3 Types of Business Insurance You Didn’t Know Existed

3 Types of Business Insurance You Didn’t Know Existed

Do you own a business?  Learn how to protect it with these little-known types of business insurance in Astoria, New York.

Most business owners have the standard liability, worker’s compensation, and commercial property insurance policies.  However, simply relying on these policies may mean that there are gaps in your coverage.  Learn about 3 little-known types of business insurance in Astoria, New York and consider whether they’d be a good fit for your company.

1) Employment Practices Liability Insurance

This type of policy protects employers against claims filed by employees, such as discrimination, wrongful termination, harassment, and so on.  Many large corporations have a plan for dealing with employment lawsuits, or find that they can afford a lawsuit.  However, many small or new businesses are vulnerable to these claims.  Employment Practices Liability insurance can help small businesses weather these claims.  If the employee claim becomes a lawsuit, Employment Practices Liability Insurance can cover the legal defense costs for the insured.

2) Income Stabilization Weather Insurance

Most people are familiar with the insurance that covers natural disasters (hurricanes, earthquakes, tornadoes, etc.).  Bur are they aware that there are also insurance policies that cover damage inflicted by less extreme weather?  Income Stabilization Weather Insurance covers profit lost due to bad weather conditions.  This type of insurance is particularly helpful for small businesses that depend on foot traffic, or for outdoor businesses such as ski resorts, golf courses, and restaurants.

3) Cyber Liability Insurance

Cyber Liability Insurance can be important for companies that handle a lot of their business online.  This type of insurance protects businesses from losses caused by data breaches.  This kind of insurance can also cover the cost of customer notification and credit monitoring.  Some policies may also cover the losses caused by interrupted business due to a data breach.

Protecting against any possible dangers might be the difference between a thriving enterprise and failed company.  Contact 01 Insurance to learn about getting the right business insurance in Astoria, New York.