Several types of insurance can protect businesses against fire damage, including commercial property insurance, general liability insurance, and business owner’s property.
Commercial property insurance protects businesses against fire, vandalism, and other damage. It’s typically affordable and provides a good amount of flexibility. For example, you can manage the cost of your premiums by selecting how you prefer to be reimbursed after a loss.
However, you need to bear in mind that fire doesn’t only destroy your property. It can also damage a customer’s or other party’s property or even cause injury, leaving you liable for damages. In the worst-case scenario, it can bring your business to a complete halt – in addition to harming others. That’s why there’s general liability insurance.
A combination of general liability insurance and commercial property insurance, a business owner’s policy (BOP) is a smart choice for many small businesses because it typically provides coverage at a discount. However, not all businesses qualify for this coverage, and any interested business owners would have to speak with an insurance agent to find out if they’re eligible.