Learn from the Biggest Business Insurance Claims: Insights from Top Verdicts

At Schaub Insurance Agency, we know that protecting your business is about more than having a policy—it’s about understanding the risks that can arise and having the right coverage to mitigate them. Recently, a report by Law.com and VerdictSearch highlighted some of the most significant business insurance claims in the U.S. These cases serve as powerful reminders of the importance of proactive risk management and tailored insurance solutions. Here, we provide a summary of a few of these landmark cases.

The Price of Negligence in the Workplace

Negligence in hiring, training, or supervision can lead to devastating consequences. One such case featured in the Law.com andVerdictSearch report involved a $177 million verdict in Missouri against a hotel due to negligent hiring and supervision of a security guard who assaulted a guest. This illustrates the importance of robust liability coverage, which can help businesses manage the financial and reputational fallout of such incidents.

Safety First: Lessons from Workplace Accidents

A warehouse accident in Connecticut resulting in a $100million verdict showcased the cost of failing to ensure workplace safety. A forklift operator’s negligence caused life-altering injuries to a coworker.This underscores the need for businesses to prioritize safety protocols and have adequate workers' compensation and employer liability insurance in place to protect both employees and the company.

Hotel Negligence: Ensuring Guest Safety

In California, a hotel was held liable for $60 million after failing to conduct a proper welfare check on a guest, who suffered irreversible brain damage due to delayed medical attention. This case emphasizes the importance of thorough training and adherence to safety protocols, not only to protect guests but also to reduce liability risks. Comprehensive general liability insurance can help cover such unexpected claims, ensuring that businesses can recover from large financial settlements.

The AC Unit Incident: A Business Lesson

In a New York case involving a construction worker who suffered severe spinal injuries after falling while manually lifting an AC unit, the worker argued that a crane should have been used, and the failure to provide proper equipment violated labor safety laws. The worker’s injuries resulted in paraplegia and required ongoing medical care, leading to a jury awarding $53.5 million for medical costs and pain and suffering. This case highlights the importance of Workers' Compensation Insurance to cover medical expenses and lost wages for injured employees; General Liability Insurance incase of accidents on-site; and Employers’ Liability Insurance to help protect against claims of negligence related to workplace injuries.

Key Takeaways for Business Owners

1. Prioritize Risk Management: Implement strong hiring practices, comprehensive training, and rigorous safety protocols.
2. Invest in Comprehensive Insurance Coverage: From liability to workers' compensation to property insurance, having the right policies can save your business.
3. Learn from Real-World Cases: Studying these landmark claims can help you identify potential vulnerabilities in your own business.

Protect Your Business with Schaub Insurance Agency

Don’t wait until it’s too late to safeguard your business.Schaub Insurance Agency specializes in providing tailored solutions to meet your unique needs. Contact us today to explore how we can help you protect your business from life’s uncertainties. Start with the appropriate quote form at: REQUEST A QUOTE

This blog post references data from the "ExcessCasualty Top 100 Verdicts of 2022-2023" report, published by Law.com andVerdictSearch, and customized for Travelers.

You can download the full report at: REPORT