The Delaware Business Insurance Update From CNC Insurance Associates Inc. "Common & Costliest Small Business Claims" 5-12-15

Hartford, one of the largest small business insurers in the US just published a report about the most common and costliest claims to small business. The most common claim is theft and burglary. The most costliest is reputational harm. Lets discuss each one. According to the article the claims average for theft was around $8000. This would include employee theft,  which also is very common. Twenty percent of all small business owners experienced a theft in a 5 year analysis.
Reputational claims affected 35% of the small businesses analyzed. These claims averaged up to $50,000. They would include libel, slander, and privacy breaches.
The good news for small business owners is that insurance policies cover both of these risks. With proper insurance protection the most common and the most costliest, claims to small business will not cause you to go out of business. Until next time be careful out there and know your risks.


G. Kevin Nemith  President of CNC Insurance Assoc. & The Small Business Insurance Center
Serving DE, PA, NJ, VA, & MD
www.cncinsurance.com
www.bizinsurancetv.org

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