Top Commercial Insurance Claims: Why It’s Crucial to Know Them

If you’re planning to open a business this year, understanding the most common risks faced by businesses in the United States is essential. A suitable commercial insurance policy can be your safety net.

Fires: The Ever-Present Danger
According to the US Fire Administration, an average of 7,410 restaurants, bars, and coffee shops catch fire annually, resulting in:

• 110 injuries.
• $165 million in property damage.

But fires don’t just affect restaurants. The Insurance Information Institute reports that a fire occurs every 64 seconds in the US, causing annual losses exceeding $11 billion.

Theft: The Threat Inside Your Business
Experts in business security estimate that 42% of inventory losses are caused by dishonest employees.

Slips and Falls: The Most Common Cause of Injuries and Claims
Customer slips and falls are among the leading causes of injuries in businesses. This is why you often see “Wet Floor” signs in many establishments.

Natural Disasters: The Unpredictable Threat
More than half of restaurant owners report temporary closures due to damage from storms, hail, or floods. Many businesses without adequate insurance never manage to reopen due to the high costs of repairs.

How Can You Protect Your Business?

A Business Owner’s Policy (BOP) can include coverage to protect against these risks:

• Fire Coverage: Ensures the repair or replacement of property damaged by fires.
• Employee Theft Coverage: Add an employee dishonesty/theft endorsement to protect against theft by employees.
• Liability Coverage for Injuries: Shields your business from claims for customer injuries, such as slips and falls.
• Natural Disaster Coverage: Protects against storms, hail, and floods, preventing irreparable losses during adverse weather events.

Tailored Commercial Insurance Is Key
Don’t settle for a generic BOP that might overlook your business’s unique risks. Every company faces distinct challenges, and your policy should reflect them.

Contact Univista Insurance, where a commercial insurance specialist will design a personalized policy to protect against potential dangers. Don’t risk your business’s future—be prepared for any eventuality by understanding the most common claims.