Fire insurance protects companies against damage caused by fire, lightning, explosion and implosion. This includes building protection and content protection. In addition, fire insurance also includes damage caused by smoke, soot and extinguishing water.
In the event of a fire, cleanup and demolition costs are covered, as well as the cost of restoring damaged buildings, equipment and machinery.
In addition, fire insurance also protects companies against loss of assets due to business interruption as a result of the fire. During the repair and reconstruction work, companies are often unable to generate any income. This can lead to significant financial losses .
Any business that owns property and tangible assets should consider business fire insurance.
For businesses that rely on equipment and facilities being operational at all times, such as manufacturing plants, warehouses, retail companies and service businesses; businesses that are housed in buildings with many other tenants and have little control over the fire risk of their neighbors; businesses that regularly handle hazardous materials, such as in the chemical industry or oil and gas production; and businesses located in fire-prone areas, comprehensive fire insurance should be a standard part of risk coverage.
A fire or explosion can quickly cause significant property damage and personal injury, the financial consequences of which can be so substantial as to threaten the survival of the company.
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