The analysis found that water and freezing damage accounted for roughly 22% of small-business claims over the five-year period, with an average cost of $34,600 per claim, ranking as the fourth most expensive type of claim. Fire claims, by comparison, averaged $80,000 in 2025, making them the top-ranked costliest claim, up from $35,000 in 2015 (about $47,600 adjusted for inflation).