Mrs Cynthia Kwarteng Tufuor, Tema Area Manager, SIC Insurance PLC has disclosed that the Insurance Act made it mandatory for all commercial property to be insured against fire since such fires come with allied perils and public liability challenges.
She said Public Liability Covers were meant to provide third parties who go to public premises and may suffer injury or ultimate death.
"It is mandatory for all commercial or public properties to have a minimum of fire insurance cover, which comes with inexpensive premiums," Mrs Tufuor stated at the sixth edition of the Tema Ghana News Agency "End of Month Stakeholder Engagement and Workers Appreciation Day" seminar an initiative that creates a platform for state and non-state actors to address national issues.
The monthly engagement also serves as a motivational mechanism to recognize the editorial contribution of reporters towards national development in general and growth and promotion of the Tema GNA as the industrial news hub.
Mrs Tufuor said fire insurance cover was important, "as it is necessary, for all small business owners to take proactive measures and precautions to minimize the risk of fire and other unforeseen disasters that may occur".
She explained that, "a property owner with insurance would be able to go back to his or her commercial insurance broker and file for claims for damage and compensation, and conversely, a property owner without commercial insurance would be left having to pay for the damage out of their profits."
Contributing to the discussion, Mr Irwin Cofie, Deputy Head of Marketing, called on the public especially property owners to take fire insurance covers to protect their investment from unforeseen fires and other disasters.
"Fire insurance gives the insured the requisite financial protection against assets acquired during lifetime so that in the event of any misfortune the insured would be put in the same financial position as enjoyed just before the loss.
"The Individuals need Fire Insurance as protection against property including; buildings, household goods and personal effects while Organization including; Commercial and Industrial entity could insure its buildings, plant, machinery and equipment, stock of raw materials, finished goods and profits," Mr Cofie stated.
Mr Cofie noted: "Fire insurance covers, which is the cheapest among all the insurance covers, is a must to have for all commercial and private property".
Ms Cynthia Twumasi, Deputy SIC Tema Area Manager, said in spite of the misconceptions about insurance and inadequate awareness on fire insurance, it was highly recommendable for public and private entities.
She said as a growing economy, there was a need for households and businesses to take fire insurance seriously as the consequences in the aftermaths of such disasters were not only debilitating, but economically draining.
Ms Twumasi explained that the newly enhance SIC HomePlus Insurance Policy was one of such domestic policies that provided a solution for all homeowners and renters against unfortunate incidents in the home such as fire, flooding, burglary, death or incapacity as a result of illness.
Mr Francis Ameyibor, Ghana News Agency Tema Regional Manager called on workers' unions under the Ghana Trade Union Congress to ensure that employers adhered to the Insurance act in respect to the protection of workers against occupational hazards.
"Labour Unions and Associations must check whatever insurance covers or protection under which workers operate, we must begin to holistically protect the interest of workers," Mr Ameyibor noted.
On the essence of the GNA Tema stakeholder engagement, Mr Ameyibor explained that modern journalism practices demanded a comprehensive dynamic approach to issues affecting society, through which the media must provide a platform for proactive engagement and exchange of ideas towards shaping national developmental.