Is Your Building Fire-Proofed?
Natural calamities and accidents are unforeseen circumstances that can bring everything to a standstill. For business owners, protecting their interests from such perils is a top priority. The potential for loss is huge, which is why it’s vital to be prepared. A fire insurance policy can help mitigate financial burden and keep businesses running so that they don’t lose their footing.
Importance of fire insurance
What exactly does fire insurance protect a business from? It has numerous benefits some of which are mentioned below –
Protects expensive equipment:
Replacing equipment can be expensive. Fire insurance can cover damage to a variety of assets including machinery, furniture, and electrical fittings. Businesses should consider opting for a Standard Fire & Special Perils policy. This is a contract that protects the insured against unforeseen events like natural calamities and manmade perils such as riots. The insurer guarantees to cover the loss for a period.
Mitigates financial burden:
Loss and damage to property can cost a business a lot of money. With fire insurance, businesses are protected and the financial burden is greatly lessened. Without it, businesses may even have to shut down operations if the scale of damage is extensive and there are insufficient funds to restart it.
Coverage depends on the policy and the insurer. By and large, it usually extends to the following –
- Storms, cyclones, hurricanes etc
- Riots and strikes
- Impact damage
- Missile testing operations
- Bursting, overflow of water tanks, pipes, etc.
How an insurance aggregator can help
There are different types of insurance policies and finding the right one is important. While one could approach a broker or a financial advisor, an online insurance aggregator like Paybima can simplify the work. A client views multiple quotes from different insurers before reaching a buying decision.
Which policy to choose depends on a company’s budget and the type of coverage that’s sought-after. Carefully evaluate and compare different fire insurance policies to see which fits the bill and which is affordable. You want to receive comprehensive coverage so that you receive as many benefits as possible in case of a calamity. Some insurers also offer discounts, such as when covers are deleted or when risk improvement measures are added. You also want to be able to select options and avoid spending for what you don’t require. Considering the number of insurers and policies available, take the help of an insurance aggregator before you buy fire insurance. You’ll get the best value for money.