Home offices and fire insurance

posted: 1 year ago
Home offices and fire insurance

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Fire insurance is beneficial for entrepreneur who start their own business at place like home, office or rental building. You may have many things to do when you start a business and have loads of questions about why a startup or small business should have a fire insurance. When you start a business, the last thing you need is financial damage from a fire setting at your workplace. This is why you need a fire insurance policy. It covers financial loss due to destruction or damage of property or goods, due to fire. Here are five things you must understand about fire insurance


The coverage

After a fire has caused damage, the insurer can ascertain the loss and is liable to cover the loss not exceeding the maximum amount stipulated in the policy.

 

Some risks require additional premium

While taking fire insurance, evaluate the risks for which your business needs protection. Certain risks like fire and lightning are covered, while risks like earthquake can be covered with add-on charges covered by paying extra premium. However, some risks like war and allied perils are not covered.

 

Some items need to be declared



Items like documents and computer records need to be specifically declared while buying the policy.

 

Arrive at the right insurance amount

 

You can do this because of the market value or value of reinstatement for various items. Ensure that you are not underinsured, which will leave your business vulnerable, or over-insured, since you will be paid only for the value of the damages. 

 

No coverage for “gross negligence”

It is important for your startup to have the proper fire safety measures in place even if you are covered by fire insurance.

 

In addition, Fire insurance is one type of non-life insurance. It the responsibility of the society and the people in it, both to the masses and to the individual. Fire insurance is to protect the insurer’s property, whether it be movable or immovable, shaped and unformed assets that may get damaged from fire.
The insurance company may provide all types of fire insurance such as fire insurance for housing, Furniture, Construction including Consumer goods stock and machinery. In Thailand, the average fire is 2,356 times a year.


Fire insurance (Suitable for business establishments) is to provide protection for buildings (not including foundations) that used for operations such as shops, theaters, shopping centers, warehouses or industrial plants, etc., as well as any property insured in the insurance policy such as furniture, fittings, fixtures, office equipment, Electrical appliances, consumer good stock, machinery used in the production of goods, etc. are included.


Damage due to fire also includes explosion (Unless a gas explosion is used for lighting or a living benefit). 


Moreover, the insured can also ask for additional coverage for damage from other hazards such as earthquakes, floods and hail floods, disaster strikes, riots and acts of mischief Electrical hazards, etc.

The insurance  rate will depend on the following factors.

  1. Way the person uses the place.
  2. Appearance of the building (Determined by the material used for the wall and floor structure of the building) and location.
  3. The nature of the place of insurance (Individual / Group).
  4. Installation of fire extinguishers (Used as a discounted insurance fee)

Source: https://www.tgia.orghttp://under30ceo.com

 


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