Al Boenker Insurance Blog - Common Business Insurance Claims
Feb 21, 2019Let's talk Business Insurance. Whether you own a small business or a big business, there is one thing to consider: Business Protection. What would happen if your business went up in flames? Or was hit with a major liability claim? How would you handle it? You have poured your time and money into this and don't want to get hit with any setbacks. Check out these business insurance claims and see just how general liability might be your next #business move.
Burglary or TheftRegardless of your type of business, you run into the risk of theft or break-in. Your brick and mortar is the home to your equipment and day-to-day operation. Whether it be damaged or a total loss of equipment, your business insurance is there to back you.
Weather Related DamageWeather-related damage to your building could put your business out for several weeks. Imagine your fleet of trucks are flooded and it takes them out of commission for several weeks. Would your business be able to survive a week without a couple of trucks? Weather-related damage is an unforeseen accident that we cannot prevent. Several small businesses don't have the means to open back up after a major natural disaster. Don't get left out in the rain.
Customer InjuryThe good old "slip on a banana peel" comes to mind here. But what if a customer actually got injured while in your store? This is a major liability that you could be responsible for. It's best not to risk any small claims of injury if customers frequently come to your business. Accident insurance can provide peace of mind.
FireFire claims are no joke. Many businesses underestimate the destructiveness a fire can have on their business. Fires are capable of causing a substantial amount of property damage in a short period of time, potentially devastating a small business that doesn't have insurance coverage.
|Most Common||Most Costly|
|Burglary & Theft (20%)||Reputational Harm ($50,000)|
|Water and Freezing Damage (15%)||Vehicle Accident 3 ($45,000)|
|Wind and Hail Damage 6 (15%)||Fire($35,000)|
|Fire (10%)||Product Liability 4 ($35,000)|
|Customer Slip and Fall(10%)||Customer Injury or Damage 5($30,000)|
|Customer Injury and Damage(Less than 5%)||Wind and Hail Damage($26,000)|
|Product Liability(Less than 5 percent)||Customer Slip and Fall ($20,000)|
|Struck by Object (Less than 5 percent)||Water and Freezing Damage ($17,000)|
|Reputational Harm (Less than 5 percent)||Struck by Object ($10,000)|
|Vehicle Accident (Less than 5 percent)||Burglary and Theft ($8,000)|