As a small business owner, we do not purchase insurance with expectations of losses and claims. We purchase it to protect ourselves and the business we worked so hard to create. Insurance is imperative as a small business owner.

Small Business Insurance

Here are the top 5 most common claims for small businesses:

1. Burglary & Theft
2. Water & Freezing Damage
3. Fire
4. Customer Injury
5. Reputational Harm

Burglary & Theft

Burglary and theft can’t be completely avoided but it can be prevented as much as possible. Try to install fencing, good lighting, and an adequate alarm system. Having these things can help and deter an intruder from coming in. To be covered for a loss like this, you will need commercial property coverage.

Commercial Property Insurance usually covers:

• Vandalism
• Theft
• Fire & Lightning
• Explosions
• Windstorm or Hail
• Smoke Damage

What is included in “property”?

Property can include outdoor fixtures, installed machinery, and equipment, lighting, air conditioning, plumbing, contents of the building, your inventory, furnishings, furniture, computers, etc. Note that if you have very specific items or items with very high value, these may need to be scheduled. An Inland Marine Policy may be a good fit as well. Small business insurance is very special and needs to be tailored to your exact needs, give Unity One Insurance a call today to get properly insured. To get more of an idea of what you may need, visit our page here explaining all the different types of business insurance.

Water Damage

Water and freezing damage is sometimes one of those losses that you did not even know was happening. It can sneak up on you and come as a surprise. If the weight of the snow on the roof is too heavy, this will cause the roof to cave, causing severe damage. If temperatures go too low, water can actually freeze in the plumbing, the pipes build up with pressure, then explode. To try and prevent some of these from happening, make sure you clear snow and ice from roofs, insulate your building with no holes or cracks, keep a steady temperature inside, and install a backup generator in case there is a power outage. Again, Commercial Property Coverage will cover some of these losses. When a pipe bursts, it can ruin your walls, inventory, and equipment. Remember that flood is not covered under any commercial policy unless it’s a commercial flood policy. If you are wanting a quote on commercial property insurance or a commercial flood policy, call 949-450-1822.

Fire

Fire is one of the worst things that can happen, because when there is a fire, usually nothing is salvageable. It is important to minimize your risk here as much as possible. Install a local fire alarm system in the building, double-check smoke detectors are working, maybe go for some sprinklers, and test your equipment regularly. Commercial Property Coverage is again usually the one you will need for fire coverage.

Customer Injury

Customer injury is when a customer gets injured at your place of work, whether you work at a building or different locations. You cannot control what other people are going to do, but there are some precautions you can take to make sure it is as safe as possible. To be covered for most customer injuries and third party property damage, General Liability Coverage is usually what you will need.

General Liability Coverage usually covers events and things like:

• If you have a catering company, a customer or one of their attendees burns their hand on a hot dish
• An employee leaves water running and floods the customer’s bathroom
• A customer slips and falls on the icy walkway or freshly mopped floors
• A neighbor trips over your power cord
• Lawyer fees
• Legal defense
• Court costs
• Personal & Advertising Injury
• Libel
• Slander
• Remember that all these things are covered up to your policy limits, so you will want to purchase good coverage!

Note that this does not cover any of your employees who get hurt on the job. For that type of coverage, you would need Workers Compensation Insurance.

Reputational Harm

Reputational harm is when your business says or does something that causes someone else or a business reputational harm. If they lose money, trust in the community, and customers, you could be held responsible. To be covered for something like this, you would again usually need, General Liability Coverage With A Personal Injury Endorsement.

BOP Policy: Commercial Property Insurance AND General Liability Coverage

A BOP, or Business Owner Policy, combines commercial property coverage and general liability coverage in one policy. Buying one BOP policy is more affordable than purchasing two separate policies. It is a basic policy that is usually enough to cover these 5 most common small business insurance claims. If you need something more we offer all sorts of small business products:

• Workers Comp Insurance
• Business Auto Insurance
• Commercial Auto Insurance
• Contractors Insurance
• Employment Practices Liability Insurance
• Errors & Omissions Insurance
• Professional Liability Insurance
• Inland Marine Insurance
• Crime Insurance
• Cyber Liability Insurance
• Commercial Flood Insurance
• Commercial Umbrella Insurance
• Excess Insurance
• BOP – Business Owner Policy
• Commercial Property Insurance
• General Liability Insurance

Insuring your small business is one of the most important steps to meeting your maximum potential as a business owner. Call Unity One Insurance today to get properly insured and to get a policy that is tailored to fit your exact needs. Call 949-450-1822 or email info@unity1.com