Common small business insurance claims and how to prevent them.
You work hard to ensure your business is a fully functional and thriving financial investment. The smaller your business, the bigger the financial impact of an insurance claim. If you’re sued or you experience a loss that isn’t covered by your insurance policy, your business could be at risk. Understanding common claims can help to make sure your business is protected.
Reputational Harm
Claims that involve libel, slander, and violation of right of privacy are known as reputational harm. These are some of the most expensive claims that a small business can experience. Be sure that you request background checks on all new hires, have a professional look over advertising copy, and don’t use people’s images without their permission.
Fire
Property fires continue to be a concern for public institutions, homeowners, and businesses alike. While insurance provides relief to business owners whose property has been affected by a fire, the aftermath of a fire can be devastating and costly. Check your policy to see if the claims settlement is replacement cost to cover items lost in the fire or whether it’s actual cash value.
Customer Injury or Damage
Do you have open doors for customers? If so, you could be inviting risk into your property. If a customer gets injured while on your property, then that can lead to a bodily injury claim against your business. The most common form of injury is slip and fall. Be sure that you light all hallways, rooms, and entrances, clear the floor of clutter, and provide non-slip mats at entrances and exits.
Paying attention to common insurance claims for small business owners can help you know what coverage you need for yours. Get started on your business coverage by contacting the expert insurance agency in Fresno, McCarty Insurance Agency. We provide reliable insurance to suit all of your company’s needs so that you can feel rest assured your property is protected.
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