The short answer
Possibly — it depends on what risks your business actually faces beyond fire. A basic fire policy only protects against fire, lightning and explosion. All-risk insurance covers those same perils plus additional risks like theft and malicious damage, all under one policy. If fire is genuinely your only concern, the extra cover may not be necessary. If theft or damage to equipment is also a real risk for your business, it's worth comparing the two.
Why this comes up
Many business owners take out a basic fire policy early on — often because it's the minimum a bank or landlord asks for — and never revisit whether it's still enough as the business grows. It's only after a break-in or an incident that isn't fire-related that the gap becomes obvious, and by then it's too late to do anything about it.
What to check in your policy
Pull up your current fire policy and look for what's explicitly listed as covered. If theft, malicious damage, or other non-fire perils aren't named, they're not covered — fire policies don't include them by default. From there, it's a matter of weighing the extra premium for all-risk cover against the value of what you'd be exposed to without it: stock, equipment, fittings, anything that could be stolen or damaged outside of a fire scenario.
Work with Cover Buddies Today!
We can review your current fire policy, show you exactly where the gaps are, and help you decide whether upgrading to all-risk cover makes sense for your situation — no guesswork required.
See our fire insurance page or learn more about all-risk insurance, or get a quote to compare your options.