Common Claims You Don’t Want to Miss

          Listen up small business owners! First, congratulations on becoming a small business owner. Being an owner shows dedication as well as a certain passion that one must have and desire. It’s never easy being in charge of an entire business. Things like adjusting to government regulations, maintaining and managing steady cash flow, and hiring and keeping track of your employees while providing them with healthcare are all challenges that can be tough to successfully accomplish. It is best to focus your time and efforts towards these challenges rather than worrying about potential risks of accidents or property damage. Thankfully, there are insurance coverage options through Deibler Straub and Troutman that can help owners get that stress off their back.
            A report by the Hartford revealed that more than 40 percent of small businesses will file a property or liability claim within the next 10 years. This might be an indicator that these types of accidents and property damage are fairly common occurrences over the lifespan of a small business. Continue reading to find out about the top five property and liability claims that almost every small business faces.
 
Most Common Claims
            The number one most common claim is burglary and theft which has affected 20 percent of small businesses. It is one of the least costly accidents but is still an expensive potential loss for a business, averaging around $8,000. Plus, this is a very frequent occurrence when compared to other property damages. There are also things businesses can do to lower the burglary and theft rate such as conducting pre-employment background checks, installing fencing and gates, or installing devices that control unauthorized entry.
            The second most common claim is water and freezing damage. This has affected 15 percent of small businesses and damages tend to cost around $17,000. While having to deal with water or freezing damage can be costly, there are things you can do to prevent this. Keeping the heat on even when you are away during times of extreme cold can help reduce the chances of freezing. Keeping roofs and eaves clear of excess snow and ice can also help.
            Coming in next is wind and hail damage affecting around 15 percent of businesses. Damages add up to be around $26,000 on average, and the frequency of these accidents happen more than you might think. Anchoring outdoor equipment and moving potential damaging objects inside is a way to stay proactive and safe during high winds.
            The next most common claim is fire damage affecting 10 percent of small businesses. Fire damage tends to be very expensive, costing around $35,000. In some cases, fire damages can potentially cost up to $50,000 to repair. This can be a scary situation to face when not insured. That’s why taking safety precautions such as marking evacuation routes, conducting fire drills, and maintaining all fire and life safety equipment is essential to prepare for an accident.
            The last common claim is slip and fall which could end up costing you around $20,000 on average. This claim has also affected 10 percent of businesses. Slip and fall accidents happen when businesses aren’t taking precautions to keep their workplace safe. Being proactive and eliminating potential hazards is an easy way to avoid an employee or customer slipping and falling. This can avoid the possibility of a lawsuit occurring.
Stay Safe With Us!
            In conclusion, Deibler Straub and Troutman appreciates all of the small business owners out there and has your back when accidents happen. Numbers don’t lie, and we understand that situations happen to everyone. Just remember to do your due diligence to bring down the chances of these freak accidents happening. Stay stress-free and don’t miss out on making sure your business is covered for claims like these. From all of us here at Deibler Straub and Troutman, we wish you great and safe success in all of your business endeavors.