This policy protects businesses against physical loss or damage to buildings, machinery, stock, and contents caused by fire. Coverage extends to allied perils such as lightning, explosions, storms, floods, earthquakes, and other natural or accidental hazards. It helps businesses recover from catastrophic events, including repair or replacement of damaged property. Fire & Allied Perils insurance is typically the baseline coverage for all commercial properties and ensures regulatory compliance. Additionally, it often includes coverage for damage caused by smoke or firefighting operations.
