New businesses face a number of obstacles. Many obstacles are the same from year to year; however, current economic conditions make growth even more contentious. In addition, uncertainty with our government and economy can give new business owners heartburn. Things are never easy for a small-business owner. No matter how hard you try, there are always problems to solve and fires to put out. At least you can take comfort in knowing you're not alone.
According to the latest surveys by major insurers, many new businesses have a number of critical gaps in their business insurance coverage. The reasons for gaps vary. Some businesses don’t fully understand how certain coverage applies to their organization, while some business owners believe they don’t have any risk.
- Business Income/Extra Expense - Covers the loss of income that a business suffers, after a covered loss, while its facility is either closed because of the loss/claim or in the process of being rebuilt. Extra expense insurance covers some of the reasonable and necessary costs a business incurs such as the costs of setting up business in a temporary location while its damaged facility is being restored.
- Cyber Liability- Cyber liability is the risk posed by conducting business over the Internet, over other networks or using electronic storage technology. It covers third party losses from hackers, theft and loss of information including sensitive client or individual personal information.
- Employment Liability- Employment Liability provides protection for an employer against claims made by employees, former employees or potential employees. It can cover discrimination (age, sex, race, disability, etc.), wrongful termination of employment, sexual harassment and other employment related allegations.
- Professional Liability- Insurance that is designed to cover damages, third party claims and claims arising out of providing professional advice. Many firms create legal obligations arising out of a professional's errors, negligent acts or omissions during the course of providing services to clients.
Our team knows you and your situation, and they have an uncanny knack for remembering client details even years later. That’s because we view each client as an individual with his or her own specific insurance needs. We value our customers and it shows every day in everything we do. Worthington Insurance specializing in competitive auto, home, contractor and business insurance.