One of the most overlooked aspects of failing to maintain an up-to-date Fire Risk Assessment (FRA) is the potentially significant financial ramifications it can have, particularly when it comes to insurance claims. An outdated or inadequate FRA could jeopardise your insurance cover, leaving your business exposed to significant financial loss in the event of a fire.
The Importance of a Current Fire Risk Assessment
Insurance providers require businesses to maintain a 'current' and 'suitable & sufficient' FRA as a prerequisite for coverage against fire-related damages. This document not only shows that you've identified fire hazards and risks but also demonstrates that you've taken appropriate steps to mitigate them. The Consequences on Insurance Failure to keep an up-to-date FRA can have serious implications for your insurance claim if a fire occurs. Many insurance companies will scrutinise your FRA to ensure that you've fulfilled your responsibilities. If they find that your FRA is outdated, inadequate, or action plans have not been followed, they may refuse to honour the claim in part if not all depending on the failure.
The Repercussions on Business
Without insurance cover, the financial burden of a fire could be devastating. You may be liable for repair costs, replacement of assets, and even legal fees if employees or customers are harmed. Beyond these immediate costs, the long-term impact on your business reputation could result in lost clients or contracts, further exacerbating financial woes.
Protecting Your Interests
The best course of action is to keep your FRA current and comprehensive. Regular reviews and updates will not only keep you compliant but also strengthen your position in the event of an insurance claim. Consider working with experts like Ilisi Expert Legal Compliance to ensure that your FRA meets all legal and insurance requirements. To book your Fire Risk Assessment with Ilsi complete our contact form and we respond to you with a formal writtern quotation.
