By: Katarina Knoff
Risk is a part of operating any business, and insurance is one way to help offset your risk. Businesses regularly file different types of insurance claims. According to recent research, around 40 percent of small businesses will have to file a claim in the next decade. There are dozens of claims that businesses can file for concerning accidents or other costly events.
Here are a few of the most common filings:
#1 Burglary & Theft
Burglary and theft account for nearly 20 percent of claims and are the most common claims filed by businesses. They are most common in the manufacturing, retail and construction industries. These claims can include coverage for damages from a break-in and any stolen equipment or possessions.
#2 Water and Freezing Damage
Water and freezing damage account for around 15 percent of business claims. Most often, these are a result of frozen or burst pipes and flooding from storms. These are most common in coastal areas and high flood risk areas. Insurance can cover the cost of damage, mold removal and repairs to the structure.
#3 Wind & Hail Damage
Wind and hail damages are the third most common business claim and also account for around 15 percent. When the weather is severe, there are often blown down trees or branches that can fall on to business buildings. In these cases, insurance can cover the costs of damages.
Fire is a huge risk for businesses and accounts for around 10 percent of claims each year. A fire can completely devastate a business, and not surprisingly, these claims are most common in the restaurant and manufacturing industries. Insurance can cover losses and rebuilding costs and replacing lost supplies or equipment. It is recommended to have an emergency plan in the event of a fire and to conduct frequent fire drills for safety.
#5 Customer Slips & Falls
Customer slips and falls are another common insurance claim and account for nearly 10 percent of all claims. Your company may be held liable for medical bills, lost wages and legal fees. These claims are most often filed in the restaurant and retail industries. Insurance may cover the losses that may occur as a result of a customer slip or fall.
To make sure your business is covered, visit with your insurance agent today.