If you can’t always prevent everything from happening, the next best thing is to have insurance. If you find yourself in an unfavorable situation, as a business, filing an insurance claim can be a way out. There are many different kinds of claims out there, and unless you’re in the know, it can be a bit difficult to understand what’s going on.
If you’re new to the game, or you’re looking to learn more about insurance claims, you’ve come to the right place. Here’s everything you need to know about insurance claims and how to make sure you get what you’re entitled to.
Here are the 4 most important types of insurance claims that everyone needs to know about:
1. Claims for accidents and injury
This is by far the most common type of claim for businesses and private parties. Accident or injury claims can be very diverse and range from minor to major severity. Any instance where a client feels their business has allowed them to sustain medical or injuries can classify as injury. Getting hurt on the job or getting in a car accident, there are a variety of ways to file an injury claim. Depending on the situation, personal injury or liability insurance usually cover these claims.
When it comes to accidents and injuries in the workplace, many insurance companies aren’t willing or prepared to do the work. They aren’t prepared to go the extra mile for their clients and compensate them. Adjusters at avnergat.com make an effort to bridge the gap and investigate claims for clients to get them what they’re entitled to. Injury and accident claims are common, so make sure you don’t miss out because of insurance companies not doing their job.
2. Burglary and theft
After injuries and accidents, burglary and theft are the second most common kind of insurance claims. There is still a lot of crime in the world, and businesses often take the biggest hits when it comes to burglary and crime. Theft and burglaries are common in the retail, manufacturing, and construction industries and can cost businesses thousands.
Insurance claims include damages to company property or buildings resulting from the break-in. Burglary and theft claims also cover the loss of the stolen items. Whether your business was broken into, or items were stolen by employees, you should be entitled to compensation. Commercial property insurance is often used to cover this type of insurance claim.
3. Water damage
Depending on where you live, water damage can be a very common insurance claim in your area. Water is a destructive force and can cause lots of damage to homes, buildings, and businesses. Water-related damages can include damage from leaks, rain, and natural disasters like floods or tsunamis. Freezing damages also fall under this category of damages, especially in colder countries. Water damage can range from a minor inconvenience to a complete disaster for the future of a business. It damages electrical systems, walls, floors, and can even ruin assets and products. Commercial property insurance usually covers claims for damaged property, or the cost of replacing and ruined assets or fixtures.
4. Fire damage
Fire damage is the final most common type of insurance claim on this list. Fire is a major threat to all kinds of businesses, both big and small. Like water, fire is a destructive force and can burn a whole brand to the ground if it’s not prevented. Fires can be caused by a variety of different hazards, ranging from poorly put-out cigarettes to electrical systems. Insurance for fire damages can cover any financial losses resulting from the fire. This can include rebuilding damaged parts of buildings or replacing any damaged machinery or assets. Fire damage insurance can also cover the overhead costs of running your business while you deal with the aftermath of the fire.
So there you have it! Now you’re all caught up on the most common forms of insurance claims, how they manifest, and what kind of insurance covers them. Aside from these 4, other common business-related insurance claims include, product liability, reputational harm, slip and fall accidents, and wind and hail damage. Accident and injury claims are the most common and are covered by personal injury or liability insurance, depending on the situation.
Burglary and theft are other common claims, and can often be covered by commercial property insurance. Protecting your business from the elements is hard, and both water and fire damage requires the right insurance. Damage claims for fire or water can be covered with commercial property insurance too, or other kinds, depending on the situation. Whatever insurance claim you have, make sure to do your research, bring your A-game, or bring your adjusters to help strengthen your claim!