{"id":4722,"date":"2017-03-31T08:59:56","date_gmt":"2017-03-31T08:59:56","guid":{"rendered":"https:\/\/469899a3-97a5-4c9b-8d86-b9629724411a.cc10.conves.io\/?p=4722"},"modified":"2017-03-31T08:59:56","modified_gmt":"2017-03-31T08:59:56","slug":"a-heads-up-to-small-businesses-what-are-the-most-common-claims-and-their-cost","status":"publish","type":"post","link":"https:\/\/swflinsurance.com\/a-heads-up-to-small-businesses-what-are-the-most-common-claims-and-their-cost\/","title":{"rendered":"A Heads Up to Small Businesses\u2026.What are the most common claims and their cost?"},"content":{"rendered":"<p>Despite experiencing these types of events, the survey found that many small businesses aren\u2019t filing claims for them. Insureon cites the following possible reasons for this trend:<\/p>\n<ul>\n<li>They don\u2019t have insurance or don\u2019t have the right policy to cover the claim.<\/li>\n<li>The cost of the incident is less than their deductible, so they deal with it out of pocket.<\/li>\n<li>They worry that filing a claim will cause their premiums to go up.<\/li>\n<li>They prefer to handle the matter on their own rather than wait for resolution from an insurance company.<\/li>\n<\/ul>\n<p>As a result, many small business owners are choosing to let their carrier know about an incident, but don\u2019t file a claim. Instead, they pay for the incident out of pocket to prevent higher premiums in the long run. But how does the cost of a claim stack up against the cost of coverage?\u201d<\/p>\n<p>\u201cAccording to The Hartford, the 10 most expensive types of claims (and the cost per incident) are:<\/p>\n<ul>\n<li>Reputational harm: $50,000<\/li>\n<li>Vehicle accident: $45,000<\/li>\n<li>Fire damage: $35,000<\/li>\n<li>Product liability: $35,000<\/li>\n<li>Customer injury or property damage: $30,000<\/li>\n<li>Wind and hail damage: $26,000<\/li>\n<li>Customer slip and fall: $20,000<\/li>\n<li>Water and freezing damage: $17,000<\/li>\n<li>Struck by object: $10,000<\/li>\n<li>Burglary and theft: $8,000<\/li>\n<\/ul>\n<p>In comparison, the median price that most small businesses pay for coverage is:<\/p>\n<ul>\n<li>$428 per year for general liability insurance<\/li>\n<li>$920 per year for professional liability insurance<\/li>\n<\/ul>\n<p>Compared to a $20,000 bill for a customer slip-and-fall accident, most business owners would probably rather pay $428 for general liability per year, plus their deductible, to pick up the tab.<\/p>\n<p>How do the most expensive claims compare to the top incidents small businesses experienced in 2016?\u201d <a href=\"https:\/\/www.propertycasualty360.com\/2017\/03\/31\/top-6-insurable-incidents-small-business-owners-fa\/?eNL=58ddd5ea150ba0091d122d83&#038;page_all=1&#038;utm_campaign=03312017&#038;utm_medium=EMC-Email_editorial&#038;utm_source=PC360_NewsFlash&#038;slreturn=20240031040701\" target=\"_blank\" rel=\"noopener\">Read more<\/a>\u2026at PropertyCasualty360.com.<\/p>\n<p>For a review of your business insurance risks and a competitive proposal for coverage, call SWFL Insurance Agency at <a href=\"tel:2392659577\">239-265-9577<\/a> or drop an email to <a href=\"mailto:joshw@swflagency.com\">joshw@swflagency.com<\/a>.<br \/>\n<a href=\"https:\/\/www.swflagency.com\/\" target=\"_blank\" rel=\"noopener\">www.SWFLAgency.com<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Despite experiencing these types of events, the survey found that many small businesses aren\u2019t filing claims for them. Insureon cites the following possible reasons for this trend: They don\u2019t have insurance or don\u2019t have the right policy to cover the claim. The cost of the incident is less than their deductible, so they deal with it out of pocket. They worry that filing a claim will cause their premiums to go up. They prefer to handle the matter on their own rather than wait for resolution from an insurance company. As a result, many small business owners are choosing to let their carrier know about an incident, but don\u2019t file a claim. Instead, they pay for the incident out of pocket to prevent higher premiums in the long run. But how does the cost of a claim stack up against the cost of coverage?\u201d \u201cAccording to The Hartford, the 10 most expensive types of claims (and the cost per incident) are: Reputational harm: $50,000 Vehicle accident: $45,000 Fire damage: $35,000 Product liability: $35,000 Customer injury or property damage: $30,000 Wind and hail damage: $26,000 Customer slip and fall: $20,000 Water and freezing damage: $17,000 Struck by object: $10,000 Burglary and theft: $8,000 In comparison, the median price that most small businesses pay for coverage is: $428 per year for general liability insurance $920 per year for professional liability insurance Compared to a $20,000 bill for a customer slip-and-fall accident, most business owners would probably rather pay $428 for general liability per year, plus their deductible, to pick up the tab. How do the most expensive claims compare to the top incidents small businesses experienced in 2016?\u201d Read more\u2026at PropertyCasualty360.com. For a review of your business insurance risks and a competitive proposal for coverage, call SWFL Insurance Agency at 239-265-9577 or drop an email to joshw@swflagency.com. www.SWFLAgency.com<\/p>\n","protected":false},"author":2,"featured_media":4721,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_yoast_wpseo_title":"","_yoast_wpseo_metadesc":"Despite experiencing these types of events, the survey found that many small businesses aren\u2019t filing claims for them","site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"_metasync_otto_title":"","_metasync_otto_description":"","rank_math_title":"","rank_math_description":"","footnotes":""},"categories":[4],"tags":[],"class_list":["post-4722","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-swfl-insurance"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>A Heads Up to Small Businesses\u2026.What are the most common claims and their cost? 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