Fires, explosions, and storms were among the top causes of loss to businesses between 2013 and 2018, according to Allianz Global Corporate & Specialty’s (AGCS) 2018 “Global Claims Review. The report, which analyzed more than 470,000 insurance industry claims across the globe, revealed that 75 percent of financial losses arise from 10 causes of loss. The largest single identified cause – fire/explosion – accounted for 24 percent of the value of all claims. Other significant loss contributors included storms, accounting for 7 percent, and water damage, making up 3 percent.
When a loss due to fire, explosion or storms occurs in a business, it’s critical to return operations to normal as quickly as possible. Oftentimes, a professional restoration company is called in to assess and restore electronics, textiles and window treatments to pre-loss condition. This is because – using best practices – electronics, textiles, and window treatments are often quickly restorable at a fraction of the cost of replacement. Moreover, in many cases, restoration work can be quickly conducted on site with the goal of getting the business up and running sooner.