Four out of 10 small businesses are likely to experience a property or general liability claim in the next 10 years. Topping the list for the most common claim is burglary and theft. However, the most costly claim for a small business is reputational harm, which includes libel, slander and violation of privacy.
Burglary and theft affected 20 percent of small businesses in the past five years and ranked lowest out of the top most costly claims, averaging $8,000. Reputational harm claims cost $50,000 on average.
Other costly claims for small businesses include vehicle accident at $45,000, fire $35,000, customer injury or damage $30,000, wind and hail damage $26,000, customer slip and fall $20,000, water and freezing damage $17,000, and struck by object $10,000.
If you are a small business owner, make sure you have enough property and general liability insurance to protect your business and financial security. Give E. R. Munro and Company a call at 1-877-376-8676 and ask our friendly representatives how we can help you.
