Do you know that 4 out of every 10 businesses will experience some type of Commercial Property or General Liability claim over the next ten years? Although this might not be a surprising fact to business owners, many do not realize that the most common claims are not the most expensive ones they could face. As a result they might spend a lot of time worrying about a relatively inexpensive issue and end up overlooking a potential claim that could cost them far more in the long run. In today's Aegis blog post, we'll look at the top three most common commercial property and liability claims, the top three costliest commercial claims, and then how business can protect against these potential claims.

The Most Common Liability and Property Claims

Businesses of all sizes know that theft and burglary are a constant threat, regardless of their industry or location. In fact, nearly 20% of all businesses will lose commercial property to burglars or thieves, which can also lead to a loss of productivity, customers, and revenue. The other most common property and liability threats to a company come from water and freezing damage, as well as wind and hail damage. The damage they cause can be devastating because they are unpredictable in nature, and hard to protect against.

The Most Expensive Liability and Property Claims

By contrast, the most expensive kinds of commercial property and liability claims are not very common, but a single instance of these claims can leave a business in financial ruin if they aren't well protected. The most expensive type of commercial liability claim comes from issues regarding reputational harm, such as libel and slander claims. Liability claims related to reputational harm can result in lengthy and costly lawsuits, as well as damages, court costs, attorney fees, and settlement money. The other most expensive kinds of liability and property claims stem from commercial vehicle accidents and fires. A single incident can leave companies facing out of pocket costs for repairs, damages, and medical expenses if they lack the proper kind of commercial insurance protection.

How To Protect Your Business From These Claims

The key to protecting your business from property and liability claims, whether common or costly, is being proactive in improving safety measures and making sure the right kind of Commercial Insurance coverage is in place. For example, businesses should consider installing video monitoring cameras and security systems to deter theft and burglars. In addition, companies should ensure they have ample Commercial Property, Commercial Auto, General Liability, and Excess Liability coverage.

Aegis is pleased to be a leading provider of top quality Commercial Insurance solutions to companies across the Gulf Coast area. The friendly and knowledgeable team at Aegis can create a custom Commercial Insurance package that meets the unique needs of your business, and is tailored to your specific industry. Whether you need Commercial Property Insurance, Commercial Auto, Business Owners Policy, Workers Compensation, General Liability, or Excess Liability, Aegis can help! Contact Aegis at 713-850-7622 for more information, or complete our online form for a free quote!