The Importance of Knowing your Clients’ Business Philosophy & Risk Appetite and Why
From the day you decide to start up a business, you have made yourself susceptible to risks and need insurance to help you manage and mitigate your liabilities. Regardless of the size of your business or the industry that it belongs to, you need to take the next step to ensure that your investment is protected.
According to financial services firm The Hartford, these are the most common business insurance claims:
Burglary and Theft tops the list, accounting for 20% of small business claims. Did you know that fraudulent customer activities, such as shoplifting, cost the retail industry nearly $50 million in 2015? Meanwhile, small enterprises suffered Inventory shrinkage, and 30% is attributed to internal employee theft. To prevent fraud and theft, experts suggest enhancing your security systems, opting for smart displays, optimizing your store’s lighting, and putting contingency plans in place in case of outages.
Water Damage, Freezing Damage, and Weather Damage all represent 15% of business claims. Flooding, hail, and other inclement weather can wreak havoc on your products, equipment, materials, and other business property. To avoid physical destruction of your business, your office or business systems need to be inspected periodically and adequately. Make sure no pipes are leaking and attend to plumbing issues as soon as they come up. Preparing for extreme weather is essential to keep your place of business protected.
Fire Damage makes up 10% of business insurance claims. Fires in offices that start in small, concealed spaces such as the attic or ceiling account for only 2% of all incidents, but they cause 13% of direct damage to property. There is no method with a 100% guarantee to prevent devastating fire accidents from happening—but you can work on reducing the damage should it occur. Be on the lookout for fire hazards and fix them immediately. Keep your commercial space clear of flammable items, and educate your staff about fire prevention.
Customer Injury or Damage represent 10% of all business claims. The reputation of a business can suffer when customers fall or slip on the premises. Businesses need to address these accidents, which typically occur during snowy or rainy seasons, by taking preventive measures. Never ignore slippery spots and apply grip pads to risk areas in order to prevent accidents.
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As a business owner, you can reduce risks by putting safety measures in place and modifying your operating procedures. An equally important course of action is to be prepared for these occurrences: it’s important to have updated commercial insurance policies. To help you manage insurance claims for your business, trust the best insurance claims management companies that focus on finding the best solutions and utilize proven processes to resolve insurance claims.
Hiring Action Claim Services for claims administration makes good business sense. We are a team of seasoned professionals who have been in the business since 2004! At Action Claim, we recognize that business owners and entrepreneurs have a lot on their plate! Hiring our insurance claims administration services relieves you of all the pesky paperwork, documentation, and procedures; allowing you to focus on your core business.
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