Introduction
Every business owner dreads the thought of fire destroying their business and belongings, but it’s also one of the most common reasons businesses fail.
The real key to surviving such an event and moving forward is to be prepared, which means having commercial fire insurance before you need it – like right now! Read on to find out 3 benefits of commercial fire insurance every business owner needs to know about in order to protect your business and its assets.
1) Protect physical assets
Commercial fire insurance protects the physical assets of your business. This includes office equipment, inventory, and most importantly: any liability you may have for the health or safety of visitors or customers.
If a disaster causes severe damage to your building or takes it down completely, then commercial fire insurance will pay out funds that cover repair costs. You can be confident in knowing that you're safeguarding your hard work by taking these precautions.
There are other benefits from having commercial fire insurance too- and they don't just come from having coverage for major disasters.
For example, there are typically exclusions and exemptions written into the policy about things such as theft and breakage which could actually save you money if they apply to what happens in your store every day. In some cases, these clauses can give you free coverage on certain items because they happen so often.
It's important to know what is covered and not covered when reviewing the terms of a policy. Commercial fire insurance also covers many common mistakes like accidentally setting something on fire. So, before you get started with your small business and take on all the risks that come with it, find out more about how this type of protection can safeguard your company's future! The best way to do this is through an independent agent who knows your industry inside and out.
2) Cover business interruption
In the event that your business sustains a fire, you will want protection from damages not only to the building and its contents, but also on-going income with continuation-of-operations coverage.
You may also have unique needs depending on what type of business you own: store owners should consider protecting inventory with stock coverage, while salon and spa owners need water damage coverage in order to rebuild their businesses.
The best way to get started is by reviewing your current policy for anything that might be missing or outdated - if your policy has expired or does not offer the appropriate level of protection for the services you provide, it may be time for an update.
Contacting your agent can help ensure that all risks are covered so you can focus on running your business without worrying about the possibility of interruption due to unfortunate circumstances. Mention product or service offered
As an agent for commercial insurance providers, I am here to guide you through this process and make sure that you're getting the right amount of coverage for your specific situation.
Here at _____ we specialize in commercial insurance products. We are committed to providing our clients with high quality customer service as well as flexible pricing options.
3) Protect your employees
Protecting your employees is one of the best ways you can protect your business. By acquiring commercial fire insurance, you may be able to keep them on the job and reduce downtime from a fire. Plus, if any building repairs are needed, it will help you get them done faster.
The more quickly repairs are made, the less likely other damage will occur. Your employees are often the most important asset in your company, so make sure they’re protected. If a fire breaks out at your workplace, commercial fire insurance will provide coverage for lost wages or temporary disability compensation for your employees that were injured in the event of an accident.
You might also want to cover office equipment with separate property coverage as well. Even if only part of your business was damaged by the fire, the property protection covers all your personal assets and any rented equipment that would not have been covered by a commercial general liability policy. Remember:
Your primary goal should always be protecting yourself first. That way, you can better take care of those around you when disaster strikes. In addition to this, businesses can use commercial fire insurance to pay off loans they had taken out before a fire happened.
For example, if you borrowed money before you built your office building but then suffered damages because of the fire, then your loan payments would be backed up with cash after receiving the payout.
Even though getting caught up in a disastrous event like this isn't fun for anyone involved, it's good to know that there are ways to recover financially. As long as businesses prepare themselves ahead of time and maintain good relationships with their lenders, they'll have a chance of avoiding major problems after dealing with natural disasters such as fires.
0 Comments