The top business insurance claimsJanuary 15, 2019
Running a business is a rewarding journey. But even the best business owners can’t plan for every liability. Every year, businesses everywhere experience some form of financial or property risk. Here are the top insurance claims businesses make.
- Theft: The most common insurance claim is to cover instances of theft. This can come from internal loss, such as employee fraud or customer theft.
- Property damage: A large percentage of business claims are to repair the damage done from weather. That can include serious structural damage, including a roof or pipes damaged from cold weather, as well as wind and hail damage.
- Fire damage: Fire can destroy property quickly, unfortunately. This is a serious claim that businesses owners would rather not find themselves having to make.
- Customer injury: Businesses that host in-store customers are vulnerable to customer injuries. Customers can slip and fall in cold or wet weather, if the floor is being cleaned, trip over inventory, or even have stock fall on them. And if the public is regularly in your location, this can be an even more serious hazard.
- Product liability: Companies that manufacture products that customers buy – cars, toys, appliances, etc. – occasionally end up taking out claims because their product was faulty. Claims because of product failure are usually for the costs associated with recalls or customer injury.
- Vehicle accidents: Claims from vehicle-related accidents are becoming more common. Businesses who use fleet education and accident prevention can reduce those claim numbers even further.
Make sure you avoid a costly lawsuit or other business-damaging claims. Protect your assets with an insurance plan that takes the time to understand your business and create a risk management plan that works for you.This entry was posted in Uncategorized. Bookmark the permalink. ← Things to consider when developing a risk management plan for your business What to remember when buying insurance →