Insureon conducted a survey of more than 1,000 small business owners to find out what kind of insurable incidents occurred at their businesses last year, if any. More than one-third (35.2 percent) of small business owners surveyed reported experiencing an insurable event like employee injury or theft in 2016.

Despite experiencing these types of events, the survey found that many small businesses aren't filing claims for them. Insureon cites the following possible reasons for this trend:

They don't have insurance or don't have the right policy to cover the claim.
The cost of the incident is less than their deductible, so they deal with it out of pocket.
They worry that filing a claim will cause their premiums to go up.
They prefer to handle the matter on their own rather than wait for resolution from an insurance company.

As a result, many small business owners are choosing to let their carrier know about an incident, but don't file a claim. Instead, they pay for the incident out of pocket to prevent higher premiums in the long run. But how does the cost of a claim stack up against the cost of coverage?

What costs more: A single claim or insurance coverage? (Photo: Shutterstock)

Cost comparison

According to The Hartford, the 10 most expensive types of claims (and the cost per incident) are:

Reputational harm: $50,000
Vehicle accident: $45,000
Fire damage: $35,000
Product liability: $35,000
Customer injury or property damage: $30,000
Wind and hail damage: $26,000
Customer slip and fall: $20,000
Water and freezing damage: $17,000
Struck by object: $10,000
Burglary and theft: $8,000

In comparison, the median price Insureon customers pay for coverage is:

$428 per year for general liability insurance
$920 per year for professional liability insurance

Compared to a $20,000 bill for a customer slip-and-fall accident, most business owners would probably rather pay $428 for general liability per year, plus their deductible, to pick up the tab.

How do the most expensive claims compare to the top incidents small businesses experienced in 2016? Click next to read the most common insurable events for small businesses, and which coverage agents can offer clients for them.

(Photo: Shutterstock)

Client complaint or contract dispute: 22.2 percent

Professional liability insurance can cover claims related to client dissatisfaction, including alleged work mistakes, undelivered work or negligence.

(Photo: iStock)

Employee injury: 10.6 percent

Workers' Compensation can pay for medical bills and partial missed wages when employees are hurt at work.

(Photo: Shutterstock)

Burglary or theft: 8.8 percent

Commercial property insurance can help pay to replace stolen business property.

(Photo: Shutterstock)

Fire, storm damage or cracked pipes: 6.6 percent

Property Insurance can also pay to repair property damaged by fire or certain weather events.

Customer injury: 2.4 percent

General liability insurance can help cover costs when customers are injured on business property.

(Photo: Thinkstock)

Product that caused injury or damage: 2.3 percent

The product liability portion of general liability Insurance can pay for legal expenses associated with damage from goods you sell.

Special Reports /

Top 6 insurable incidents small business owners faced in 2016

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