The purpose of business insurance is to protect your business from harmful events such as property damage, theft, and liability claims. These events can be devastating for a business, particularly a smaller business operating on a narrow margin.
Unexpected events are unfortunately common in business, and it’s estimated that 40% of small businesses will file business insurance claims within the next 10 years. However, this doesn’t necessarily mean that it’s always to your advantage to file a claim. Whether or not you should file a claim for a particular incident will depend on a number of factors, including the cost of damages incurred, what’s covered in your policy, and your deductible.
Below, we’re going to look at when it’s to [...]