5 Reasons your Business Needs Fire Insurance

​Fire is a plague to anyone. Hostile fire, or the kind of uncontrollable fire that causes damage to property is the bane of business. This is the reason why companies must always carry fire insurance. Here are a few other reasons.

​Capital is hard to come by 
Capital for starting a business is tough to come by. Let’s face it, a lot of hard earned money went into funding that new business. It would be a sorry shame if all that investment suddenly went up in smoke. Fire insurance allows the business to get back on its feet without too much distraction. 

The last thing a business owner wants is to watch all that he worked for go up and smoke. Even worse if there is no fire insurance, he might even have to pay out of pocket for any other people who got damaged by the fire. 

Fire Insurance helps you sleep at night
In relation to the fact that fire insurance will indemnify you for the loss of the goods and property destroyed in the fire, you will be able to sleep better at night. After all, you know that should the unthinkable happen then you can at least tap the fire insurance money to get the business back up and running. 

Fire Damage Can Spiral Out of Control 
A hostile fire, as I defined earlier, is a nasty force that can spread rapidly. After the fire has been put out the source of the fire is considered the cause of the harm. The owner of the business from where the fire started can find himself in the sorry situation where his neighbours are charging him for the damage that the fire, which was started in his building, caused. 

This can be the worst since the business owner already lost his assets in the fire and now he is being billed for the harm caused by the fire. 

It Can be Mandatory 
If you are securing financing for your business, fire insurance might be mandatory. The bank wants to be assured that they can recoup their loan so they might ask you to get fire insurance even if you don’t want to. 

Owner’s Fire Insurance is Not Enough 
Most business owners lease or rent their unit. The building owner may already have fire insurance. But depending on the value of the goods the business has in the property that level of insurance might not be enough. So it may be a good idea to tack on some extra fire insurance for safety. At Insurance Marketplace, Inc​., we aim to provide comprehensive insurance policies that makes your life easier. You can get more information about our products and services by calling our agency at (541) 779-0177. Get your free quote today by CLICKING HERE.