Fire in your commercial space can inflict serious damage and devastation which can be so severe that you could be forced to put a halt to your business operations. If not handled properly, it can cost your business thousands of dollars for the destruction it is capable of. Hence, securing your business from fire is essential. Here comes the role of commercial fire insurance into play.

What is Commercial Fire Insurance?

Commercial fire insurance is a documented agreement signed between the insurance company and business owner, where the former guarantees to pay a sum of money to the latter in case of any accidents due to fire in the policy holder’s commercial property. It generally includes:

• Commercial Property Insurance

Including commercial fire protection against the physical assets in your business like structures, inventory, equipment and your other business property.

• General Liability Insurance

Commercial general liability insurance covers injuries to business clients and other non-employees if they’re injured in a fire. It also protects from damages to your neighbor’s property if the fire is spread on your property.

• Business Owner’s Policy or BOP Insurance

A business owner’s policy, also known as BOP insurance, falls under general liability insurance and commercial property insurance as a one policy. This type of insurance coverage works well for many small business owners because it protects your business property and your business from some liability.

• Business Income Insurance

Here’s what can typically be covered by business income insurance:

• Relocation and equipment rental.
• Cleaning and repairs.
• Payroll and salary for employees.
• Net income you would have earned.
• Normal operating expenses.

Factors Affecting the Cost of Commercial Fire Insurance

Here are some of the key factors which affect the cost of commercial fire insurance:

• How close you are to a fire department or hydrant.
• Having fire preparedness items like sprinklers in place.
• Flammability of materials or items in your business.
• Your business’s proximity to another high-risk business.
• Geographic location to wildfire areas.

Call Whitman Insurance Agency Today!

A fire can have devastating consequences for your business, causing not only physical damage but also disrupting your operations and profitability. At Whitman Insurance Agency, we understand the challenges you face, and our commercial fire insurance is designed to provide you with the coverage you need to navigate these challenges with confidence.