Small business insurance claims are a common part of doing business, though most of us often think of commercial insurance claims as coming from disastrous, unusual events. Today, we at InsureWise would like to take the opportunity to list some of the common business insurance claims.
1) Theft and Burglary Insurance Claims
Both internal theft by employees as well as break-ins are included in burglary and theft claims. Caused by employee theft is 42% of inventory loss in U.S. stores in fact.
Prevention: Take these steps to prevent employee theft.
– Do Background Checks
– Get to Know the Staff
– Add Surveillance
– Offer Anonymous Reporting of Wrongdoing
– Pay Fair Wages
Be sure to invest in a quality security system and consider installing fencing around your building. Also, to discourage would-be thieves, make sure your business is well lit.
Coverage You Need: Make sure to have commercial property coverage and to ensure you have all the protection you need, consider adding a crime endorsement and employee dishonesty/theft endorsement to your policy.
2) Commercial Water Damage
Due to snow, flooding, freezing temperatures and burst pipes, among other sources, can cause water damage to any business.
Prevention: Keep your building’s roof clear of snow and ice to prevent ice dams and roof damage. Also, ensure staff knows how to shut off the water in the event of a plumbing incident.
Coverage You Need: Generally, water damage from snow, freezing temperatures and burst pipes, but not from floods is covered with commercial property insurance. If your business must close while water damage is being remedied, business income insurance can reimburse you for the loss of revenue incurred.
3) Hail & Wind Damage Insurance Claims
It can be detrimental for not just the business but the property owner as well when strong winds and hail damage commercial property.
Prevention: Maintain trees and shrubs on the property and remove dead or dying trees promptly, also trim away overhanging branches. If a heavy storm is predicted, anchor outdoor equipment that could be blown into your building by strong winds and protect windows.
Coverage You Need: Business income insurance can reimburse you for lost business while repairs are made, as with water damage claims, and commercial property insurance will cover losses due to wind and hail damage.
4) Fire Damage
A structure fire occurs every 64 seconds according to studies. $11.1 billion in property damage is caused to structure fires not related to wildfire, in 2018.
Prevention: For your business, establish a fire safety checklist. Train all employees to use fire extinguishers in your place of business and insure to inspect and maintain them. Regularly clean and inspect any electrical equipment that could cause a fire and install a fire sprinkler or fire suppression system (some areas require these in commercial buildings). With your employees, create an emergency exit plan and practice it.
Cover You Need: Along with business income insurance can make up for lost revenue after the fire, you need commercial property insurance will cover repairs for fire damage.
5) Slips and Falls by Customers
A common cause of injuries sustained by customers of small businesses are slips and falls.
Prevention: To avoid slippery floors, cleaning up spills promptly. Ensure tripping hazards such as floor mats, loose area rugs, or uneven flooring are fixed or removed. Clutter that could trip customers such as items stored on the floor, loose electrical cords, and so forth, need to be cleared. Consider installing cameras to reduce/prevent claims if fraudulent claims on your property are a concern.
Coverage You Need: To cover most losses stemming from a customer slip-and-fall accident, you need general liability coverage.
Commercial Small Business Insurance Policies & More in Las Vegas, Henderson, Reno, North Las Vegas, Summerlin, Paradise, Spring Valley, Sunrise Manor, Enterprise, Sparks, Carson City & State of Nevada
Call InsureWise today to ensure your business is properly covered and we will help tailor your policy to fit your business’s needs.