Watch out for these common business insurance claims.
As a business owner, you know that there is trouble lurking around every corner. Rather than reacting to these issues when they arise, it’s far better to be anticipatory and proactive. But what kinds of commercial insurance claims do businesses have to deal with the most? Here are some of the common business insurance claims that you need to watch out for.
Common Commercial Claims
- Burglary and Theft- 20% of all commercial claims filed
- Water and Freezing Damage- 15% of all commercial claims filed
- Wind and Hail Damage- 15% of all commercial claims filed
- Fire- 10% of all commercial claims filed
- Customer slips and falls- 10% of all commercial claims filed
- Customer injuries and damages- less than 5% of all commercial claims filed
- Product liability- less than 5% of all commercial claims filed
- Struck by an object- less than 5% of all commercial claims filed
- Reputational harm- less than 5% of all commercial claims filed
- Vehicular accident- less than 5% of all commercial claims filed
Most Expensive Commercial Claims
While the frequency of claims is something to worry about, you also need to consider which types of claims are most costly. Here is a ranking of the most expensive types of claims based on their average cost.
- Reputational harm- $50,000
- Vehicular accident- $45,000
- Fire- $35,000
- Product liability- $35,000
- Customer injury or damage- $30,000
- Wind and hail damage- $26,000
- Customer slips and falls- $20,000
- Struck by an object- $10,000
- Water and freezing damage- $17,000
- Burglary and theft- $8,000
Watch out for these costly and common business insurance claims. Want a great way to protect your company? Then make sure you have the right business insurance in place. For assistance with all your coverage needs, contact the experts at 01 Insurance in Astoria, New York today.