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Here Is Why Every Business Needs Insurance

 

Here Is Why Every Business Needs Insurance

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.

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:

  1. Burglary accounted for 20% of the claims with an average cost of $8,000.
  2. Water damage had an average cost of $17,000, or 15%, of the small business claims.
  3. 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.
  4. The traditional risk of fire damage had an average claim of $35,000 and 10% of the total.
  5. Product liability claims cost an average of $35,000.
  6. Property rights/ Reputation, while not a large percent of the claims, had an average cost of $50,000.
  7. Auto accidents accounted for only 5% of the total, but averaged $45, 000 per claim.

 At Roussel Insurance we strive for trust and reliability with our clients. Through our 32 years in the insurance business we have learned to achieve immediate and sustainable cost savings for businesses and individuals.

 

 

 

 

This information is intended for the client, individual or entity to which it is addressed. These articles contain concepts and opinions, and are not intended to represent the consensus of the insurance or risk community, nor to provide professional legal or tax advice.  Please seek professional legal or tax counsel before making any decisions.  The information provided does not change or modify any insurance policy, only the actual terms of the in-force policies will govern claim settlements.

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