Opening an online store will allow you to support your family and work from home. You can set your working hours and manage almost every aspect of your business from a device that supports a Wi-Fi connection. An online store must deal with potential risks just like a real business. This is why it is so important for you to find the right type of insurance for your e-commerce business to protect your interests.
Do I Need Business Insurance?
Every business faces some type of risk. Protecting your assets is an important part of what business insurance is all about. This can mean insuring your inventory, equipment, or tools that are used in the day to day operations of your business. Even if you have a service-oriented business, you will face certain types of risk. If you have employees, you will generally need to get workers’ compensation, unemployment, and disability insurance for your state. But most e-commerce sites don’t need you to carry business liability insurance. Also insuring your international shipments is always a good idea.
What About Liability Insurance?
Liability insurance is the best way to protect yourself from unexpected pitfalls associated with running any type of business. Defective products, poor workmanship/materials, or breaches in your network that may lead to hackers accessing your confidential information are all forms of liability that can be devastating to your business. Liabilities can incur costs high enough to completely cripple your business.
What Type of Insurance Should I Ask For?
An online ecommerce business faces specific risks. Cyber insurance, product liability, and professional liability are all good choices, but the types of insurance your business needs will be determined by the type of online store you open. Talking to a reputable agent will give you the confidence to choose the right type of e-commerce insurance coverage best suited for your business.
Some Common Risks That Online Store Owners Face
Common risks involved in selling services or products, both online and offline include:
• Damage to property
• Injuries to customers
• Illnesses caused by sold products
• Design or manufacturing flaws
• Data breaches of any type
Insurance for ecommerce business might be able to protect you in some of these situations depending on your coverage.
Our agents at Steve Wilk Insurance Agency have years of experience that allows them to provide you with the best possible advice when it comes to choosing the right type of insurance for an e-commerce business. We understand that each type of business is different when it comes to risks. Call and speak to our experts today to make sure your business has all the coverage it needs.