Does Your Business Need The Right 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.
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.
Ludwig & Fawcett Insurance!
We provide our customers with financial protection through quality insurance products. We partner with multiple financially sound and reliable companies, allowing our knowledgeable and experienced staff to customize an insurance package to fit your needs.
While we enjoy meeting our clients in person, we can also initiate coverage over the phone, by fax, or by email.