Why A Fire Insurance Plan?
For most of the businesses, a Fire/Property Insurance policy is more like a routine electricity/water bill. The Insurance Company sends the renewal notice, you negotiate on premium and premium is paid off. The policy is then forgotten till the renewal comes up.
With terrorism and other risks growing, your business needs to be insulated and protected from any such financial catastrophe. Fire, Riots, Terrorism, Explosion, etc. can cause severe damage to the survival and continuity of any business. At the same time, you need to have the correct idea of what the policy covers and what are the extensions you can go for.
Fire insurance is a contractual agreement between the policyholder and the insurer wherein the insurer in return for consideration or premium agrees to indemnify the policyholder or the insured person for the financial loss that he/she may suffer due to destruction of or damage to property or goods by fire during a specific period. You can buy as well as renew a fire insurance policy in India by online as well as offline ways.
The purchase of fire insurance helps to cover the cost of replacement, repair or reconstruction of the property, but fire insurance is generally not valid in case of war, nuclear risk or any such similar peril. Buying fire insurance is always a good idea because your property is your investment and buying a fire insurance policy will help you recover the damage and loss caused due to fire on your property.