Small Business Property and Liability Claims
Small business owners have a lot to worry about, including upholding best business practices, managing employees, and maintaining a sustainable income. With everything riding on the success of your business, the last thing you need is to get caught up in a lengthy insurance dispute. It is often the case, however, that many entrepreneurs are not able to prepare for every possible incident. Fortunately, the attorneys at Gagnon, Peacock & Vereeke, P.C., are fully prepared to assist you with any claims or disputes you may have with your commercial landlord.
Top 10 Commercial Claims
A study published earlier this year examined more than one million property and liability contracts from the last five years to identify the most common insurance claims for commercial properties. Listed in order of most to least, they are:
- Burglary and theft
- Water damage
- Wind and hail damage
- Customer slip and fall
- Customer injury or damage
- Product liability
- Struck by object
- Reputational harm, such as slander
- Vehicle accident
The costs of these claims are not directly proportional to their frequency. In fact, this relationship is almost inversely proportional. For example, less than five percent of small businesses file claims for reputational harm, but payouts for these claims average more than $75,000. On the other hand, burglary and theft claims are reported by around twenty percent of businesses but usually end up costing around $8,000.
Contact a Real Estate Lawyer in Dallas
If you or another small business owner you know is anticipating or involved in a dispute about commercial property liability, the real estate attorneys of Gagnon, Peacock & Vereeke, P.C., may work to uphold your rights and interests. Call our offices in Dallas at (214) 824-1414 today.