When it comes to business insurance, there are many different types of coverages and claims. Some of these relate to all forms of insurance while others are specific to business insurance. There are a lot of special situations that need to be considered and planned for when you own a business. Companies can run into more than just the typical issues that may pop up in a home or with a vehicle.
Here are some of the most common types of business insurance claims:
Property Damage Claims
Much like other insurances, property damage is a common issue that plagues business owners. So many different scenarios can play out to cause property damage, and you need to be financially covered for whatever may happen. Some common issues include damage from weather, damage from fire or damage from vandalism and illegal activity, among many other possibilities.
There are also situations that many business owners never consider. A fire could break out in a nearby structure, for example, and lead to fire and smoke damage in your company’s building. A situation like this would be covered by property damage.
Liability and Personal Injury Claims
Liability is another common form of insurance for individuals as well as for businesses. Liability coverage can take care of the medical expenses of someone who is injured while visiting your property for any reason. This can be especially necessary if you run a business that sees many customers coming and going all throughout the day.
Depending on the situation, liability claims can take care of much more. If someone is hurt at your location, liability coverage can take care of medical bills, prescriptions, rehabilitation and even paid time off for the person who was injured. Depending what happened, the business owner may be required to pay any or all of these, either through insurance or out of their own pocket.
Workers Compensation Claims
A very common form of business insurance is Workers Compensation. This is a coverage that will take care of injury claims from employees who are hurt on the job. Much like liability, most or all medical expenses will be covered by a Workers Comp claim, as well as paid time off from the job. This is a very important form of coverage for some businesses, especially those that are higher risk for injuries, such as construction and other outdoor businesses. When an employee is hurt doing their job through no fault of their own, the law says that they must be compensated and the bills associated with the situation can be costly.
Cyber Security Claims
In the modern age, nearly every business uses computers, opening the business up to cybersecurity issues. Hackers can log into company systems and steal sensitive information or plant viruses that can corrupt essential files. These events can lead to company downtime or even lawsuits from customers. Cyber Security insurance will help pay bills associated with these events. Insurance adjusters will work with a business to figure out the amount of financial damage done to the company and will pay for the damages according to the level of coverage.
Vehicle Insurance Claims
Another common form of insurance that everyone knows about is vehicle insurance. However, businesses may need special coverage for their company vehicles. This coverage mainly relates to companies that deliver their goods, such as restaurants or specialty shops. It can also be useful for nearly any company, though, as every organization has to occasionally transport products from one location to another, even if it’s just between stores.
Vehicle insurance claims for businesses can be complicated. When an employee drives the company car from point A to point B and ends up in an accident, questions arise of as to whose insurance will cover it. The employee car must have a policy on it, just like any other car, but the employee themselves may also have their own auto insurance. In addition, some companies have their employees use their own vehicles, which can make things even more complicated. Either way, it is important to know what coverage is available at any given time.
These are just a few of the more common types of business insurance claims. Always be sure to know which coverages you have on your property and on the business itself. You don’t want to end up in a situation where you think you are covered but you are not. With the right combination of insurance coverages, you can be confident that your business can survive any financial storm that may come.