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Written by Andy Gurczak

September 22, 2022

What Are Some Common Business Insurance Claims?

What Are Some Common Business Insurance Claims?

Certainly, almost all businesses, from large corporations to mom-and-pop stores, will probably face some type of accident or incident that will become an insurance claim. Below we will discuss some common business insurance claims that businesses across the country must confront.

Burglary and Theft

Burglary and theft claims include internal theft by employees and break-ins. In fact, employees make almost half of thefts from businesses

.

You can take several steps to prevent employee theft. For instance, do a background check on every new hire. Start with a reference check. This is important, especially for employees who handle company finances.

To prevent break-ins, invest in a quality security system. Additionally, install fencing around the perimeter of your building.

Remember, good lighting on your property will also discourage break-ins.

Typically, commercial property insurance covers claims for burglary and theft.

Water-related Damage

Damage from water to businesses can come from the same perils you face at home. Namely, snow, hurricanes, freezing temperatures, and burst pipes.

Business owners can reduce or eliminate water damage claims by keeping their building’s roof clear of snow and ice. They should also make sure someone on staff knows how to shut off the water in the event of a plumbing incident.

Lastly, businesses should keep the temperature in the building no lower than 55 degrees Fahrenheit during cold weather.

Notably, as with homeowners’ insurance, commercial property insurance does not cover water damage caused by flooding.

The Federal Emergency Management Agency (FEMA) administers the flood insurance protection program for businesses through private insurance companies. In fact, the federal government set up this program because most insurance companies would not offer flood insurance in high-risk flood areas.

To learn more about flood insurance, including who needs it, what’s covered, and how to buy it, the Federal Emergency Management Agency can help.

Wind and Hail Damage

Strong winds and hail can certainly damage commercial property. Therefore, small business owners and other businesses should make sure their staff maintains any trees on their property.

In addition, businesses should routinely trim away overhanging branches and remove dead or dying trees. Moreover, businesses should anchor outdoor equipment (picnic benches, chairs, tables, etc.) if strong winds could blow into your building.

Lastly, businesses should protect windows if a heavy storm is expected.

Fire Damage

Businesses are not immune from fires damaging their property. This includes businesses with high-heat manufacturing processes, high electrical usage or those handling hazardous and/or flammable materials.

Large businesses may want to establish a fire safety checklist. They may also appoint volunteer employees who will make sure all employees in designated sections of the building get out quickly in case of fire.

Businesses should set up a procedure to regularly inspect and maintain fire extinguishers in visible locations throughout the business. Additionally, businesses should train all employees on their use.

Businesses should also install a fire sprinkler or fire suppression system. They should also regularly clean and inspect any electrical equipment that could cause a fire.

Lastly, they should make an emergency exit plan and practice it with employees.

Slips and Falls

Customer slips and falls are common causes of injuries sustained in small businesses. Indeed, slip and fall accidents can also happen to visit vendors or others on the property.

Therefore, businesses that routinely have third parties on the premises should clean up spills promptly to avoid slippery floors. Business owners or managers should remove tripping hazards such as loose area rugs, floor mats, or uneven flooring.

Also, they should keep their space clear of other clutter that could trip visitors.

General liability insurance coverage in a commercial property insurance policy will cover a liability claim stemming from a slip-and-fall accident.

Business Interruption Insurance

What if a fire or hurricane damages your business so badly that you have to shut down for a few weeks for repairs to the property damage?

Fortunately, one of the insurance coverages available to businesses is business interruption insurance.

Business interruption (BI) insurance is not sold as a separate policy. Rather, it is either added to a property/casualty policy or included in a comprehensive package policy as an add-on or rider.

This is vital coverage for protecting your business.

When you file a claim, BI covers the costs relating to lost earned profits and a temporary location if you have to move operations out of the damaged building.

In addition, BI covers fixed costs such as rent, lease payments for equipment or vehicles, and property taxes.

If You Have Commercial Insurance Damage Claims, Call AllCity Adjusters

We are a family-owned claims company with five decades of combined adjusting experience. As a result, if there’s one thing we understand, it’s that you need 100% of your claim value.

At AllCity Adjusters, we work to ensure you get 100% of your business insurance claim value. Equally important, with over 50 years of combined experience as insurance adjusters, we know insurance companies and understand where they cut corners.

Therefore, if you have filed a business insurance claim but only received a low-ball offer from the insurance company, or they are taking too long to process your claim, or you just want to talk to someone on your side, call us at 844.692.3587. Or you can email us at info@allcityadhjusting.com.

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Best way to beat the insurance company is to hire AllCity Adjusting

At AllCity Adjusting we help residential and commercial clients alike get the claims support they need. Moreover, we have over 50 years of combined experience helping get our clients the max settlement time and time again. If your claim has been low balled or denied entirely we can help increase your maximum settlement. Call us today for a FREE consultation. Experience the AllCity difference.

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