Is it a must to insure your business against fire?

[Hate2Wait]

These things will safeguard the interest of shareholders and employees so these are made necessary

 

[Bisolami]

It's better to get our business insured from fire and many times when we are taking loan on our business/ property they first check this thing and then allow loan

That's true but I wish business owners could take insurance seriously because a lot of them do not take it seriously

 

[Hate2Wait]

They need to because they have other stake holders and in case fire breaks then they won't be left with anything to pay them

 

[Starmix]

They need to because they have other stake holders and in case fire breaks then they won't be left with anything to pay them

That's very true, those who won't ensure their properties surely regret if something bad happens like earthquake.

 

[Hate2Wait]

They need to take Insurance as per the requirement because fire Insurance won't pay for earthquake

 

[Starmix]

They need to take Insurance as per the requirement because fire Insurance won't pay for earthquake

There's a separate insurance package insurance calamity package called insurance against calamities earthquake, flood.

 

[Hate2Wait]

There's a separate insurance package insurance calamity package.

Yes so we need to take the one which we think may compensate us in contingency

 

[Starmix]

Yes so we need to take the one which we think may compensate us in contingency

We can purchase both or it depends on the location of the homeowner or business.

 

[Hate2Wait]

LOL it will be expensive but I am sure companies do their research before going for any insurance

 

[Starmix]

LOL it will be expensive but I am sure companies do their research before going for any insurance

Yes, something Iike that, expensive.

 

[Hate2Wait]

I think all business go for insurance but before that they do their research and homework to see which is best suited for them

 

[hastral45]

It is business wise to insure your business not only against fire but also against all forms of losses such as theft, natural disaster etc. You don't wait to have crisis before you start to think on how to prevent it.

 

[Hate2Wait]

These all will be considered once you go for Insurance because they do the research and go for it in one go to save money

 

[Enxx]

For a big business they should insure it and It will only gonna help them feel secured and in case they need loan they will only get if its an insured property

I see your point. I can say that this is one of a reason to insure a company

 

[Hate2Wait]

I see your point. I can say that this is one of a reason to insure a company

It does help and businesses should insure their property as there are different stake holders in it

 

[Starmix]

Ensure our property is very necessary in case of unforeseen events happened like fire, earthquake, or flood. Humans must also ensure themselves for their family's protection against accidents.

 

[Hate2Wait]

It's best for a business as it will be useful to pay stakeholders in case it catches fire and it needs ti wind up

 

[Starmix]

It's best for a business as it will be useful to pay stakeholders in case it catches fire and it needs ti wind up

That's right, one must not wait for that to happen. That's the mission of an insurance company.

 

[Hate2Wait]

That's right, one must not wait for that to happen. That's the mission of an insurance company.

Yeah mission to compensate everyone in case of a damage to the property and it helps

 

[Starmix]

Yeah mission to compensate everyone in case of a damage to the property and it helps

The insurance company will not refund those people's belongings gotten by fire, only the building unless there is a separate package for that or each employee applied for personal belongings fire insurance .