Fires and allied perils can cause heavy financial losses to businesses. Losses to property and goods due to fire incidents have recently become common, especially in urban areas. That is why having a fire insurance policy becomes essential. Fire insurance plans for businesses cover the financial loss you might face when your property or assets are destroyed or damaged due to fire.
In today's time, almost all businesses, big or small, should cover risk through a fire insurance policy. Below are a few business entities for whom fire insurance policies are a must:
The number of fire insurance plans for businesses available in the market today is increasing. Before we take a plunge to comprehend which factors affect one's decision to buy a particular type of fire insurance, however, there are three types of fire insurance policies available in India:
However, the assets in fire insurance plans can be divided into two, namely fixed assets and non-fixed assets. Fixed assets would include assets like buildings and, plants & machinery. In comparison, non-fixed assets consist of goods, stocks and other valuable items. Depending on the nature of the assets, you can pick the type of fire insurance plan for business. Let us talk about the non-fixed assets policies first as they come under Special Fire & Special Perils.
As we are now aware of the types of fire insurance plans available in the market, the question is, which kind of fire insurance should you buy for your business? Which one is best suited for your business? To clear this doubt, we help you assess the following factors to choose the right fire insurance plan for your business:
Conclusion:
Losses in business can sometimes be inevitable. However, they can sometimes be less impactful if the businesses are safeguarded with a proper fire insurance policy. With expert advice at every step, quick and hassle-free processes and a dedicated team to ensure speedy claims, Policybazaar can help buy the right fire insurance plans for businesses.
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