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Although no one wants or seeks an accident of this type to happen to them, the truth is that it can happen at any time. With the objective that you can keep your patrimony protected, local commercial fire insurance is available. Do you want to know what it consists of? What is covered and what is not?

What Is Fire Insurance For Commercial Premises?

When it comes to a business, security, and protection are two fundamental factors. Fire is a constant threat to any business, no matter its size or the industry it is in. That’s why it’s important to consider fire insurance to protect your business premises.

Fire insurance is a policy that is responsible for covering damage caused by a conflagration in your business premises. It is especially important for business owners who operate in commercial buildings, as a fire can have serious and costly consequences, including the destruction of all or part of the building and the loss of essential assets.

Fire Insurance Coverage For Commercial Premises: What Are They?

It is essential that as a business owner, you are aware of the coverage provided by fire insurance for your business premises, as this is how you will know if your assets and equipment are protected. In general terms, a policy of this type covers the following cases:

  1. Property damage: This includes the structure of the building, as well as property and equipment within the business premises such as furniture, machinery, inventory, and any other property that may have been damaged by the fire.
  2. Cleaning Expenses: Following a conflagration, the business premises may need to be cleaned to make it safe for use. A fire policy can take care of the restoration of the premises.
  3. Temporary accommodation expenses: If the business premises are uninhabitable after a fire, you may need a temporary place to work. Fire insurance can pay for temporary accommodation while your business is being repaired.
  4. Loss of income: If the business must temporarily close due to the disaster, you may lose income. Thus, this insurance can take care of your income while the business is closed.
  5. Liability: If someone is injured on your premises due to the fire, you will likely face a lawsuit. Insurance will support you with legal expenses and compensation for injury or property damage.

What Does Fire Insurance In Commercial Premises Not Cover?

It is essential to bear in mind that this insurance does not offer coverage for all damages caused by fire. Next, we are going to observe what those cases are: 

  1. If the fire was caused by negligence or a lack of proper maintenance on the business premises, fire insurance may not cover the damage.
  2. In a scenario in which the loss has been caused intentionally, as a result of a criminal act, the policy will not assume the damages.
  3. When there are cars parked on the premises that are damaged in a fire, they may not be covered by insurance.
  4. There may also be exclusions for detriment caused by natural disasters, such as earthquakes, floods, or hurricanes. If you are in an area prone to these events, it is essential to speak with your insurance provider for additional coverage options. 

How To Choose The Best Commercial Premises Fire Insurance?

Below, we detail the factors that you should consider when purchasing fire insurance for commercial premises:

  1. Be sure to carefully review what the policy covers and what limits it has. Hire the insurance that is ideal for your business and the assets you want to protect.
  2. To find the right balance between the cost of insurance and the protection it provides, it must be the right option to keep your wealth safe. 
  3. Customer service is important in case you need to file a claim. Verify that the insurance company you contract with has a good track record in this regard.

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By admin

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