Statistics provided by insurance companies show that around 80% of businesses fold within as little as 18 months after a single fire. The damage that a fire can cause to a business cannot be overestimated.
The visual impacts of a burnt out premises is only half the impact. There is also loss of important customer data which is non recoverable, and not to mention the impact this has on a business’ reputation. Customers are forced to rivalling suppliers and may never return, and staff who have been laid off during repair works have found new jobs. Insurance may help to soften the blow but most businesses will not recover.
Ensuring your business is prepared
It’s impossible to be sure if, when or where a fire may occur, but there are steps that can be taken in order to protect not just the lives of your employees, but the building and contents.
Firstly, ensure a fire risk assessment has been carried out on the premises by a competent person. We recommend a vigorous risk assessment to ensure all areas and aspects of the property have been checked. The report you are given after the risk assessment will highlight fire equipment needed and any areas of improvement.
Secondly, when buying insurance cover read the criteria as insurance companies vary greatly. There are a number of factors that should be considered when comparing insurance brokers and it is not as simple as first thought. Factors such as, the fire equipment you have in the property, how it is maintained and our business type may all have an effect on the policy you require.
Impacts of fire protection equipment on your insurance
After installing a fire alarm system and extinguishers, choosing additional fire protection systems for your business can be a minefield.
A fire suppression system provides primary fire protection, some insurance companies will require one of these to be installed. If this is the case they may also specify the type of system too. A common fire suppression system is a watermist system. These are more commonly used to replace sprinklers in big data rooms and other large areas.
But Regardless of what fire protection equipment you choose, the important thing to remember is to have it installed and maintained by a competent and qualified fire engineer from a reputable company. This is not only to give you peace of mind but is also useful for your insurance cover.
A business which does not have properly installed fire protection systems or whose systems are not maintained would be seen as too much of a risk to underwrite for an insurance company. It is also important to point out that according to the Regulatory Reform (Fire Safety) Order 2005 it is a legal requirement for businesses to have adequate fire protection in place and to carry out regular maintenance.
Keeping an up-to-date log book
Although there is no law in keeping a log book, we believe it is best practice to. This is record of all installs and maintenance carried out on the premises and appease any insurer who will also want to examine these records if there was a fire. If there is a fire and someone dies as a result with no records it will go to court.
Download your free log book here.
For peace of mind that your fire protection system is being installed by a competent and professional fire engineer, or if you want a professional to carry out a fire risk assessment on your property then give us a call today on 0845 402 3045. Alternatively email us at email@example.com and one of your sales team can book you a free site survey!