Arson remains the largest single cause of fire in England and Wales. According to the Devon and Somerset Fire and Rescue Service, research estimates that the annual cost of arson to the economy is near £2.53 billion.
The costs resulting from fire damage can cripple businesses. Many cease trading altogether in the aftermath of a serious fire. Businesses need insurance in order to weather fire damage costs, regardless of cause.
So what exactly is fire insurance, and how does it differ from property insurance?
What is fire insurance?
Fire insurance is a specialised form of property insurance, taken out to cover a property from damage caused specifically by fire. The purpose of fire insurance is to cover the direct cost of fire damage, whether this is repair or replacement, beyond what is already covered by the property insurance policy.
Policies cover physical property damage. In some circumstances they may also offer coverage to nearby structures, stock or equipment held at the property, and expenses incurred as a result of being unable to trade at the fire damaged property.
When do I need fire insurance?
Often property insurance is enough to secure general premises against criminal or accidental damage. If a business premises contains items of particularly high value, however, or is a high risk fire zone, fire insurance is best practice in order to properly cover the premises against fire damage.
Business owners are advised to assess the value of their premises, to calculate whether fire insurance is necessary. Maintaining accurate inventories serves a dual purpose of facilitating insurance assessments and payouts in the event of a fire incident, enabling your insurance lenders to immediately review the exact contents of your premises at the time of the fire.
The cost of fire insurance
Cost will vary dependent on a number of factors, including:
- Location of premises
- Size of premises
- Value of premises
- Risk rating
- History of incidents
- Fire precautions in place
For specific fire insurance quotes, business owners should contact lenders with their specific circumstances.
Fire precautions: Fire Rated Steel Security Doors
Demonstrating the existence of fire prevention measures throughout your premises can help to bring down fire insurance costs. Fire prevention measures are tools, equipment or protocols that reduce the potential risk or damage of fires on your premises.
Latham’s Steel Security Doorsets offer insurance approved steel security doors specifically designed to reduce the impact of fire to your business premises.
Our Fire Rated Doors create a barrier that prevents fire spreading throughout a property. As the metal increases in temperature, the door swells into its frame, welding shut to prevent flames and smoke getting through.
Please enquire about our fire rated door range, as bespoke doors are quoted dependant on their specification: fire rating (FD30, FD60, FD120, FD240), size, hardware and colour.
Currently, commercial buildings, non-domestic and multi-occupancy premises in England and Wales are already required to complete a fire risk assessment carried out under the Regulatory Reform (Fire Safety) Order 2005. Taking the next step and investing in proper fire security measures is good business sense.
Don’t let fire damage ruin your business. Install Fire Rated Steel Security Doors for lower fire insurance rates today.
Bring your fire insurance costs down with our Fire Rated Steel Security Doors. For more information, call Latham’s Steel Security Doorsets today on +44 (0) 1384 220 050 or contact us here.