Most Common Business Insurance Claims

Ever wonder what the most recurring business insurance claims are? From burst pipes to customer slip-ups, to reputational harm, these claims are more common than you think! Learn the 10 most common claims & the reasons you need to be prepared. Plus, why having the right insurance is crucial for your business:

Slips, trips & falls:

A wet floor, a loose rug – these seemingly minor issues can lead to customer or employee injuries and lawsuits. Public Liability Insurance helps cover medical costs and legal fees, protecting your business from financial loss.

Food poisoning:

Food poisoning (e.g., a restaurant serving contaminated food) Public Liability Insurance can also help cover costs associated with customer illness if food poisoning is traced back to your business

Water or freezing damage:

Burst pipes, heavy rain, or even a malfunctioning sprinkler system – all can damage your property and halt operations. Commercial property insurance helps cover repairs and replacements.

Burglary & theft:

Theft can occur anywhere, from your storefront to a job site. Business insurance helps recoup losses from stolen equipment or damaged property.

Customer property damage:

Public Liability Insurance also covers accidental damage to a customer’s property whilst you’re working.

Struck by an object:

Employer’s Liability Insurance shields employees from workplace injuries is mandatory to cover employee injuries.

Crashes & collisions:

Commercial vehicle insurance protects your business in case of accidents involving company vehicles.

Reputational harm:

Professional Indemnity Insurance or Directors Insurance covers incidents that damage your business’s reputation.

Fire:

Commercial property insurance covers fire damage and lost income due to business closure. Business income insurance can further preserve your finances.

Faulty products

Product liability insurance shields your business from costly lawsuits arising from faulty products causing customer injury or illness.

The right insurance

These are the most common business risks and that’s why having the right insurance cover in place is important and provides you with

• Peace of mind: Allowing you to focus on running your business, not worrying about “what ifs.”
• Financial security: Insurance can be the difference between bouncing back from a setback and being forced to close.
• Legal compliance: Many industries require specific insurance by law. Having the right cover ensures you’re operating legally.

Why use an independent broker?

If you’re looking to secure insurance for your business then it’s recommended to seek the support and advice of an independent insurance brokers like Insurance Experts. We provide much more than the service and support you receive from online insurance services and even individual insurance companies. At Insurance Experts we offer all our clients:

• Expert guidance:We navigate the complex world of insurance, identifying your specific risks and tailoring a policy that meets your needs.
• Comparison shopping: We are able to source quotes from multiple insurers, ensuring you get the best coverage at the most competitive price.
• Claim advocacy: In case of a claim, we fight your corner to ensure a fair settlement from the insurance company.

By getting the right business insurance with the help of the  Insurance Experts’ dedicated business team, you’re safeguarding your investment. Remember, even the most common claims can have a negative impact on your business. For more information and a free quote get in touch with our business insurance team, call us on 01245 500433, send an email or complete our online form