Whether your business is small or mid-sized, there’s a good chance you will eventually need to take advantage of one or more of the insurance policies that you have. That’s why insurance is there! Your policies through Freedom Insurance Agency can serve as a buffer from serious financial harm after an accident or other catastrophic event. What are the most common business insurance claims that small and mid-sized businesses like yours make?
6 of the Most Common Business Insurance Claims
- Burglary and Theft: You might think of theft as someone breaking into your business, but many small and mid-sized businesses are actually targeted by their own employees. According to one study, thefts and burglaries make up about 20% of small business insurance claims every year.
- Water and Freezing Damage: These claims are often related to the structure of the building the business is located in, and they include claims related to roof damage from the weight of snow or ice, as well as damage caused by frozen pipes bursting. Water damage business insurance claims are also made in the spring and summer, when rainstorms and thunderstorms are common.
- Customer Injuries: Even if you go above and beyond to provide your customers with a safe environment, accidents can still happen. These businesses insurance claims often occur in the aftermath of a customer slipping and falling, knocking something over and injuring themselves or otherwise having an accident that they find you liable for.
- Product Liability: In the same vein as customer injuries, product liability cases can occur depending on what your business sells and the warranties and warnings that come alongside your products.
- Fire: Fire is another one of the most common types of business insurance claims, and many business owners underestimate how much of their property and inventory is irreparably damaged in the aftermath of a single fire.
- Reputational Harm: This type of business insurance claim is not common in some industries, but it still makes up a small percentage of annual claims. Reputational harm cases can arise when a third-party (customer, competitor, other business) makes a claim against a business for libel, slander or another action that damaged their reputation. While these cases might not make up a large percentage of annual claims, the average cost of a single reputational harm claim is a whopping $50,000.
Work with Freedom Insurance Agency, Inc. for Your Business Insurance
We offer comprehensive, customized coverage from numerous major insurance carriers and make it easier than ever to find affordable policies that are exactly what you need. We have been serving clients throughout the greater Howard County and Carroll County areas since 1979, and we look forward to helping you and your family thrive. Get in touch today by calling (410) 795-2000.