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A Must Have Fire Protection Insurance

Owning a business is a major investment. You put your time, money, and effort into setting it up. While it can provide you with a source of income, there are also potential risks that you need to take into consideration. As such, you would want to protect your investment at all costs. Getting fire insurance is one of the ways you can protect your business. As a business owner, you have many expenses on your table. You pay business taxes, wages and salaries, equipment, rentals, to name just a few. When it comes to fire insurance, the first thing that might come to your mind is: “Do I need it for my business?” or “I cannot afford it. I already have so many expenses.” Well, you might not need it at this moment but what if something happens, do you have the money to recover the losses?

Why a fire Insurance makes sense?

Assurance.PH understands the importance of protecting your business assets from incidents like fire. You may not have enough money to make an out of the pocket payment for the cost of equipment, furniture, fixture, and others that you lost from an accidental fire. As a responsible business owner, you need to be ready for any unfortunate accidents that might happen to your business. 

Biz Protect is a fire insurance policy that protects your business assets, like building contents such as equipment, furniture, fixtures, fittings, and others from financial losses that may arise from a fire. Depending on where your business operates, Biz Protect may also offer additional protection against earthquakes, typhoons, and floods.

Reasons Your Business Needs
Fire Insurance

You might think of fire insurance as another expense but one that is necessary. Here we cite some reasons why you should invest in a fire insurance policy for your business.

1. Fire-related Accidents Can Be Costly
A fire insurance policy will free you from the costs and expenses you may incur from a fire-related incident. Your premium will shoulder the costs for putting your business back up on its feet. Do check the terms & conditions of the policy to know how much will be covered.
2. Fire And Other Catastrophes Can Be Devastating
Your property may be well-constructed and may be located in an earthquake or flood-free area, However, it is still prone to the damaging effects of strong earthquakes, floods, and typhoons. Out of pocket expenses may not be a good idea when paying for the damages to your property? Your insurance provider will make sure that they got all bases covered.
3. Fire Insurance Is A Bank Requirement
Are you planning to take out a loan or build a property? Banks will require you to have some kind of insurance before you can apply. You will be required to buy fire insurance equivalent to the amount of your loan.
4. Your Insurance Policy Protects You From Legal Liabilities
What if someone gets injured in your business premises during the fire? They could file a claim against you for their medical expenses or sue you for damages. Fire insurance will cover their medical bills and pay the lawyer’s fees should someone file a case against you.
5. Fire Insurance Will Cover The Total Costs
In order to get your businesses up and running again, you may entail some additional expenses. It will be hard to recover the losses that you incurred from the fire. With an insurance policy, you get covered for any additional expenses you may incur.


  • In case your property is totally destroyed, Standard Insurance will pay the Sum Insured in case of a claim. The “Sum Insured” is the value of the property you want to insure. It is also the maximum amount that will be covered by Standard Insurance. 
  • In declaring the “Sum Insured,”  you can use your property’s Replacement Value or its Actual Cash Value/Sound Value as a basis. It is worth noting that without specific instructions from you, the default basis for the valuation of your property is Actual Cash Value/Sound Value. Standard Insurance recommends Replacement Value as the basis for the valuation. 
  • The Actual Value is the Replacement Value less depreciation

What is Underinsurance?

With a fire insurance policy, you need to avoid underinsurance. This means that your declared Sum Insured is less than the actual value of your property. When your property is underinsured, your insurance policy will carry an “Average Clause.” To avoid underinsurance, make sure that your building is appraised regularly.

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