Avoiding the Five Most Common Business Insurance Claims Part 2
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Avoiding the Five Most Common Business Insurance Claims Part 2

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It may seem like filing an insurance claim is an unusual situation for a business, but the fact is that for most small and medium-sized organizations, losses do happen.

Saginaw Bay Underwriters has created this two-post series entitled “Avoiding the Five Most Common Business Insurance Claims” to help businesses and organizations be more aware of the risks they face, and suggest ways to address them effectively through prevention and insurance coverage.

See “Avoiding the Five Most Common Business Insurance Claims Part 1”

Here in Part 2, we’ll look at the remaining items on the list.

Damage From Wind and/or Hail

Wind and hail damage accounts for many business insurance claims.

Insurance coverage needed: As with water-related claims, commercial property insurance will usually cover losses caused by wind and hail. Business income insurance can reimburse you for lost business while repairs are made.

Avoiding the claims: Make sure trees on your property are maintained. Particularly be sure to trim overhanging branches and get rid of dead or dying trees, as these things can all damage your building(s) during a storm.

Similarly, if you have any outdoor equipment or other heavy items that could be blown during a storm and cause damage, anchor them down.

Finally, whenever you have reason to expect a heavy storm, consider protecting your windows beforehand.

Fire Damage

Data shows that a structure fire happens nearly every minute, causing billions of dollars each year in property damage.

Insurance coverage needed: To be protected from this risk, you need commercial property and business income insurance.

Avoiding the claims: Here are some practical ways to help prevent fire damage:

  • Depending on your building type, you may be required to install fire sprinklers or a fire suppression system in your building(s).
  • If your business involves materials or equipment that pose a greater fire risk, be sure proper safety protocols are in place to account for this.
  • Distribute working fire extinguishers throughout your building(s). These should be inspected regularly and all employees should be trained to use them.
  • Create a fire safety checklist for your employees. This should include emergency exit plans and you should practice these on a regular basis.

Slips & Falls

Though this is the last item on our list, make no mistake: Customer injuries caused by a slip or fall are a common type of business insurance claim.

Insurance coverage needed: General liability coverage typically covers most losses resulting from a customer accidentally falling at your business.

Avoiding the claims: Basic prevention strategies include:

  • If you have tripping hazards in your building(s), fix them immediately. Things such as loose rugs or floor mats, uneven flooring, or just general clutter underfoot should not be left unaddressed.
  • If there’s a spill, clean it up promptly.
  • Be sure to keep floors as slip-free as possible on days when it’s raining or snowing.
  • If you don’t already have cameras installed in your business, consider doing so if you believe fraudulent slip and fall claims are an issue for you.

Making the Complex Simple

For businesses and organizations, it is vital to understand the most common business insurance claims and how to address them.

We hope this two-part series has helped towards this goal.

Call Saginaw Bay Underwriters at (989) 752-8600 if you’d like to speak with a business risk advisor about how to prevent and insure yourself against risks like these.

Saginaw Bay Underwriters has made every attempt to ensure this information has been obtained from reliable sources. Current as of: April 2021

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