Actually, the first thing is to stand in the middle of your shop with a note pad and look around. Spot EVERY potential fire source, and where the fire will spread if ignited.
Lets take the HT oven for an example. It may sit on a counter. How far is the end from the wall? What is the counter made of? What is on the shelf above it? If you drop a blade coming out of the oven, where will it land (and on what)? See where I am going.
Look at the combustibles. Are they in a safe metal locker,or perched on a MDF shelf (probably overloaded with 200# of cans and bottles) that may collapse in the middle of the night?Are they in proper type and labeled containers? Are they in the best or worst place if a fire breaks out? Where ,and how many, are the fire extinguishers? When were they checked last?If they are three years old,you don't have to throw them away,just get some new ones as well.
With planning and inspection,many fires can be prevented,and those that occur can be minimized.The most likely fire is the quench tank. Lets all be honest here. HOW SAFE IS YOURS! If it is tall,is it on a sturdy,tip proof base? Is it too full? Is the lid on it,except when in use? And next to it when in use?Is the quench tank unburnable,unbreakable, and unmeltable -IS IT ALL METAL??? A quart mayonnaise jar of ATF isn't really enough to quench a blade properly (that is another thing altogether) but it is enough to explode into a four foot circle of fire by thermal shock when a 1500F blade is plunged into it.
Look around, Fix the problems, Plan ahead for the potential fires. BE SAFE.The best kind of fire extinguisher is oner that you have made into the Maytag Repairman of fire fighting equipment (but still maintain).
Stacy