Common Florida Business Insurance Claims

Insurance helps a small business to compensate for a financial loss. According to a Hartford report, 40% of businesses in America will file an application for a policy event. Unprecedented events can take place at business centers and it can be costly. With an insurance coverage, a business will be safeguarded from making a financial loss.

Insurance Land, your dependable Florida Business Insurance agency brings you seven common business insurance claims filed by business owners.

Theft

Theft and burglary account for 20% of insurance claims filed by businesses owners. This makes it the most common small business insurance Florida claims given the theft rampancy in Florida and the cost each burglary the business owners has to deal with.

Water Damage

Close to 15% of annual insurance claim filing by businesses is water damage related. Flood, pipelines damage or ice and frost during winter can disrupt activities in a business setting. The cost of fixing this problem can take a huge toll on the budget of the company.

Fire Damage

This accounts for an estimated 10% of insurance claims. A fire is the worst competitor that a business proprietor can come across. It may put a business owner out of business. This can be prevented by enlightening the staff of the preventive measures for fire and keeping combustibles out of the business premises.

Customer Injuries

It has been heard more often than not about customers walking into a business center only to slip and fall and get injured. This is caused because the floor is slippery or that an employee failed to clean spilled water on the floor. This accounts for about 10% of insurance claims made by small businesses. There is also a high rate of fake injuries reported by customers which adds to the figure businesses spend in compensating injured customers.

Product Liability

Recall of products approximately costs companies $35,000 for each recall. Multiple recall amounts to a huge amount which can disrupt business activities as it would affect the budget. Due to this businesses have an insurance policy that will help them cushion the effects of this incidence.

Employee Injury

When things take an unexpected turn in the place of work and an employee gets injured, the company will have to compensate him for the cost associated with the accident. Small businesses in Florida use an insurance policy to minimize the effects of these claims.

Automobile Accident

Transportation is very important for businesses. Vehicles get into an accident and this account for less than 5% of insurance claims filed by businesses in Florida.

There you have it! The above are some of the common business insurance Florida claims often filed by entrepreneurs and business owners all over Florida.

Are you in need of adequate protection for your business? Get in touch with us at Insurance Land for your Business Insurance Florida. We also provide small Florida business insurance to small and medium business agencies. We remain the perfect fit to help protect the business investment you have labored for.   Contact us today for a free quote.