What Are Some Common Claims Made Under Commercial Insurance Policies?

Knowing the most common commercial insurance claims is crucial when purchasing commercial insurance. The information will guide you in picking the coverages that offer the most protection under your commercial insurance policy. Here are the prevalent claims under commercial policies.

1. Burglary and Theft

Commercial enterprises risk burglary and theft from petty criminals, disgruntled employees, and angry customers. Given this extensive risk, it’s no surprise that the most common business insurance claim is burglary and theft. It accounts for an estimated 20% of all business insurance claims.

2. Fire

Many businesses in Matthews, NC underestimate the risk of fire at their premises. However, there can be many fire causes at a business premise, some of which might seem almost impossible until they start a fire. Fire usually results in substantial property damage, and it can be very challenging for an enterprise with no business insurance to recover from a devastating fire. At JC Demo Insurance Group, we advise you to frequently do a fire risk assessment for your business premises to mitigate the fire risk.

3. Weather Damages

Weather damage can be caused by wind, hail, snow, and even ice-cold weather freezing the pipes within the business premises. Natural disaster-related to weather can cause a business to shut down for an extended period. Data suggests that roughly 25% of companies that shut down due to a weather-related natural disaster never reopen, mainly because they didn’t have commercial insurance.

4. Customer Injury

Have you ever asked yourself – what if a customer gets injured or has their property damaged while on your business premises? The injured customer will likely sue the business for injury or damage claims, which can damage your business finances, depending on their injury or damage. This is why most customer-facing enterprises get general liability coverage in their commercial insurance.

Contact JC Demo Insurance Group for commercial insurance assistance in Matthews, NC.

Life Insurance as a Retirement Asset

When you think of retirement, you probably think of your individual retirement account (IRA). Perhaps you’ve also put money into stocks and bonds. JC Demo Insurance Group of Matthews, NC, can offer you another way to save for retirement – life insurance.

Life insurance offers far more than just a death benefit to your beneficiary. You can purchase a life insurance policy that includes a cash value account. This type of savings account deposits a portion of each premium after paying the primary policy. Once you accrue funds in the account, the company invests it with other accounts like it.

The difference between opening a savings account yourself and doing it through the life insurance policy comes down to risk. If you open a savings account at a bank and invest the money yourself, you risk losing it to the stock market. However, when you use the life insurance policy method, the insurance company typically includes a provision that you’ll retain at least the amount invested from savings. Some accounts guarantee a minimum annual payment of a specific percentage, for example, two percent. You can earn more on the savings/investment account, but you can’t lose money.

Most cash-value accounts use a stock index, such as Standard & Poor’s, to calculate the payments. If the market does well, you earn more on the invested amount, which keeps growing throughout the life of your whole life policy. Every month when you pay your premium, part of it goes into the account.

Using a life insurance policy with a cash value account lets you provide for your beneficiary in case of your death while saving for your retirement with investments. Contact JC Demo Insurance Group, serving Matthews, NC, for more information on how to use life insurance for your retirement.