Cost to Business

Video 42 of 51
1 min 13 sec
Want to watch this video? Sign up for the course or enter your email below to watch one free video.

Unlock This Video Now for FREE

This video is normally available to paying customers.
You may unlock this video for FREE. Enter your email address for instant access AND to receive ongoing updates and special discounts related to this topic.

In a recent survey, the Association of British Insurers said that there was well in excess of 2 Million Pounds a day of insurance payouts, purely in business fires. This is a massive sum. This figure is increasing day by day and obviously costs businesses a great deal of money, however, insurance is not always the answer. Nowadays, insurance premiums for businesses can be extremely high and whilst Fire Prevention methods are now something businesses are legally obliged to put in place, the cost of them is nothing compared to the damage and devastation a single fire can cause, let alone any potential cost to life.

Were a fire to occur, the initial cost of repairs could be huge and it could be that employees would lose their jobs purely because the company may not be financially strong enough to survive the fire, considering the loss of production and revenue that would inevitably take place. Within the time it takes for the business to recover, it may lose so much income that it simply cannot survive.