Rocky Mountains

Here Is Why Every Colorado Springs Business Needs Insurance

The Top Claims For Colorado Small Businesses business-insurance-400x312

In a recent report by Property Casualty 360, the top claims for small businesses were reviewed. In this report, a leading insurer of small businesses reviewed millions of policies over a five year period. We found the results interesting.

Business Insurance

Remember that business insurance protects your investment by minimizing financial risks associated with unexpected events such as a death of a partner, an injured employee, a lawsuit, fire, or a natural disaster. Here are some results we found interesting:

1. Burglary accounted for 20% of the claims with an average cost of $8,000.

2.Water damage had an average cost of $17,000, or 15%, of the small business claims.

3. Wind damage, while not an exposure for every business, accounted for 15% of the total losses with an average cost per claim of $26,000.

4. The traditional risk of fire damage had an average claim of $35,000 and 10% of the total.

5. Product liability claims cost an average of $35,000.

6. Property rights/ Reputation, while not a large percent of the claims, had an average cost of $50,000.

7. Auto accidents accounted for only 5% of the total, but averaged $45, 000 per claim.