsourced them, they exist. A business owner can choose to self-insure, which may set back their capital, or obtain the right insurance coverage, which could benefit them and their business.

When buying fire insurance, machinery, buildings, stocks, and inventories are the key coverages to consider. We would also recommend burglary, money, as well as plate glass, signboard, and signage coverage. Do consider adding additional special perils should your insured location be exposed to riots, floods, storms, explosions, or landslides.

Yes, please contact us at our call centre to obtain an endorsement should you require to add-on any coverages as your business grows and its risks change.

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