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Business Personal Bonds Benefits

image of maryland businessBusiness insurance claims occur more often than most assume. Businesses that proceed without this vital form of protection face considerable risk.

In the worst scenarios, one of the situations outlined below could put an uninsured company out of business. Take a look at the most common business insurance claims. You will have a new found appreciation for the importance of this safety net.

Customer Injuries

Customers may endure all different types of injuries when shopping at businesses. Some customers slip and fall on wet floors. Others pull muscles after stepping in sticky spills.

Businesses can prevent the majority of such injuries with proactive measures. However, it is impossible to completely prevent customer mishaps. In some instances, the customer clumsiness is responsible for the injury. Some customers will even lie about injuries in order to get compensation.


Theft occurs at the hands of employees as well as customers. In fact, theft is the most common small business insurance claim. The good news is this type of claim usually has the lowest average loss. The bottom line is every business is susceptible to theft from everyone who steps in the door.


Fire is one of the most common business insurance claims. Fire claims are usually quite costly, averaging around $30,000 to $40,000. Simply leaving a coffee maker plugged in and turned on can start a fire.

The exorbitant cost of these claims may cause high insurance premiums. Premiums are especially high for businesses that lack adequate fire sprinkler systems.

Damage From Wind and Hail

To the surprise of many, wind and hail damage is a common business insurance claim. Hail storms are particularly violent. Hail can crack windows, dent siding and destroy vehicles. In the worst instances, hail damage is so bad that businesses consider demolishing buildings hit the hardest. Make sure your policy covers wind and hail. Some policies may actually exclude these damages for various reasons.

Water Damage

Most people assume water damage is uncommon. The truth is water damage is consistently ranked in the top five of most common business insurance claims. Water damage may occur as a result of frozen pipes that eventually burst. Such damage may also occur when snow and ice accumulate on a roof. This weight can spur leaks or the complete collapse of the roof.

Be sure to secure adequate business insurance so water damage doesn't ruin your inventory or equipment. Be warned, standard business insurance often excludes flood coverage. So, ask your agent specifically how your policy covers water damage. You may need to add riders or extra coverage.

Need business insurance? Call McFarlin Insurance Agency, LLP at 410-312-7800 now. We can help you get a fast, free quote.

You might also like:

Insurance Options for Small Businesses

Does Your Business Need These Common Types of Surety Bonds?

How to Assess Your Risks for Business Insurance

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8325 Guilford Rd, Suite A
Columbia, MD 21046

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