Reduce Insurance Costs with Fire Safety Products
The obvious benefits of fire safety products is the added safety they bring to your premises and those within it.
However, by having a range of safety products in your business premises, you can lower your insurance premiums and enjoy financial benefits as well as health and safety benefits.
Despite the importance of fire safety, the only compulsory insurance for business owners or employers are employers’ liability insurance and commercial motor insurance (for vehicles that are used by the business). However, by taking on some fire protection policies and products, you can receive insurance premiums at a much lower cost than if you were to avoid these products altogether.
Even something as simple as a smoke detector can reduce your insurance premiums. A survey of people who received an insurance quote from Confused.com showed that those without a smoke detector paid £3 more on average for their cover.
There are a number of factors that could cause insurance companies to charge you a higher premium, or even refuse to insure you:
Up-to-Date Fire Risk Assessment
A fire risk assessment needs to be carried out on your premises once a year. It needs to be thorough and ideally carried out by a professional, as this can identify any changes or improvements that need to be made to the fire safety of your premises. If you have not had a fire risk assessment recently, this can have a negative impact on the way insurance companies view your risk levels. If you know it has been a long time since your last fire risk assessment, ensure that you arrange for one to be carried out as soon as possible.
Fire Safety Equipment
The presence of fire safety equipment is important, but presence alone is not enough to reduce insurance costs. Your equipment must be serviced and be in full working order, something that can be checked and carried out by professional fire safety companies. Any equipment that is faulty should be replaced immediately, no matter what cost.
Equipment like fire extinguishers have certifications that expire on certain dates, and if you are found to be using this equipment, it can invalidate your insurance. Water, dry, powder and foam extinguishers should be discharged and refilled every five years and replaced every 20 years. Carbon dioxide extinguishers should be replaced every 10 years. New regulations state that dry powder extinguishers cannot be kept indoors without special permission. Single storey properties are required to have a minimum of two fire extinguishers, and extinguishers that are kept outdoors are required to have their contents replaced annually.
By ensuring that these practices are followed, you can save your business money on your insurance premiums, or even avoid being denied insurance altogether. The importance of fire safety cannot be overstated, and if you can save money whilst protecting your staff, visitors and premises, it would be a mistake to pass up such an opportunity.
Here at City Fire Protection, we are specialists in the supply, installation, maintenance and repair of a wide range of fire safety equipment. For more information, please feel free to get in touch with us today.