Four out of 10 small business owners will likely experience a property and/or liability claim in the next 10 years. From slips and falls, to burglary and theft, businesses face more than a few lawsuit possibilities. John Kinney, Chief Claim Officer and Stephanie Bush, SVP of Small Commercial insurance at The Hartford, discuss the common and costly property and liability insurance claims for small businesses.
According to Bush, 64 percent of all new jobs are created by small business. That's why owners must understand how to prevent losses while protecting their small businesses if they want to prosper.
“Take cautionary steps to prevent and minimize a claim,” said Bush.
According to Bush, cautionary steps include things like shoveling side walks to prevent slips and falls or installing smoke detectors in the building. These preventative measures will help establish a plan of protection against theft and potential injuries and keep your small business from falling into disaster before it strikes.
“Make sure that they are protected,” said Bush. “If you're a florist you have different needs from a lumber yard.”
By consulting a local and independent insurance contractor, a small business owner's needs can be assessed on an individual basis while the right kind of protection is provided.
According to Kinney it's critical for small business owners to take matters into their own hands when preventing losses. In addition to your administrative duties, such as background checks on employees, maintenance issues such as preventing frozen pipes is critical during harsh winters are just as important to your business's survival.
“Know where the master shut-off valve is because one thing you can do to prevent water damage is to stop the water from flowing,” said Kinney.
For more information on how to protect a small business, check out The Hartford's website here.