Things that Can Cost a Business Big

Things that Can Cost a Business Big

Small incidents can cost your business.  The right business insurance in Astoria, New York can keep you protected.

Running a business can be a stressful job.  There’s an overwhelming amount to keep track of, and things can fall through the cracks from time to time.  While some issues may not seem important in that moment, they can have a huge financial impact on a business.  It’s important that business owners in have the support they need, and business insurance can offer the necessary assistance.  Read about some of the most common issues that can cost a business and learn how business insurance in Astoria, New York can help.


While a missing pen or stapler may not seem like a huge issue, small businesses need to watch for theft.  Unlike big corporations, smaller companies cannot afford to replace inventory that has been stolen.  Therefore, it is important that small business owners keep careful watch over product inventory and the employees working with it.  Additionally, business owners that handle much of their business online need to watch out for data theft.

A business owner is responsible for the losses due to theft, so it’s important that they have the necessary safeguards in place.  Crime insurance can help business owners protect themselves from petty theft, burglary, extortion, and other criminal acts.

Legal Costs

A business owner can expect legal expenses that come from licensing and certification fees.  However, they should also be ready for  the legal fees associated with lawsuits.  According to the National Federation of Independent Business, small businesses are often targeted for lawsuits because they are likely to settle out of court.  Not only can legal issues result in settlement expenses an attorney fees, but they also cost your business the time spent dealing with lawsuits.

The best way for small businesses to deal with these issues is to invest in general liability and employment practices liability insurance.  A general liability policy will cover claims filed by customers, employees, contractors, etc. that claim your business caused them injury.  An employment practices liability policy protects you against employee claims such as discrimination, harassment, and so on.

Business owners should keep these risks in mind and invest in the right policies that keep their businesses safe.  Looking to find the right business insurance in Astoria, New York?   Contact 01 Insurance and get started today!