3 Reasons Your Business Needs Fire Insurance
Reasons To Purchase Fire Insurance
Because fire is one of the most common causes of damage to business property, most businesses choose to purchase fire insurance. If you are still undecided, these are three reasons you should purchase this coverage.
1. Fires Cause a Lot of Damage
In an average year, fires cause more than $10 billion in damage to property. One of the reasons that fires are so destructive is that it isn't just the flames that cause damage. Smoke can damage both the structure of your building and its contents, requiring extensive smoke cleanup. Additionally, water and other fire suppressants used to combat fires can cause substantial damage to your property. Without insurance, you will need to pay for all of these damages, plus any fire department fees yourself.
2. Your Business Is Likely To Be Repaired Faster
Few businesses have the cash on hand to repair or replace property lost in a fire. Whether your fire insurance company pays you directly or issues payments to the contractors doing the repairs, that cash flow can help you start making repairs quickly so that you can get your business up and running and start generating revenue as soon as possible. Without insurance, you may not be able to begin repairs until you can raise the funds by taking out loans or obtaining other financings. The increased time it takes to complete repairs could result in your business closing permanently.
3. Your Insurance Company Can Recommend Contractors
It is an unfortunate fact that not all contractors are reliable. Most insurance companies have a list of fire restoration professionals in Kettle Corner, RI, that they regularly work with that can be relied upon to do quality work.
Purchasing fire insurance helps you avoid the risk that your business may not be able to survive the aftermath of a fire. Consider these three reasons when making your purchasing decision.