insurance claims

At Blue Lion Insurance Advisors, LLC, in Red Bank, New Jersey, we make your small business our priority by providing you with the most comprehensive, cost-effective Business Insurance policies available. Because our insurance advisors are not sales representatives for any particular insurance carrier, we are able to be objective. Because we understand the most common and costly business claims, we know how best to customize your coverage. Call us at (732) 649-1600 or contact us online to keep your company well-protected.

Our savvy insurance advisors scrutinize the unique factors affecting your business, including: 

  • Your location (e.g. midtown, near the shore)
  • The nature of the work you do (e.g. retail, service, marketing, financial)
  • The equipment and tools your workers use
  • Whether your workers drive as part of their employment
  • Whether most of your employees work outdoors or with computers

Our insurance advisors understand that your insurance needs will vary from other kinds of businesses and will use our familiarity with a broad spectrum of Business Insurance policies to put together the most practical package for your firm. Because the most common Business Insurance claims do not correlate with those that are most costly, we have prepared two separate lists for you to examine.

The Most Common Business Claims 

These claims are listed in the order of their frequency. Contact Blue Lion Insurance Advisors, LLC to discuss which types of coverage are most important for your company.

Burglary and theft — 20 percent 

Even with sophisticated security systems in place, the most common threat to your small business is theft. Despite your best efforts at protecting your physical premises and vetting your employees, you need theft insurance to protect you from external infiltration and from internal fraudulent misconduct.

Water and freezing damage — 15 percent

Anyone who has experienced water or freezing damage knows how devastating it can be. Though there are preventive steps that can be taken (e.g.clearing snow from the roof, making sure exposed pipes are insulated) — a broken pipe can still cause massive damage, especially if the event happens when your business is closed.

Wind and hail damage — 15 percent

Heavy winds or oversized hail can result in damage to the inside, as well as the outside, of your business. One large uprooted tree can break windows, destroy vehicles in your parking lot, or wreak havoc on outdoor equipment. Hailstones can break skylights and let water flood your offices. The nor’easters and hurricanes common in New Jersey require foresight that includes proper insurance.

Fire — 10 percent 

You should have smoke detectors and fire extinguishers at the ready and have fire drills periodically. Nonetheless, since one out of ten insurance claims is for fire damage, you have to be prepared with strong Fire Insurance coverage as well.

Slip and fall accidents — 10 percent

Slip and falls are common everywhere and your business is not exempt. While workers’ comp will cover employee accidents, you need a policy to cover vendors, customers, visitors, and delivery workers.

Customer injury and damageless than 5 percent

Accidents other than slip and falls also occur. Whether a customer is burned by hot liquid or shocked by an electrical defect, you need Business Insurance to cover his or her injuries.

Product liability — less than 5 percent

Your company’s risk of product liability may vary widely depending on the product you manufacture, create, or sell. Our knowledgeable insurance advisors will offer you the guidance you need to purchase appropriate Business Insurance.

Struck by a moving object — less than 5 percent

Moving objects, whether vehicles, mobile equipment, or falling tools, can easily cause injuries. 

Reputational harm — less than 5 percent

Your business may be accused of libel or slander if a representative of your company has lied about a competitor’s misconduct in a publication or on a public forum, such as the internet. 

Vehicular accidents — less than 5 percent

You may not be aware that your small business may be held liable for damage or personal injury caused by one of your employees driving for business purposes, even in her or his own vehicle, but this may pose a serious risk to your bottom line.

The Most Costly Business Claims

You can see from the list below that some of the most costly insurance claims are those that are most rare. Nonetheless, the whole purpose of insurance is to protect your business from risks that may threaten its profitability or even its survival, which is why Blue Lion Insurance Advisors, LLC is here to guide you. The following are the most expensive claims to settle in order of their respective payouts.

  • Reputational harm – $50,000
  • Vehicular accident – $45,000
  • Fire – $35,000
  • Product liability – $35,000
  • Customer injury or damage – $30,000
  • Wind and hail damage – $26,000
  • Customer slips and falls – $20,000
  • Water and freezing damage – $17,000
  • Struck by an object – $10,000
  • Burglary and theft – $8,000

Contact Blue Lion Insurance Advisors Today to Keep Your Business Secure

Though you may feel that your business is at low risk, 40 percent of small business owners will predictably sustain a loss during the next 10 years. Contact us today (732) 649-1600 or contact us online to get the Right Insurance Coverage, at the Right Price with Superior Client Service. That’s the heart of Blue Lion Strong™!