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Top 3 causes for business insurance claims

Written by: Sill Public Adjusters

Top 3 causes for business insurance claims

A recent study revealed the top causes for insurance claims involving businesses. The study was released by Allianz Global Corporate & Specialty (AGCS), one of the largest financial services providers in the world.

The study looked into more than 500 thousand insurance claims in more than 200 countries. These claims happened between 2017 and 2021, accounting for more than $90 billion in insurance payouts.

ACGS broke down the leading causes of property damage.

Fire accounted for 21% of the total payouts. Natural catastrophes ranked second, which included hurricanes, tornadoes, storms, floods, winter-related damage, and earthquakes or tsunamis.

Faulty workmanship or maintenance issues came in third, accounting for 9% of insurance claim payouts.

The article described how business insurance claims have become increasingly difficult to handle. Factors like inflation, higher property, asset values, and an increase in cyber-claims have led to more complex business insurance claims.

If you own a business that has been impacted by any damage, you have the right to get professional help when you file your insurance claim. A public adjuster can help expedite your claim and ensure you get the settlement you deserve.

RELATED | What is a public adjuster?

Hiring a public adjuster means you will have a professional insurance claims expert working for you to represent your best interest throughout the claim. Sill is the leading public adjusting firm in North America; our team of experts represents hundreds of property owners each year.

The Sill team has been advocating for its business and homeowner clients for over 90 years to ensure that your rights are protected and that you maximize your claim recovery.

We've helped our clients with thousands of types of claims, including:

  • Office buildings, Multi-Family Apartment Buildings
  • Schools & Government Organizations
  • Religious Institutions
  • Restaurants, Retail, and Shopping Complexes
  • Manufacturing or Warehouse Operations

Many companies may be forced to close their doors permanently after suffering a loss. If you hire Sill, we may be able to help you save your business.

RELATED | Disaster Survival Guide for Business Owners

Sill is one of only a few public adjusting firms that includes a building and contents team, as well as forensic accountants who can assist with business interruption claims.

Business interruption claims can help business owners recoup lost revenue, continue payroll, and lead your recovery plan.

Our company is available 24/7 by calling 844.650.7455. Contact Sill right away if your business has suffered any damage.

SOURCE | Insurance Business Magazine