Wednesday, September 05, 2018

How Much Does A Fire Cost A Business?

Bison Fire's How much does a fire cost a business

As a business owner, you care about your investments and ensuring that any damage due to a fire is minimized and any costs for repairs are kept to a minimum. But do you actually know how much damage a fire in a business can cause, and what the most common causes of business fires are?

At Bison Fire Protection, we’re committed to your safety and protecting your business, so we did some research and have identified some of the causes and costs of business fires in North America.

Different Businesses Have Different Fire Risks

There are many different types of businesses and business properties, which the National Fire Protection Association (NFPA) breaks down into eight different categories:

  • Merchant & Retail Stores
  • Office Properties
  • Restaurants & Bars
  • Religious Properties
  • Schools
  • Health Care Facilities
  • Industrial or Manufacturing Properties
  • Warehouses

Check out this chart from the NFPA to see how each business type breaks down:

While some of these businesses may be quite different from each other, a lot of them are similar in the sense that cooking equipment and kitchen-related accidents were the primary cause of fires. In particular restaurants and bars, religious properties, offices, and health care facilities were at risk of kitchen fires because many of them have stovetops, ovens, or deep fryers which were mishandled by employees or staff.

Another factor that stands out is that schools and warehouses both need to worry about intentionally set fires, which account for a whopping 36% of all fires in schools, alone! On the other side of the spectrum, industrial and manufacturing businesses need to be aware of the risks surrounding their shop tools and heating and industrial equipment, as these items account for 14% of all fires.

How Much Damage Does a Fire Cause?

Unsurprisingly, businesses who incur the highest property damage tend to be businesses that store products, like retail locations and warehouses. In fact, even though warehouse fires tend to occur less often, they incur the highest amount of damage with the average being $129,000 per fire.

Take a look at how each industry breaks down, according to the NFPA:

We should also note that the primary reason that religious properties experience such high levels of damage from a fire is that they are lightly populated during the week, which means fewer people are on-site to prevent a fire from starting.

However, it’s important to note that when fire suppression sprinklers were installed in these spaces, the average cost of property damage went down by 73%.

How Much Will a Fire Cost YOUR Business?

Taking proactive steps to keep your business safe in the event of a fire is one of the smartest things you can do as a business owner.

If you operate a business in Winnipeg, Brandon, Thompson, Kenora, Saskatoon, or Regina and are looking to know more about how to protect your investment from fire damage, contact the experts at Bison Fire Protection by calling 866-441-3473 today and we’ll visit your business to provide a thorough assessment.

Posted by Rob Read at 2:30 PM

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