The Most Popular Business Insurance Claims
Your company is covered by commercial insurance. The scope of what company insurance may cover, however, surprises many business owners. Here is a guide to help with Business insurance claims.
Making an inventory of the damage for an insurance claim
Many people link business insurance to unforeseen circumstances like natural disasters. The majority of commercial insurance claims, though, are unrelated to catastrophic occurrences. You get commercial insurance to safeguard your company. Today, we’ll discuss some of the most typical business insurance claim types and provide instances of how those claims could relate to your company.
Customer Falls & Slips
Liability insurance is frequently part of commercial insurance policies. You can be responsible for the customer’s medical costs, pain and suffering, and other damages if they slip and fall on your property. You can take simple precautions to safeguard your company. You can remove loose rugs, clean up spills as soon as they happen, and put up warning signs near uneven surfaces. Additionally, some companies install cameras to monitor the space, particularly if they are worried about false claims.
If your company is dealing with a slip-and-fall claim, the following insurances apply:
coverage for general liability
Any damages for which your company may be liable are covered by general liability insurance, including those resulting from medical expenses and other liabilities that may occur on your company’s property.
water harm
One of the most typical categories of commercial insurance claims in the US is water damage. Water can do serious damage to your company’s building, goods, and property no matter where you live.
Insurance for business income (to cover financial losses caused by water damage)
Water damage brought on by leaking roofs, burst pipes, windstorms, rainstorms, and other damage may be covered by commercial property damage insurance. It need to protect your company against the majority of water damage scenarios. Look closely for any “wind driven rain” exclusions in your coverage. This implies that your property must have a hole where the hail or storm made it. This phrase is typically obvious to a public adjuster. However, flood damage is not typically covered by commercial insurance. Even if the flooding took place during a disaster that would typically be covered, such a hurricane or tornado, if your company or its inventory is damaged by floodwaters, you might not be entitled to compensation under your ordinary commercial property damage policy.
To ascertain whether you require additional flood insurance coverage for your company, review your commercial insurance policy and local flood zone maps.
General liability protection
Coverage for product liability
You can have to pay lost wages, legal fees, the price of a product recall, medical expenditures, and other charges as a result of defective items.
Fire Injury
Fire damage is typically covered by commercial insurance policies. You should be compensated by your insurance provider if a fire damages the property of your firm. In fact, one of the most prevalent categories of claims in the commercial insurance sector is fire damage. Insurance providers advise adopting preventative measures to avoid fires altogether. In fact, many commercial buildings are required by local rules to have fire suppression equipment, such as sprinklers. Fire drills and other emergency training are also necessary in some places.
The following business coverage categories generally include claims for fire damage:
Insurance for commercial property
Business income insurance should cover any revenue losses you incur as a result of fire damage (for example, if your business must close for a few weeks while repairs are made), while commercial property insurance should cover the cost of repairing or rebuilding your property following fire damage. Open your company’s books, bank accounts, tax filings, and other supporting papers in case you need to file a fire claim.
Damage from windstorms, hurricanes, tornadoes, and hail
Windstorm damage, including damage from hurricanes and tornadoes, is covered by a typical commercial insurance policy. Hail damage and other losses brought on by extreme weather should be covered by your business insurance policy. In the event that your company files an insurance claim for wind, hurricane, tornado, or hail damage, some commercial coverages may be applicable.
Take action right away to safeguard your company from unforeseen occurrences in the future. To make sure you are aware of everything that is and is not covered by your current commercial insurance policy, carefully review it. Never fight your insurance company alone! Claims Pro Public Adjusters are here to help!
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