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Study: 4 in 10 Small Businesses Likely to Have an Insurance Claim in the Next Decade

22. April 2015 08:26

insurance claim form

The Hartford recently unveiled the results of a five-year data analysis of more than 1 million General Liability and Property Insurance policies. Here's what it found:

Though nearly half of small businesses may face a claim over the next several years, the report isn't all bad news. In fact, perhaps the most heartening takeaway from this study is that a simple Business Owner's Policy can address the claims you're most likely to face.

BOP: It Goes Where the Claims Are

As you may already know from contextual clues, a Business Owner's Policy (BOP) is an insurance package that bundles General Liability Insurance and Property Insurance together. (More on that here: "How BOP Insurance Works.") What you may not know is that this bundle is pretty affordable – for very small businesses with low-risk profiles, premiums can start at about $500 a year. Your rate will vary depending on where your business is and what it does.

Once you have a BOP in place, it may offer coverage for:

Of course, these are only a few examples of what a BOP can do. You can also customize your policy to offer Cyber Risk coverage, Business Interruption Insurance, and more. Learn more about that in "How to Customize Your Business Owner's Policy."

Managing Risks for Common and Expensive Claims

Though insurance is awfully handy, the claims process is not something most people want to experience. Minimize the chance of facing these claims by:

For more tips that can help you keep claims at bay (and subsequently keep your premiums low!), check out our risk management blog series.

Tags:

Advertising Injury | Business Owner's Policy | General Liability Insurance | Insurance News | Insurance Terms Explained | Property Insurance | Small Business Risk Management | Tips for All Small Businesses

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