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March 30, 2015

40% of small cos. likely to file insurance claim

Four in 10 small businesses are likely to file property or general liability insurance claims over the next decade, according to an analysis of claims data by The Hartford Financial Services Group.

The Hartford analyzed more than 1 million claims it received between 2010 and 2014.

The most common property and liability claims were for burglary and theft, which averaged $8,000 per claim.

The most costly claims were for libel, slander and violation of privacy, which averaged $50,000, the property-casualty insurer said. Those reputational-harm claims can average more than $75,000 if they result in a lawsuit — which happened about one-third of the time, according to The Hartford.

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