Protect your business with the right small business insurance solution.
Claims that involve libel, slander and violation of right of privacy are known as reputational harm, and are the most expensive claims that small businesses could experience. As a small business owner, you can take steps to avoid these claims, including requesting background checks, having someone look over your advertising copy, and having an emergency preparedness plan ready.
Chances are you’ve probably heard of auto accident claims or know of someone who’s been involved in one. With more and more people on the road, motor vehicle accidents are getting increasingly common. To reduce the risk of a vehicle accident happening on your premises or involving your drivers, take cautionary steps such as running a driver’s history report on all your employees prior to hiring, and if you own a food services business, refusing to pay an incentive to your drivers for delivering food faster to the customer.
One thing that’s consistently a top concern for businesses is fire. Small business insurance provides varying degrees of relief to business owners whose property has been affected by a fire. The average cost of a fire claim is $35,000, with 10% of small business owners being affected. 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. Read our blog post for more information on how to prepare your business and employees for a fire.
Product liability refers to the liability of any or all parties along the manufacturing chain of a specific product, for damage caused by that product. Typically, products liability doesn’t depend on the degree of carefulness by the defendant and as a result, product liability cases can often be complex. As a starting point, check your insurance policy to see if you’re covered and if you’re not covered, consider getting the right protection for your business.
If you welcome customers onto your property, then it’s your responsibility to keep them safe. If a customer gets injured while on your premises, then that can lead to a bodily injury claim against your business. The most common form of bodily injury is slip and fall. To reduce the risk of a customer getting injured on your property, ensure items aren’t haphazardly placed in the pathway, you have good lighting so no incidents can result from poor visibility, and floors are dry.
Paying attention to these common insurance claims for small business owners can help you know the coverages you need for your small business insurance policy.
As commercial Hamilton insurance brokers, we have access to a variety of different insurance plans. When you work with one of our brokers, you can choose from all these plans and customize your business’ coverage. With Acumen, you’ll get no more or less than the coverage you need.