In a recent report by Property Casualty 360See full Article, the top claims for small businesses were reviewed. In this report, a leading insurer of small businesses reviewed millions of policies over a five year period. We found the results interesting.
Remember, business insurance protects your investment by minimizing financial risks associated with unexpected events such as the death of a partner, an injured employee, a lawsuit, fire, or a natural disaster. Here are some results we found interesting:
Burglary accounted for 20% of the claims, with an average cost of $8,000.
Water damage had an average cost of $17,000, and it was 15%, of the small business claims.
Wind damage; while not an exposure for every business, it accounted for 15% of the total losses with an average cost per claim of $26,000.
The traditional risk of fire damage had an average claim of $35,000 and was 10% of the total.
Product liability claims cost an average of $35,000.
Property rights and Reputation; while not a large percent of the claims, these had an average cost of $50,000.
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