Florida business owners may be most likely to file insurance claims following burglary or theft, but the most expensive type of claim is reputational harm with an average cost of $50,000. Vehicular accidents are the second most costly. However, these are both the least common of the top ten claims businesses may file according to a study by The Hartford Financial Services Group, Inc.

Damage from water and freezing damage are the second most common cause of claims followed by damage from wind and hail. Customer slip and falls and fire each account for 10 percent of all claims. Fewer than 5 percent of claims are due to customers being stuck by an object, customers being injured in other ways and product liabilities.

Fire and product liability claims, both averaging a cost of around $35,000 each, are the next most expensive followed by customer injuries that are not slip and fall accidents. Slip and fall accidents come in seventh place after wind and hail damage. An object striking someone, damage from water and freezing, and burglary and theft are the least expensive claims. The company based these assessments on its own clients, and certain industries might be more likely to have certain types of claims. The Hartford reports that over 10 years, 40 percent of small companies suffer some kind of loss.

Companies that need to file an insurance claim may want to seek legal counsel. Compensation can be critical for small businesses that do not have significant resources for repairs and other expenses after being damaged by fires, floods or other incidents, but in some cases, it may be a struggle to get the insurance company to pay the full amount needed. Attorneys may be able to assist with the initial filing of business owners' insurance claims and with an appeal or a lawsuit against an insurance company if necessary.

No Comments

Leave a comment
Comment Information
Email Us For A Response