If you own a small business, you already probably know choosing the right insurance can be nothing short than agonizing. After all, you certainly do not want to waste funds over-insuring when there’s a million other things you probably are skimping on already (like switching to generic toilet paper, sigh.) But considering a whopping 68% of small businesses are without formal plan for disaster, it seems like more business-owners are rolling the dice on their livelihood than ever before.
A recent study of 1,000 small-business owners conducted by Insureon, showed that about 1 out of 3 smaller companies experienced an insurable incident of some sort last year.
6 Most Common Incidents Small Business Insurance Can Cover
22.2% of Business Owners Had a Client Complaint or Dispute in 2016
Almost one quarter of the small business-owners in the survey had encountered some sort of client satisfaction issue that could have been under the umbrella of professional liability insurance. This covers things like uncompleted customer projects, poor work and over all dissatisfaction.
10.6% of Small Businesses Had an Employee Injury in 2016
When employees get hurt on the clock, workers’ compensations helps pay for medical expenses and partial paychecks while the victim heals.
8.8% of Small Businesses Had Theft/Burglary in 2016
Stolen property costs can be reimbursed through a commercial property insurance claim.
6.6% of Small Businesses Had Damage from Fire, Storm Damage or Burst Pipes in 2016
Speaking of commercial property insurance, you can get payment from the worst-case-scenerios if you file claims after disaster happens. (Sidenote: It’s always recommended to have up-to-date business valuations in case of emergencies so that you are able to collect what your business is worth if you need to claim it.)
2.4% of Small-Businesses had Customer Injury in 2016
Whether a customer slipped on a wet floor or an item fell off a tall shelf, customer injuries that occur at your business’s location are covered under general liability insurance.
2.3% of Businesses Had Products that Caused Injury or Damage in 2016
Speaking of customer injury, some businesses opt for product liability insurance within their general liability insurance. This means that any malfunction or defect that could potential cause harm to consumers is protected.
Still in the dark about coverage for your small or medium-sized business? Contact a friendly broker at Smoker-Sheaffer Insurance LLC at 717.271.4900!