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The 5 most common insurance claims Australian businesses make

Insurance Claim Property Insurance Business Interruption Insurance Liability Insurance Commercial Property Owners Insurance

Running a business is no easy feat, and there are plenty of things that can go wrong along the way. That’s where insurance comes in – having the right coverage in place can help protect your business from financial losses, and give you peace of mind.

But what are the most common insurance claims that Australian businesses make? In this blog, we’re going to take a look at the top five.

Property damage: Unfortunately, things like fires, storms, and vandalism can all cause damage to a business’s property. This can include things like buildings, equipment, and inventory. Property damage claims are one of the most common types of insurance claims made by Australian businesses.
Liability: Liability claims can arise when a business is held responsible for injuries or damages suffered by someone else. This can include things like slips and falls on your premises, or injuries caused by a product you’ve sold.
Theft: Unfortunately, theft is a common problem for businesses of all sizes. Whether it’s someone breaking into your premises and stealing equipment or inventory, or employees stealing from the company, theft can be a major financial loss for a business.
Business interruption: When a business is forced to shut down due to a covered event, it can be a major financial blow. This is where business interruption insurance comes in – it can help cover lost income and expenses during the period of interruption.
Motor vehicle accidents: If your business has vehicles on the road, accidents can be a common occurrence. From collisions with other vehicles to damage from storms or other natural disasters, motor vehicle accidents can be a major source of insurance claims for Australian businesses.

So there you have it – the five most common insurance claims made by Australian businesses.

From property damage to motor vehicle accidents, having the right coverage in place can help protect your business from financial losses, and give you peace of mind.

It’s always a good idea to talk to an insurance professional to make sure you have the right coverage for your business.

General Advice Warning: This advice is general and does not take into account your objectives, financial situation or needs. You should consider whether the advice is appropriate for you and your personal circumstances. Before you make any decision about whether to acquire a certain product, you should obtain and read the relevant product disclosure statement.

All information above has been provided by the author.

Laura Meyer, MeyerInsure, ABN 87 340 928 486, AFSL 233750

This article originally appeared on MeyerInsure Blog and has been published here with permission.