How Can Insurance Help After a Business Fire?

10/29/2020 (Permalink)

It is so important to have business insurance that protects you in the event of a fire.

Importance Of Having Business Insurance

A fire at your business can be devastating. Not only is your inventory, office, and equipment destroyed, it takes a while to recover after a business fire. You have to hire a fire cleaning company at the very least and, at most, rebuild your location, which takes time. You may not be able to reopen right away, which costs money. This is why it is so important to have business insurance that protects you in the event of a fire.

It Covers Costs While You Rebuild
Your insurance policy should have business interruption insurance. Check with your carrier but most business interruption insurance covers:

• Lost wages
  
• Lost income
  
• Rent or lease payments while your business is not operating
  
• Utility and other payments
  
• Vendor payments
  
  

This insurance is not only for fires. It can cover storm damage, pandemics, or any other disaster that interrupts your regular business operation. Not all policies have this insurance. If yours does not, be sure to add it.

It Covers Cleanup
Cleaning up after a business fire is extremely difficult. Not only does the fire damage your building and equipment, but firefighters also use water to put out the fire and have to open doors, walls, and sometimes break windows to help fight the fire. The damage, even with a small fire, could be extreme. Fortunately, fire insurance usually covers the cost of a fire restoration company in West Miami, FL.

It Covers Inventory and Equipment
Most business fire insurance also covers your inventory and equipment. It gives you money to replace the inventory and equipment lost in the fire and the stuff that was lost when the fire department put out the fire. When you go to begin replacing things, check with your insurance agent to make sure that they are covered.
Check your policy to make sure that you have business interruption, cleanup, and fire insurance. These three types can make a business fire a lot less devastating.