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Liability claims against small businesses in Illinois

According to a data complied by The Hartford Financial Services Group, Inc., 40 percent of small businesses are likely to face liability claims at some point in the next 10 years. Based upon a five-year historical analysis, the most common types of claims related to burglary and theft, which made up 20 percent of all claims made in the past five years. However, those types of claims only cost a company an average of $8,000.

Other common insurance cases relate to fire or water damage. They have made up 25 percent of all liability claims in the past five years, and fire damage claims can cost up to $35,000 to resolve. Customer slip-and-falls accounted for 10 percent of all such claims in the past five years, and they are also among the most costly cases to resolve. On average, a company may spend roughly $20,000 to resolve this type of premises liability claim.

If a customer is injured while on the premises of a small business, it could cost up to $30,000 per claim. However, while customer slip-and-falls account for a tangible portion of general liability complaints, customer injury or damage account for less than 5 percent of all claims. Regardless of the type of claim made, many are settled outside of court, with only 35 percent of all claims resulting in a lawsuit.

Those who are victims of preventable accidents while lawfully on a commercial property may wish to talk to an attorney to determine if any recourse may be available. Counsel may be able to determine if the property owner was liable for any injury that resulted. In some cases, an injured victim may be able to obtain damages through a premises liability lawsuit that would cover the costs of medical care and treatment and provide compensation for any wages lost due to missing work.

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