Mandatory Fire Insurance: Who Qualifies and What You Get
Learn about the mandatory fire insurance requirements for multi-use facility owners in South Korea and how to avoid potential fines.
This is a required insurance scheme for owners of certain types of commercial properties to ensure protection against fire-related incidents.
Who it's for
This scheme applies to owners of multi-use facilities, such as shops and restaurants.
What you get
The insurance provides liability coverage. This means if a fire occurs, the policy helps cover the costs of damage caused to other people or their property.
What it costs you
You will need to pay an annual premium. The exact cost depends on the size of your shop and the type of industry you are in.
The catch to know
Simply having the insurance is not enough. You must ensure that your insurance certificate is clearly posted in your business location, or you may face fines.
How to apply
- Determine if your business type falls under the multi-use facility category.
- Contact an insurance provider to get a quote based on your shop's size and industry.
- Pay the required annual premium to secure your coverage.
- Print and display your insurance certificate in your shop to avoid penalties.