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What is Commercial Fire Insurance?


Buying fire insurance for your business is a non-negotiable type of insurance that all companies need. With fire damage being listed as one of the biggest causes of damage to commercial properties, protecting your business against this risk is essential. Here, we explain everything you need to know about buying commercial fire coverage for your business, including what is and is not covered under this type of insurance.

Buying Fire Insurance for your business

Fire damage to any business can be expensive to recover from; they generate flames, heat, and smoke, all of which can easily cause severe damage. In addition to this, most of the materials used by firefighters, such as foams, water, and powders, may also cause damage.

From the property itself, the business contents, equipment, and inventory that is all held on your premises, along the business interruption element that may also arise from this type of event; it’s easy to see exactly why you need to buy fire insurance for your business.

Most commercial insurance providers will sell fire insurance as a part of a business property insurance policy. Always make sure you check the inclusions and exclusions of the policy in detail before you decide to buy commercial fire insurance.

What is covered by a commercial fire insurance policy?

Commercial fire insurance can protect your business from having to pay out for the cost of repairs and damages in the event of a fire. Buying fire insurance for your company will provide coverage for damage that is either caused by the fire itself or any fire suppression materials, such as foam, water or powder. Most fire insurance policies will also cover some of the fees that may be charged by a fire department for the utilization of their services.

If there is inadequate fire insurance in place, a business owner would be liable to pay these expenses themselves. If you buy fire insurance, you are going to drastically improve the likelihood your business will survive and should not need to cease operations following a fire.

Are all types of fires covered?

A fire can either be classified as hostile or friendly. A hostile fire is considered to be out of control and/or unintended. A friendly fire is set intentionally, such as a stove or a fireplace. The type of fire that is covered with fire insurance is classified as a hostile fire. The coverage will usually apply to damage that occurs as a result of a hostile fire or the fire-fighting materials that were used.

Buying a commercial fire insurance policy

If you use a commercial insurance agent to buy your business insurance, you want to make sure that when you get quotes for fire insurance, you are comparing a like-for-like insurance policy. Different agents could offer different types of commercial fire insurance, so it’s always a good idea to write down the coverage limits, inclusions, exclusion, and endorsements when you get a quote to buy fire insurance for your business.

Always make sure you understand any endorsements, deductibles, and, most importantly, what is not covered under any fire insurance policies that you are thinking of buying for your business.

The importance of buying business income insurance

If your business premise is damaged following a fire, you might need to reduce your business operations, shut down entirely, or relocate to a temporary premise while you await any repairs. Any of these scenarios can cause the company to lose vital income and/or incur additional expenses. Basic fire insurance will not provide coverage for extra expenses or a loss of income. For these reasons, you should ensure you have business income and/or extra expense insurance coverage in place.


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