The Top Claims For Small Businesses
In a recent report by Property Casualty 360 See 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.
Colorado Business Insurance
Remember that business insurance protects your investment by minimizing financial risks associated with unexpected events such as a 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, or 15%, of the small business claims.
- Wind damage, while not an exposure for every business, 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 10% of the total.
- Product liability claims cost an average of $35,000.
- Property rights/ Reputation, while not a large percent of the claims, had an average cost of $50,000.
- Auto accidents accounted for only 5% of the total, but averaged $45, 000 per claim.
Our professionals work diligently to understand our client’s risks, goals, culture & vision in order to develop with you a risk management program to support your mission.
DCInsurers – Mountain, knows how important it is to have the right kind and amount of insurance coverage for your business. We also know how challenging it can be to sort through the numerous different insurance options to find the right policy.