Can fire sprinklers reduce your commercial insurance premiums?

fire commercial insurance.jpg

Truth be told, a little can go a long way with regards to commercial insurance premiums. Not to mention the hefty fines that come with not having properly installed fire protection systems. Insurance premiums for commercial properties can be quite steep if you don’t have the necessary equipment installed to protect your premises and employees.

So, before paying those fines and unnecessarily high insurance premiums, make sure you have a fire risk assessment done to check for the following:

1. Possible fire hazards:

A fire will break out in the presence of oxygen, fuel and an ignition source – all of which can often be found on a commercial property. It is necessary to inspect every nook and cranny to identify and eliminate possible fire hazards which can be found in the form of oxygen cylinders, sparks emitting from a grinder or flammable liquids, for example.

2. Personnel who may be at risk:

This aspect is closely related to the details of your commercial structure. Some areas may be slightly congested with an overflow of personnel, or contain individuals who are not aware of the fire escape plan i.e. clients. Always ensure that there is adequate signage and an easily accessible escape route in such areas.

3. Evaluation of risks and fire protection implementation:

Evaluating risks involves identifying possible hazards and coming up with solutions – if solutions are not yet implemented. Such evaluations may include training of staff, fire warning systems, such as a fire sprinkler system, and the removal of any ignition sources.
You may also be interested in: Is Your Commercial Sprinkler System Ready for Winter?

4. Maintenance of fire protection components:

Having regular maintenance performed on your fire protection system is crucial in preventing the use of an outdated system. Depending on the products that comprise your system, you may need to have maintenance checks completed annually, monthly, or every couple of months. Do not forget to familiarise your staff with the escape plan on a regular basis as this will come in handy when a fire breaks out.

For more info: Have a look at Fireco’s Design Fire Protection Solutions to protect your premises and employees during the winter season.

Sources:
http://www.centa.co.za/index.php
http://firematic.co.za/fire-protection-assessments-for-insurance-purposes-6102015/