You’ve put in long hours and your capital to start and grow a business. In a matter of minutes, fire and smoke can destroy it all. That’s why it pays to have a comprehensive fire insurance policy in place. If you’re currently without coverage, here are several helpful tips to keep in mind before purchasing a plan.

4 Factors to Consider When Buying Fire Insurance

1. Choose the Appropriate Policy

Because each business is unique, getting coverage to accommodate your particular needs is essential. For instance, a fire insurance policy may be structured differently if you own or lease property and equipment, including expensive electronics and hard-to-replace inventories. 

2. Know What’s Not Covered

Fire insurance policies should stipulate details about what is covered and what’s excluded. Damage from fires that start because of owner neglect may not be covered. Get complete information in writing so that you can make an informed decision before securing a policy.  

3. Ask About Safety Discounts

If you have fire extinguishers, smoke detectors, and fire alarms, you may qualify for premium discounts. Be sure to ask about discount incentives when you compare different policies. Some insurers make fire safety measures a condition of conferring coverage.

4. Consider a Higher Deductible

You can lower your monthly or annual premium payments, making fire insurance a manageable expense, by raising your deductible—the specified amount you pay out of pocket before insurance pays for any losses. Although the risk of fire may be low, protection against the unexpected is always a wise business decision.

Farmers Co-Operative Insurance in Vanceburg, KY, is the agency you can depend on for reliable and affordable protection for your business. Their fire insurance policies can be tailored to accommodate your buildings, equipment, and inventory. To get started, call (606) 796-2611 to get details on the firm’s full lineup of coverage options. You can also contact them online to request a quote.