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