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Common Commercial Insurance Claims And How To Avoid Them: Part 1

It is not uncommon for businesses to have to file insurance claims due to theft, burglary, weather damage, and other unfortunate instances, which is why it is so important for both small businesses and large corporations to have quality insurance coverage. Choosing the right insurance company and corporate insurance policy can save your business thousands, if not millions of dollars down the road when it comes to filing corporate insurance claims. That being said, here are some of the most common commercial insurance claims and how to avoid them.

Burglary And Theft

As you might have guessed, burglary and theft are some of the leading causes of commercial insurance claims among large and small businesses alike. Though Canada’s burglary and shoplifting rate is lower than that of many other countries, there are still plenty of shop owners in Alberta who report incidences of theft every day. So what does this mean for their insurance companies? Hours of working with the police to figure out what was stolen, how much the insured loss equates to, and what needs to be done so the business owner gets proper compensation.

Anyone who has been in this situation knows how difficult it can be to settle a commercial property claim, especially if what was stolen is hard to quantify. Because of this, it’s worth it to invest in a reliable security system for your business and keep the space properly staffed at all times. It is also beneficial to have a motion lighting system (or one that turns on after dark) installed on your commercial property to deter any unwanted activity during closed hours.

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Customer Injury

Another common commercial insurance claim is liability, as you are responsible for the safety of customers and/or clients as soon as they step foot on your commercial property. Say you own a restaurant and an employee forgot to put a “Wet Floor” sign up after mopping, causing customers to trip and fall on the way to the restroom. This is a business owner’s worst nightmare, as they could be sued if proper action were not taken to remedy the situation (or if the customer was upset enough). The same goes for business owners who have a sidewalk outside their front door — while some opt to hire a snow removal crew to clear the sidewalks in the winter, others assume the responsibility themselves. If an employee doesn’t do a thorough job of removing snow and ice from the sidewalk and a customer were to slip and fall, the business owner would be held liable for the incident.

To avoid dealing with liability claims such as these, it is best for business owners to follow health code regulations closely and keep hazardous situations under control. If something spills, clean it up immediately. If the environment is difficult to navigate and poses a danger to customers, clear the area and make sure you are complying with fire code regulations. If you experience a significant amount of snow storms (like we do in Alberta), hire a snow removal crew to keep your drive and sidewalks clear at all times. Though these steps are merely precautionary, they can save you from having to deal with liability claims down the line.

Settle Your Commercial Insurance Claim Today

At We Settle Your Claim Law in Alberta, settling commercial insurance claims is a major part of what we do. Whether you own a small business, a franchise, or a major corporation, our insurance lawyers can help you get the compensation you deserve if your business is robbed or a customer is hurt. Contact us to find out how we handle insurance claims, and continue to part two of this blog series to learn about other common commercial insurance claims and how to avoid them.