When you own your own small business you probably worry about things like theft, property damage and fire affecting your business and while these are common claims, perhaps there are other claims you should think about.
The Hartford analyzed more than one million property and liability policies over 5 years and found that the costliest claims aren’t always the most commons claims that come to mind. For example the most common claim – burglary and theft – is actually the least expensive claim on the Top 10 Ranking of Costliest Claims.
10. Burglary and Theft – 20% of all small business claims – Average cost $8,000
9. Water and Freezing – 15% of all small business claims – Average cost $17,000
8. Wind and Hail Damage – 15% of all small business claims – Average cost $26,000
- Treat and Maintain trees and anchor any equipment stored outside that could be moved by high wind
7. Fire – 10% of all small business claims – Average cost $35,000
- Remember to test all fire detection and suppression equipment and update your emergency preparedness plan.
6. Customer Slip and Fall – 10% of all small business claims – Average cost $20,000
5. Customer Injury and Damage – 5% of all small business claims – Average cost $30,000
4. Product Liability – 5% of all small business claims – Average cost $35,000
- Defective or dangerous products can cause injuries. Contact our office for a Product Liability Insurance quote.
3. Struck by Object – 5% of all small business claims – Average cost $35,000
- Make sure to discuss and follow basic safety precautions .
2. Vehicle Accident – 5% of all small business claims – Average cost $45,000
- Services are available screen and monitor employee driving records.
1. Reputational Harm – less than 5% of all small business claims – Average cost $50,000
- In business, it’s important to not criticize competitors in front of customers or through public media channels, simply let your products and service represent your business. If you post photos or content on a social media sites or websites, be sure the photos and content are not copyrighted.
