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UG Insurance Brokerage Inc Blog

The Commercial Insurance Claims and How to Deal with Them

8/13/2020

4 Comments

 
Picture
​In terms of expanding your seemingly growing business, the responsibilities and liabilities also arise. While most entrepreneurs put their valiant effort into their business operations, a critical factor in achieving ultimate success in business is through assessing the risk factors surrounding your area. In this article, you will get yourself familiarized with the vital claims in commercial policy. 
Burglary and Theft
In any business, the chances that your place might be the next victim by thieves and burglars will always be present. The worst part is, it could be your customer or even disgruntled employee. Cases like burglary and theft are also the most common among business insurance claims examples.

Fire
Business owners often neglect the likelihood of a fire from happening. Much worse, they often realize its adverse effects and the costly restoration expenses once the mishap has already occurred. Fires could tear down any business at any given time and place, and one of the most affected are those enterprises that failed to get insurance coverage. 

Weather Damage
A weather-related disaster could put any business on halt on any occasion, either temporarily or worse, permanently. It can cause an enterprise to shut down for an extended period, depending on the recovery pace. Data shows that 25% of businesses that seized operations due to natural disasters have never reopened, mainly because of a lack of coverage on their policy. 

Customer Injury
This one, although common claims filed by businesses, can be prevented from happening. If one customer is involved in an accident inside your business premises, you must know how to utilize this coverage. In this case, you'll file an accident insurance claim to shoulder your injured customer's liabilities.

The Claims Process
In case one of these scenarios has happened to your business, you should immediately intend to submit a commercial insurance claim. The first important step is to contact your insurance provider and inform them as soon as possible. The next process is to give them a narrative about what exactly happened to lead to the incident. 

Conclusion
Most of the time, a business owner will do everything to protect his/her business against any possible damage. But things that are out of hands like fire, natural disasters, and even burglary might be around the corner. Getting commercial insurance to safeguard your business property will be one of your armors moving forward. 

At UG Insurance Brokerage Inc., we put our clients first by offering them policies that they can afford. Having insurance is a necessity nowadays and we're here to help you out. Learn more about our products and services by calling our agency at (718) 848-7777. You can also request a free quote by CLICKING HERE.
4 Comments
Adam Golightly link
12/21/2020 01:50:43 pm

I can understand how a business could really benefit from getting the right insurance in order to be safer. Making sure that they can get the right coverage from a professional could be really useful. It was interesting to learn about how insurance coverage for fire can protect a business from being tor down at any place and time.

Reply
Chris Pederson link
1/13/2021 03:59:41 pm

A friend of mine told me that he wants to start a business of his own but that he needs help finding an insurance plan he can trust. He thinks he only needs insurance for physical damages to the building and such. I'll let him know what you said about how burglary and theft are common among insurance claims. That way he'll know what he should really be protecting himself against.

Reply
Kristofer Van Wagner link
2/2/2021 10:46:46 pm

It is interesting that this post pointed out that insurance can protect us from theft. The other day my friend mentioned that he plans to open up a business. I will remind him to apply for commercial insurance to protect himself from theft.

Reply
Rebecca Gardner link
2/9/2021 11:59:54 am

It was helpful when you said that commercial insurance claims should be submitted as soon after the incident as possible. My friend from church is looking into getting insurance coverage for the new local service business he's starting this summer. I'll share this info so he has a better idea of what filing a business insurance claim would look like.

Reply



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