Introduction: Every year many people around the world lose their lives or suffer from injuries and serious damages in industrial fire. This study aims at evaluating fire risk using an suitable method and determining endangered humane, financial and environmental capitals in various parts of a chemical industries.

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Material and Method: In this analytical study the developed Frank and Morgan method was used to evaluate the risk of fire in all units of a chemical company. Improved checklists validity was confirmed by experts and then, its reliability was determined by test-retest analyzing method. Human, financial and environmental probable losses were calculated in the case of fire. A risk factor was determined for each unit and all of them were prioritized accordingly.

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Result: The study of developed checklists’ validity showed that there was a high conformity (homogeneity) between results of two measured loads (ICC=0.87; %95CI: 0.699-0.952). Mean value of risk in units was 115.45 and research and development (R&D) and sparse part store units have the highest and lowest risk values, respectively. Endangered humane, financial and environmental capitals had the highest to lowest score, respectively.

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Conclusion: Results showed that the developed Frank and Morgan method can be a suitable tool for evaluating industrial fire risk and prioritizing units in general level of an industrial complex especially chemicals company. According to the findings in this study, the investigation of likely damages to environment in the case of fire has high importance.