Businesses face many risks, which is why commercial insurance is so important. While there are many commercial insurance policies, they all provide coverage for business-related risks. Below are the top five types of risks businesses face and the most common claims associated with each.
1. Property Damage
Property damage claims are the most common type of commercial insurance claims in Florida. Property damage claims involve damage to a business’s physical property, such as the building, equipment, or inventory. The most common causes of property damage are fire, wind, and water.
In most cases, property damage claims are covered by commercial property insurance policies. However, there are some situations where a business may not be covered, such as if the damage was caused by negligence on the part of the business owner.
2. Bodily Injury
Bodily injury claims are another type of commercial insurance claims in Florida and they involve injuries that occur to people while on the premises of a business. The most common causes of bodily injury claims are slips and falls, but things like assaults or accidents can also cause them.
If a business is found to be at fault for a bodily injury, the business may be responsible for paying for the victim’s medical expenses and other damages. This is why most commercial insurance companies in Florida provide liability insurance to cover the costs of bodily injury claims. Public adjusters in Florida can help businesses with the claims process.
3. Product Liability
Product liability claims involve injuries or damages that occur as a result of using a product. The most common causes of product liability claims are defective products, which can also be caused by improper labeling or warnings. They can also be caused by dangerous products that are not properly tested.
Product liability claims can be very costly, so businesses need to have product liability insurance. This type of insurance can cover the costs of damages, legal fees, and other expenses associated with product liability claims.
4. Business Interruption
Business interruption claims are another type of commercial insurance claim. They occur when a business is forced to close or suspend operations due to a covered event. The most common causes of business interruption are fires, floods, and hurricanes.
When a business is interrupted, it can lose revenue and incur other expenses. Commercial insurance companies in Florida provide business interruption insurance since it can cover the lost revenue and help a business get back on its feet after an interruption.
5. Data Breach
Data breaches occur when confidential or sensitive information is accessed or stolen without authorization. The most common causes of data breaches are hacking and malware.
Data breaches can cause a lot of damage to a business, both financially and reputationally. Data breach insurance covers the costs of damages, legal fees, and other expenses associated with data breaches.
As a business owner, it’s important to know the top claims associated with each type of commercial insurance. This will help you choose the right coverage for your business and be prepared if you need to file a claim. Alpha Public Insurance Adjusters is one of the leading public adjusters in Florida. We can help you find the right coverage for your business and assist you in filing a claim. Contact us today to learn more.