Understanding Fire Insurance

1/12/2021 (Permalink)

Fire insurance protects business owners in the event of a fire

Every year, fires cause over $10 billion in property damage. While residential homes make up the majority of damage, fires still cause trouble for many businesses. In 2019, more than $1 billion of the total national damage came from one commercial property alone. Given these costs, it makes sense fire insurance exists. If you are a business owner in Mariemount, OH, it can be useful to understand how this kind of insurance works.

What Is It?

Fire insurance is a kind of property insurance that protects business owners in the event of a fire. Typically, it covers:

• Property damages
• Profit and wage losses
• Fire restoration

When a fire occurs in a commercial property, there can be extensive costs involved. In addition to facing damages to your build and equipment, you will also have to deal with a loss of profits and wages because of the inability to work. Other ongoing costs to consider include rent and utilities. When your business insurance policy includes fire protection, it typically addresses all of these expenses.

Why Is It Important?
If you own a business, this kind of insurance is important because it provides fire protection for one of your biggest investments and likely the source of income which supports your livelihood. After a fire, you will need to contact a fire restoration expert to assess and address the damage, and the costs of repairs and smoke cleanup can quickly add up. If your insurance policy includes fire protection, you will be able to handle the inevitably difficult situation with less stress. This kind of security can make a big difference. Insurance can offer you a peace of mind so you can focus on running your business.
Owning a business and having fire insurance go hand-in-hand. If your company runs out of a commercial property, there are many safety factors you need to think about. Fires should be a top concern. Investing in fire protection can reduce worries by giving you options if something does goes wrong.