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, business insurance protects your investment by minimizing financial risks associated with unexpected events such as the death of a partner, an injured employee, a lawsuit, fire, or a natural disaster. Here are some results we found interesting:
- Burglary accounted for 20% of the claims, with an average cost of $8,000.
- Water damage had an average cost of $17,000, and it was 15%, of the small business claims.
- Wind damage; while not an exposure for every business, it accounted for 15% of the total losses with an average cost per claim of $26,000.
- The traditional risk of fire damage had an average claim of $35,000 and was 10% of the total.
- Product liability claims cost an average of $35,000.
- Property rights and Reputation; while not a large percent of the claims, these had an average cost of $50,000.
- Auto accidents accounted for only 5% of the total, but averaged $45,000 per claim.
Worthington Insurance specializes in competitive auto, home, contractor and business insurance as well as insurance in Philadelphia, Yardley, Morrisville, Langhorne, Newtown, Bensalem, Levittown, Bucks County and surrounding areas in Pennsylvania and New Jersey.