Why do you need to insure your office and work set-up?

In today’s time, safety is a big concern and when you are an entrepreneur or a business owner then your focus to safety becomes a primal need. This is because alongside your own safety, you will also have to keep in mind the safety of your employees and workers. Moreover, the premises from where you operate and your factory or warehouse also needs special care and you will have to keep it shielded against accidents.

This is where the role of a fire insurance comes into play and it works as the security guard you will need to safeguard your premises from the wrath of nature.

What is the fire insurance?
The term fire insurance stands for a property insurance that covers damage and losses to the property caused by fire. Be it a home fire insurance or a shop fire insurance policy, generally the policies offers fire protection to you basis the policy terms. Further, as a homeowner or a business owner, you may be able to purchase additional coverage to cover every aspect of damage incurring on your premise, property or people, because of fire. Purchasing additional fire coverage is beneficial and it helps to cover the cost of replacement, repair, or reconstruction of property above the limit set by the property insurance policy. Fire insurance covers typically contain general exclusions such as war, nuclear risks, and similar perils. However, to get to know what is covered and not covered under the comprehensive fire insurance plan, you will have to understand the policy a little in detail.

What do you get with the best fire insurance policy?
A fire insurance policy pretty much covers you for all the losses arising due to an accidental fire, as per the policy’s terms and conditions. Here is a list of things that you will get coverage for:

  • The actual loss of goods caused by the fire.
  • The loss of any adjacent property or building caused due to the fire in the insured property
  • Additional everyday expenses affected due to the damage endured by your property
  • Compensation amount paid to the firefighters
  • The fire triggered due to electricity issues
  • Damage caused due to overflowing pipes or water tanks.

What are majorly excluded from even the best fire insurance policy?
Here is the broad list of exclusions on your fire insurance coverage.

  • Loss, damage, or destruction caused as a result of war and kindred perils like invasions, military revolutions, civil commotions or civil wars, rebellion, etc.
  • Loss, damage, or destruction directly or indirectly caused to property insured, as a result of nuclear peril
  • Loss, damage, or destruction caused to the property insured owing to pollution and contamination
  • Loss, damage, or destruction caused to any electrical apparatus, machines, fitting or fixtures (excluding electrical wiring and fans) arising due to or occasioned by short circuits, over-running, excessive pressure, self-heating, electricity leakage, for any reason (including lightning).
  • Loss due to delay, loss of earning, loss of market and other consequential or indirect damages or losses of any kind or disruptions whatsoever.
  • Losses arising due to earthquake and volcanic eruptions are also part of Standard fire policy exclusions. That said, one can avail coverage against these natural phenomena by paying an additional premium, by opting for the earthquake (fire and shock) add-on rider.

Apart from this, as a policy holder you should understand that a list of loss, damage, or destruction caused due to natural calamities or forced destruction are not covered under your fire insurance coverage, unless you opt for the specific add-on rider. You can take unlimited add on and increase your coverage manifolds by including coverage for damages occurring from theft during the fire outbreak, damages on specific machinery and the likes.

But the important aspect to buying the right plan and add on is that you will have to look for the perfect fire insurance for business, suiting your nature of business. This is where Akshar specializes and with a commitment to make your business a safe space for all your employees and vendors, the team excels in giving you access to a fire insurance policy that stands on guard for all future rough days!

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