Should I Get Insurance for My Online Business?

Find out which coverages you need to protect your online shop.Should I Get Insurance for My Online Business?

If you own a brick-and-mortar shop, it’s easy to understand that you need insurance protection for your company’s building, its property, and for any liability issues that could take place on the premises. However, what kind of insurance do you need when your shop is online? If you run an online business, here are some of the essential insurance policies you cannot overlook.

Cyber Insurance

As an online business owner, one of the most serious risks your company faces is the risk of a data breach. Luckily, having the right cyber insurance in place can help you mitigate this risk. This type of insurance provides coverage for the legal fees and expenses that your company might encounter if your customers decide to sue following a data breach. Additionally, cyber insurance offers coverage for notifying customers about the data breach, restoring personal identities of affected customers, recovering compromised data, and repairing computer systems.

Professional Liability Insurance

Also known at Errors and Omissions Insurance, professional liability insurance will cover you if you make a mistake in rendering your professional services. For instance, imagine that your company makes a professional recommendation for a client. If this advice negatively affects a client, they may decide to sue your company for negligence. In this case, professional liability insurance would cover your legal defense costs and the cost of settlement if necessary.

Product Liability Insurance

Finally, if your business sells goods, then you need to invest in product liability insurance. This type of policy provides coverage in the event that one of the products that your company sells causes bodily injury, illness, property damage, or so on. This insurance also provides coverage if your company is accused of improperly marketing a product that they sell and distribute.

If you run an online business, then these are some of the commercial coverages that you cannot afford to overlook.  Need additional help finding the right policies to fit your business’s unique needs?  Then don’t hesitate to contact the experts at Miller Carlisle Insurance Services.  We are ready to assist you with all your coverage needs today.