Every business owner hopes they never have to file an insurance claim. However, the reality is that claims occur more frequently than most people expect. And when they do, it is not just about what went wrong it is about whether your coverage is there to catch you when it matters most.
Let’s take a look at the most common insurance claims filed by small and mid-sized businesses and why reviewing your coverage today could protect your future.
Common Claims That Can Hit Any Business
Property Damage
Fires, water leaks, severe weather, or vandalism can bring business to a halt. Property insurance typically covers physical damage to your building or contents, but many business owners are surprised to learn that lost income from downtime is not automatically included. That requires a separate business interruption policy.
Slip and Fall Injuries
A customer trips over a rug or slips on a wet floor. These incidents are among the most frequent liability claims and can result in substantial medical bills or legal fees. Make sure your general liability insurance includes solid limits that match the risks of your business.
Theft
From break-ins to employee dishonesty, theft remains one of the most reported business claims. Unfortunately, standard property insurance does not always cover stolen cash or employee-related theft. Reviewing your endorsements can make a big difference.
Vehicle Accidents
If your employees drive their own cars for business tasks, you might still be liable in the event of an accident. Many owners forget to ask about hired and non-owned auto coverage, which can fill this gap.
Cyber Incidents
Phishing emails, ransomware, and data breaches are not just problems for large corporations. Small businesses are often targets because they lack strong defenses. Cyber insurance can help with breach response, legal expenses, and even public relations support.
You Might Not Be as Covered as You Think
Many business owners assume their policy has them covered, only to discover exclusions or limits when they file a claim. That is a tough lesson to learn during a stressful situation.
A Quick Review Can Save You Thousands
Business risks evolve. So should your coverage. If it has been more than a year since your last policy review, now is the time to sit down with a knowledgeable agent and make sure your coverage still fits your needs.
Let’s connect for a quick, no-pressure review. You may have more risk than you realize and better protection may be easier to get than you think.
