It usually helps to be familiar with the most common business insurance claims because the chances are good you’ll have to deal with one of these issues at some point.
1. Burglary and theft
No matter what kind of business you run, you may be at risk of burglary or theft from a petty criminal, an angry customer, or even a disgruntled employee. Out of all business insurance claims examples, burglary is the most common. Roughly 20% of commercial insurance claims are related to burglary and theft.
2. Fire
Small business owners tend to underestimate the likelihood of a fire. There are many common fire causes, some of which they don’t realize until it’s too late.
They also don’t recognize how much time and money it takes to get their business cleaned up and running again after a fire. The fire department, police need time to complete investigations. Insurance companies also will investigate your property claims. Repairs need to happen. All of these things take time.
Fires are capable of causing a substantial amount of property damage in a short period, potentially devastating a small business that doesn’t have insurance coverage.
3. Weather damage
Anything from wind and hail to snow and ice to cold weather freezing pipes can create problems for a business. If there’s a weather-related natural disaster, it can shut down a business for an extended time. Check more with the help of best commercial insurance companies
Data also suggests that over 25% of businesses that close because of a natural disaster never re-open, partly because they don’t have an insurance provider that can help cover the loss.
4. Customer Injury
Suppose a customer slips and falls while on your business property. You may be vulnerable to a lawsuit and damage claims. If people frequently visit your business, you may want to consider getting general liability insurance. This will allow you to submit an accident insurance claim if someone gets hurt on your property.
5. Struck by object
Believe it or not, people can get struck by random objects, which can lead to trouble if you don’t have proper business insurance. In one of the more unusual business insurance claims stories, a British travel insurer had policies to safeguard against people getting hit by falling coconuts while on vacation. It just goes to show, you never know what could happen.
How the commercial insurance claims process works
In the event your business is affected by one of these issues, the business insurance claims process is usually straightforward.
The first thing you’ll want to do is contact your insurance provider. You should inform them of the situation as soon as possible.
You will want to tell them about anything that was damaged or share every detail of the complaint made by a customer. Some insurance companies will require you to call to report a claim. Others, such as General liability insure Insurance, will enable you to make a claim online.
When you make a liability claim, your insurer will investigate the claim to confirm what happened. Your broker will then look over your insurance policy to see what may be covered and what may not be covered. Your insurer may also recommend contractors who can help you make any necessary repairs.
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