Running a business is stressful, even when things are going smoothly. On top of that, misfortune can strike at any time in the form of:

• A short circuit in your storage area
• Flooding in your basement
• A rioting crowd causing damage to your storefront

If any of this happens and you’re not prepared, the loss may be too much to bear. However, if you have Fire Insurance, you can rest easy knowing that your business’s property is protected from fire, flood, riots, explosion, lightning and a host of other misfortunes. So even if something bad happens, insurance will compensate for the loss leaving you free to carry on business as usual.

Fire Insurance policies usually cover assets like your business’s building, plant, machinery and tools, furniture and fixtures, stock and other items which are included in the policy. The amount of coverage is decided based on the market value of your property.
The kind of perils that are broadly covered include:

• Damage due to a fire related accident
• Damage due to an explosion or implosion
• Fire or damage caused by a lightning strike
• Damage caused by an aircraft or other aerial device
• Impact damage caused by road vehicles or an animal belonging to a third-party
• Natural disasters such as cyclone, tempest, storm, tornado, hurricane, inundation, and flood
• Damage caused because of riots, strikes, malicious damage (RSMD cover), and terrorism
• Leakage from an automatic sprinkler installation or a burst water tank

The exact coverage will depend on the options you choose in your policy.

If you own a physical property and assets for your business, you need protection from fire and allied perils. It doesn’t matter whether you’re a SME or a large enterprise, fire insurance will safeguard you from the worst possible devastation.