Why Every Business Needs Combined Fire and Burglary Insurance

Why Every Business Needs Combined Fire and Burglary Insurance

Fire and burglary stand as two of the most notorious and dangerous perils that can cripple any business enterprise. Ask businesses that have suffered from these perils, and they’ll tell you it’s true. But, in this day and age, some businesses still don’t realize the importance of insurance in helping to minimize financial losses caused by fire and burglary.

Statistics from the Federal Ministry of Interior reveal that from the year 2020 to 2022 an estimated N41.5 billion worth of properties were lost to fire. A report also from the Federal Fire Service recorded a total of 4,541 fire calls nationwide and loss of 158 lives in the period under review. The cause of the loss of lives and property was said to emanate from market fires, gas explosions, and pipeline fires. Further analysis on crime in 2017 reveals that from a total of 134,663 reported cases in the federation, offence against property recorded the highest number at 68,579.

What then can we learn from these data?

Simple! They tells us that the threats of fire and burglary are real and shouldn’t be taken for granted.

While no business is immune to the damaging effect of these perils, mitigating them is possible with a robust business insurance policy. In this article, we’ll look at the importance of Combined Fire and Burglary Insurance, it’s benefits to businesses and how to file a claim.

Why Combined Fire and Burglary Insurance?

Because your property is at risk of a break-in and fire, Combined fire and Burglary Insurance provides financial protection for your building and contents, giving you peace of mind.

What is Combined Fire and Burglary Insurance?

Combined Fire and Burglary Insurance is a business-inclined policy available to private individuals and corporate firms to cover any loss resulting from fire and allied perils, or burglary for their shops, warehouses, offices, etc. Thus, it serves to provide capital to fast-track immediate return to business in the event of any loss resulting from these insured contingencies.

4 Benefits of Combined Fire and Burglary Insurance Cover?

1. Fire Protection:

The policy protects against damages caused by fire and its allied perils, including destruction of property, and structural components. Compensation will be paid to the policyholder for the damage to the building.

2. Burglary Coverage:

You get cover for losses resulting from theft, or burglary. This may include stolen items and damage caused during a break-in.

3. Property Coverage:

Comprehensive protection for the insured property, which can include residential or commercial buildings and their contents.

4. Trading Contents Coverage:

Reimbursement for the loss or damage of contents such as trading stocks, and office equipment, within the insured property due to fire or burglary.

Steps to File Claims for Combined Fire and Burglary Insurance

Whether you’re protecting your building or trading contents, a time might come when you’ll need to file claims when an incident occurs. The following steps should be taken when filing claims for Combined Fire and Burglary Insurance.

1. Contact Your Insurance Company:

Notify your insurance company as soon as possible and provide them with essential details like policy number, date, time, and location of the incident.

2. Document the Damage or Loss:

Take photos or videos of the affected property. Keep a detailed list of damaged or stolen items, including their approximate value. This documentation will be crucial for your claim.

3. File a Police Report:

For burglaries, file a police report and obtain a copy. This report may be required by the Insurance company to process your claim.

4. Cooperate with the Investigation:

Insurance companies may investigate claims to verify the circumstances. Cooperate fully by providing requested documentation and information.

5. Temporary Repairs:

If necessary, take reasonable steps to prevent further damage. Keep receipts for any temporary repairs, as these costs may be reimbursed.

6. Meet with Claims Adjusters:

Your insurance company may send a claims adjuster to assess the damage. Be present during the assessment to provide additional information if needed.

7. Review Your Policy:

Familiarize yourself with the coverage details in your policy to understand what is and isn’t covered. This will help manage expectations during the claims process.

8. Submit Necessary Forms:

Fill out any required claim forms accurately and promptly. Failure to provide necessary information may delay the processing of your claim. Once your claim is accepted, it takes a couple of days to receive compensation for the damages.


Combined Fire and Burglary Insurance is a great insurance policy that gives peace of mind to businesses. However, before purchasing the plan, carefully review the policy documents to understand the specific terms, conditions, and coverage limits. It’s advisable to consult with your insurer to address any questions or concerns related to the policy.

To learn more about our Combined Fire and Burglary Insurance offerings:

Visit: cornerstone.com.ng | Call: 07086216957 | or Email: brand@cornerstone.com.ng

Read: Understanding Credit Life Insurance

1 thought on “Why Every Business Needs Combined Fire and Burglary Insurance”

Leave a Comment

Your email address will not be published. Required fields are marked *