Business Insurance Claims occur more often than most assume. Any business without insurance is at great risk. In the worst scenarios, these common insurance claims below can put an uninsured business out of business.
Customers can be exposed to different types of potential injuries while visiting your business. For example, a customer might have a fall caused by wet floors, or an employee could get injured while moving things around. It is the business’ responsibility since the injury occurred at the business. The average cost of a customer injury claim is $30,000; one claim can have a major setback for any business. It is crucial to have business insurance to protect your business from injury claims.
Theft, the most common claim for small businesses, occurs in the hands of employees as well as customers. Business insurance cover loss of merchandise and equipment as well as any damage from a break-in.
Water damage claims typically involve physical damage caused by water leaks or frozen water. Most people argue that water leaks are uncommon, but water damage claims make up 15% of all annual insurance claims. The average cost of this claim is $17,000, which can financially hurt a small business. Do not put your business at risk; anything can happen at any time.
Fire damage is one of the most common and expensive claims. One claim can average around $30,000 to $40,000, which can bury a small business owner. A fire can start by simply leaving the coffee maker plugged in overnight.