Most small business owners probably worry about theft, property damage, and fire risks affecting their businesses. While these are common claims for small business owners, perhaps they should be more worried about customer injury, product liability, and reputational damage.
The Hartford analyzed small business claims from more than one million property and liability policies over five years, and found that the costliest claims aren't always the most common.
For example, the most common claim — burglary and theft — is actually the least expensive claim in The Hartford's ranking of the 10 costliest claims. While 20% of small business owners were impacted by theft and burglary in the past five years, the claims only cost them, on average, $8,000. That isn't much when compared to the costliest claim, which averages $50,000 per claim.
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