We typically think of fires as the most common risk for our business, however, they only account for 10% of all business claims and are fourth from the top.
Here is a list of the top 10 causes of loss for businesses arranged from most frequent to least.
Burglary and theft: 20% (Percentage of all small business claims)
Average Cost: $8,000
Water and freezing damage: 15%
Average Cost: $17,000
Wind and hail damage: 15%
Average Cost: $26,000
Fire: 10%
Average Cost: $35,000
Customer slip and fall: 10%
Average Cost: $20,000
These are the top 10 property and liability claims for small businesses:
Customer injury and damage: >5%
Average Cost: $30,000
Product liability: >5%
Average Cost: $35,000
Struck by object: >5%
Average Cost: $10,000
Reputational harm: >5%
Average Cost: $50,000
Vehicle accident: >5%
Average Cost: $45,000
We are no more than a phone call or email away! We look forward to providing you with exceptional service.
Phone: (401) 421-0100 Fax: (401) 421-2376
Email: service@burnscotter.com