Fire Insurance for Your Business
Business owners generally purchase property insurance for protection against minor damages, but some don't understand that additional coverage is necessary for disasters, such as fire. While some industries are at high risk for workplace fires, just about any Baytown, TX, business should consider the benefits of fire insurance coverage.
Areas of Concern
Your business may be home to some of the most common fire risks.
- Flammable materials
- Overloaded outlets
- Open flames
- Smoking areas
- Appliances and tools without appropriate UL stickers or compliance
According to the National Fire Protection Association, fire is the primary cause of property damage losses. In a typical year, fires cause several billion dollars in property damage. For a small business, a fire could mean the end of operations. The losses involved in damage to the property aren't the only problem. Fire departments may charge for their services.
There's A Lot at Risk
In addition to losses from fire restoration services, smoke cleanup, water removal and remediation services, business owners must worry about losses due to not being open during the restoration period. A lot of money is lost in paying employees and rent during a period without revenue and additional costs may be accrued because of moving the business to another location while the fire is sorted out.
You Can Survive
Without an appropriate fire insurance policy, small businesses may not have the financial resources to survive this situation. A business property policy may cover the costs of machinery, equipment, and furnishings. (Make sure you know the difference between actual cash value versus replacement costs.) A business interruption insurance policy offers protection from losses related to lost profits and the cost of continued operations.
Take Action Now
Fire insurance usually covers physical damages, the repair or replacement of office fixtures, lost income, and operational costs during the restoration period. Discuss your coverage with your insurance representative and fire restoration professionals for the best results. Small businesses in Baytown, TX themselves from many hazards with well-thought-out insurance coverage.