Ecommerce Insurance

Ecommerce Liability Insurance

General liability insurancecovers you in the event of third-party bodily injury. If something happens, medical bills, legal fees, and settlement costs are covered. Ecommerce liability insurance also covers property damage, so if you were to accidentally break someone’s property during the course of business, it would cover the replacement or repair costs, which could really come in handy at some point.

General liability also covers third-party advertising injury claims. Basically, that’s a confusing way of saying libel, slander, and copyright infringement.

Online retailers pay an average of $25/month for general liability insurance. That’s only $300/year.

Ecommerce Property insurance

Property insurance helps cover your financial losses if your business inventory, equipment, or other physical assets are damaged. It only covers certain types of events, so be sure to understand what your policy covers, and what it doesn’t. This type of business insurance for online retailers not only covers damages, it also covers operating expenses and lost income during repair or replacement. Wow!

Property insurance perks include paying for building damages and equipment breakdowns, as well as receiving financial support should you have to pause your operation while things get repaired.

Let’s say you’re an online jewelry retailer. A fire destroys your property. Business property insurance helps cover your replacement costs.

Many online retailers pay around $30/month for business property insurance. That’s about $360/year.

Cyber insurance for ecommerce businesses

Cyber insurance covers financial losses if you have a cyber-attack. Data breaches, ransomware attacks, and hacking are some of the common risks with doing business online. Cyber attackers not only steal your information, they cause downtime, which affects your bottom line. If you ever have a cyber-attack, you’ll want help covering your losses. You’ll also want support to get you back up and running as fast as possible. Otherwise, it could put you out of business.

Cyber insurance benefits can cover the following expenses – notifying customers, monitoring credit, legal fees, recovery costs, resource support, and fines.

If a hacker breaches your computer, exposing your clients’ personal data, cyber insurance helps cover the costs associated with experiencing a cyber-attack on your business.

Additional coverages

• Professional liability insurance is another online retailer insurance option that covers online retailers who make a mistake in their professional services. Negligence and failure to deliver promised goods and services are a few things covered by this policy.
• While you may be facing less risk than someone that’s on a job site, workers’ comp insurance covers workplace illnesses and injuries, even for something like carpal tunnel syndrome. Or, let’s say you’re doing leather work and slice your hand. Medical bills will be covered. Learn about workers’ comp costs.
• A business owner’s policy (BOP) combines general liability and commercial property insurance into one bundled policy, and at a lesser price than purchasing each coverage on its own. Lean about BOP costs.