Business Insurance: Most common claims in business. Invested capital fuels the dreams of entrepreneurs, enabling them to bring their ideas to life, conduct operations, balance finances, expand activities, and grow. Protecting these assets is crucial for ensuring the longevity and development of any venture, underscoring the importance of commercial insurance.
While every business sector carries unique risks, there are five common claims that most small businesses may encounter within their first ten years. Understanding these recurrent claims empowers us to shield our ventures with the proper coverage.
Theft accounts for 20% of business claims. Whether your enterprise involves employees or operates solo, theft can come from any quarter – an employee, partner, stranger, or even a customer. Having coverage is fundamental for safeguarding your business.
Owners of offices, stores, or clinics often need to pay more attention to the fire risk. However, a minor electrical issue, oversight during maintenance, or equipment malfunction can lead to a fire that damages your asset.
- Customer Injuries
Whether it’s a medical office, a retail store, or a tax consultancy, customer injuries within your business premises can result in liability claims. Injuries to customers account for 10% of claims, ranging from slips and falls to electrical shocks or other harm.
- Water Damage
Water damage can stem from a cyclone-induced flood, storm, or faults in the existing plumbing within your business premises. This type of damage constitutes 15% of commercial claims, and various coverage options are available to address this risk.
- Reputational Damage
This broad risk encompasses anything that could tarnish your business’s image – from subpar product quality and employee termination to legal non-compliance, employee misconduct with a customer, or negative social media posts.
Fortunately, there’s suitable coverage for each of these risks. If you’re keen on securing a robust commercial insurance policy, it’s advisable to consult with your Univista Insurance agent. Together, you can tailor a policy that effectively safeguards your investment. Business Insurance: Most common claims in business.