What Are the Common Florida Business Insurance Claims?

Businesses face several risks and challenges from liability losses to workplace accidents, theft, and vandalism. A business insurance policy will cover these losses, keeping your business afloat. However, some business owners in Florida lack essential coverages, thus facing financial losses and interruption after unprecedented damage. Being aware of the common Florida business insurance claims will help you know the coverage your business needs. Let us discuss them.

  1. Theft and Burglary Claim

    With the increase in theft frequency in Florida and the losses business owners face, theft, and burglary claims are becoming more common, accounting for nearly 20% of all business insurance claims.

  2. Product Liability Claim

    If your product causes bodily injury or property damage to others, you will be sued for the incident while demanding a product recall. This will impact your business operations while causing hefty losses.

  3. Fire Damage Claim

    Accounting for 10% of business insurance claims, a fire may severely damage your commercial building and equipment, calling for a temporary shutdown, thus impacting your source of income.

  4. Employee Injury Claim

    From an employee falling off a ladder to tripping over uneven/wet surfaces, work sites are prone to several injuries. You must compensate your employees after a workplace injury or accident, which may cost more.

  5. Water Damage Claim

    Nearly 15% of claims filed by businesses are related to water damage. External floods, sewer backups, and pipes bursting due to freezing during winter can impact business operations. Also, fixing these damages might be expensive.

  6. Auto Accident Claim

    Businesses involve frequent traveling, either going from one site to another or delivering products. This increases the risk of accidents involving your business-owned vehicle, thus causing damages to your vehicle, injuries to third parties, etc. Though auto accident claims account for less than 5%, you should have the proper protection to mitigate the risk of accidents and related losses.

  7. Customer Injury Claim

    Like your employees, your customers might also get injured at your work site. In such circumstances, you must compensate them for their losses, which could severely impact business finances, depending on their injuries. As customer injuries are responsible for 10% of business insurance claims, properly maintain your business premises to ensure your customers’ safety.

Though these claims are common, you can mitigate their risk of occurrence by practicing safety measures and keeping hazardous products out of your business premises. In addition to this, having crucial coverages will help keep your business running smoothly while staying covered against the unexpected, which includes:

  • General Liability Coverage – Covers third-party (including customers) bodily injury and property damage claims and related lawsuits.
  • Workers’ Compensation Coverage – Compensates your employees after workplace accidents and covers your business from related lawsuits.
  • Commercial Auto Coverage – Protects your business-owned vehicles from at-fault accidents and collisions.
  • Product Liability Coverage – This covers injuries or other damage caused by your product.
  • Commercial Property Coverage – Protects your business equipment and assets from theft, vandalism, fire, storm, etc.

Get the Right Business Coverage from Locke Insurance Group

At Locke Insurance Group, we are committed to offering a best-in-class business insurance policy to protect your business at all times against every risk. Contact our insurance professionals today to get started.

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