Fire Insurance For Offices Importance & Benefits

Fire insurance is a general insurance policy that financially protects you against a loss or damage caused by a fire. A fire breakdown can happen at your office and cause financial hardship for you and your family. Therefore, you must buy fire insurance for offices. Keep reading to find out the details! 

How Fire Insurance For Office Works? 

Fire insurance for offices works similarly to all other insurance plans. The policyholder pays a premium to an insurance company in exchange for protection against loss or damage caused by a fire. In addition to fire, the office fire insurance plan will cover you against other mishaps, including natural calamities, lightning, landslides, and others. 

Benefits of Buying Fire Insurance? 

Fire insurance is an important investment that each business owner should make to guard their office with this business insurance. Here are some of the benefits of buying fire insurance for your office: 

• Replacement cost is provided for certain assets like AC, television, computer, and more.
• If there is any machinery installed in your office, the policy will cover its repair cost.
• It will ensure peace of mind for you during these tough times.
• You can use the compensation amount to set up your office again. 

What is Covered Under Fire Insurance For Office?

The following coverage is offered under fire insurance for offices: 

• Fire
• Explosion
• Aircraft
• Lightning
• Natural calamity
• Landslide
• Water tank overflow

What is Not Covered Under Fire Insurance For Office?

An insurance company does not provide coverage for certain mishaps under fire insurance for offices. Some of these exclusions include: 

• Negligence of the policyholder resulting in fire
• Damage caused by terror activity
• The loss happened due to a war
• Any loss happened due to the share market is not covered

Process To Claim Fire Insurance For Office 

In the event of a fire breakdown at the office, the policyholders can claim their property fire insurance to compensate for the loss. Here’s the step-by-step guide to claiming fire insurance for the office: 

Documents Required To Claim Fire Insurance 

The policyholders will be required to submit the following documents: 

• Policy document copy consisting of schedules and clauses
• Passport-size photograph
• Fire brigade report
• Investigation report
• Newspaper evidence (if published)
• Details of previous claim history, if any

Steps You Should Follow To Claim Fire Insurance 

Here are the steps you need to follow: 

• Inform your insurance company about a fire breakdown in the office.
• Ask for the claim form and fill it out thoroughly.
• Provide detailed information about the incident, including total loss caused by fire.
• An insurance company will verify the information you submit. The company may also send investigators to the place of the incident to assess the details.
• Once the survey process is completed, an insurance company will either settle or reject your claim.

Conclusion

In conclusion, fire insurance for offices is a must. A fire breakdown at the office can cause a lot of loss or damage to assets and stocks. Therefore, to ensure that you are financially protected in case of a mishap, it is important to invest in property fire insurance plans.