Common Small Business Claims

The smaller your business, the bigger the financial impact could be if you’re sued or experience a loss that’s not covered by your insurance policy. Business insurance exists to ensure business owners are protected from liability and losses which may be incurred in the course of regular business.

Some common small business claims that can impact your business are:

Customer Injuries:

A common type of injury is slip and fall on business property. Reduce the risk of injuries at your business by having clean, dry floors that are free of debris. It is the business owner’s’ responsibility to ensure the safety of customers while on their

Fire Damage:

Many policy holders underestimate the destructive power of a fire. Property damage due to fire and smoke can cause your business to be inoperable for an extended period of time. Train employees to properly use fire extinguishers and always test and maintain fire and safety equipment on a regular basis.

Burglary and Theft: 

Another type of costly claim is burglary or theft. Reduce your risk of filing this type of claim by installing devices that deter unauthorized entrance into your business. Monitored alarm systems and cameras work well to deter thieves and can help identify those responsible if your business has been burglarized.

Motor Vehicle Accidents:

Motor vehicle accidents can happen at any time and can be costly to settle. If your business requires employees to utilize their vehicles (or company vehicles) for business purposes, you’ll want to ensure they maintain a safe driving record. Avoid offering driver incentives (ie. for fast deliveries) as this may lead to an increased risk of a motor vehicle accident.

Reputational Harm:

This type of claim can be filed by third parties for acts such as misrepresentation, libel and slander. As a business owner it is important to minimize your exposure to these types of claims.

Reviewing your small business insurance policy can save you time and money. Contact our Insurance Service Centre today to ensure you have the right coverage for your business.