What are the most common business insurance claims?

Theft and theft are the most common commercial insurance claims filed by companies. They are especially common in the retail, construction and manufacturing industries. This can include damage to your company's property as a result of a break-in, as well as the actual theft of possessions and equipment. Regardless of the type of business you run, you may run the risk of being robbed by a petty criminal, an angry customer, or even a disgruntled employee.

Of all the examples of commercial insurance claims, theft is the most common. Approximately 20% of commercial insurance claims are related to theft and theft. There are many types of commercial liability insurance, but the most common is general liability insurance. A general liability policy covers third-party claims against the company for bodily injury, property damage, or personal and publicity injuries.

Some of the most common claims, such as fire damage, are also the most expensive. Fire claims rank in the top five for the most common and costly claims. That means that nearly half of business owners will suffer some type of event or accident that will require them to have commercial insurance. An analysis of small business claims suggests that 40% of small businesses file some type of insurance claim within ten years of operation.

This type of policy protects your company against property damage or loss of assets, such as equipment, machinery, commercial vehicles, merchandise, truck loads, and equipment breakdowns. Fires can cause a substantial amount of property damage in a short period of time, which could devastate a small business that doesn't have insurance coverage. Acquiring the right type and amount of commercial insurance coverage is essential to properly protect you and your business. These figures are quite significant and can harm companies that do not have adequate coverage.

In the event that your business is affected by one of these problems, the business insurance claim process is usually simple. The standard commercial auto policy (BAP) is a flexible policy that includes liability and physical damage coverage.

Jenny Kizzia
Jenny Kizzia

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