What Business Insurance Policies Do Online Retailers Need?

​Even if you don’t own a literal brick-and-mortar business, you’re just as much at risk as traditional shops. Ensuring your online store is crucial to protect your company from potential lawsuits, damaged goods, or unforeseen costs. Without commercial insurance, business owners may be forced to cover these costs from their funds otherwise.

Best Types of Insurance for Online Retailers
The lack of a physical structure to represent your company doesn’t make your company immune to business-related risks. With these policies, you’ll be able to protect your business from most of the risks associated with online retail.
 
1. Business Owner’s Policy
Such policies bunch up general liability and property insurance into a single cover. It is arguably the most cost-effective commercial plan for e-commerce stores. It’ll assist you in things like: 

• Any client injury
• Tarnished or embezzled inventory
• Events that disturb the running of the business 

2. Data Breach Cover
Your business likely holds large amounts of customer data and confidential files. If anyone hacks your systems and gains access to this information, you could be in for a major lawsuit and a tarnished name. With this cover, you can:

• Notify the affected clients
• Provide surveying system
• Protect your business’ image

3. Employee Compensation Plan
Worker’s reimbursement is a standard requirement in most states for online retailers with any number of employees. It will help cover incidents like;

• Workers’ hospital bills
• A fraction of the lost salary
• Legal case from a worker’s injury

4. General Liability Cover 
Here, your company’s back is covered from any e-commerce issues like the delivery man sustaining an injury while on your clock. Often, it’s combined with policies for property and is ideal for:

• Sustained injuries from falling accidents
• Ruined customer goods
• Any lawsuits or slander cases

5. Umbrella Cover 
The Umbrella cover is the excess liability coverage that helps online stores boost their employer’s liability plan (thus the extra part). Mostly, it’ll kick in when covering things like:

• A lawsuit for client injury
• A legal case for a worker hurt on company time.
• A suit where a customer’s goods are smashed 

Conclusion
Many things could happen that could put a dent in your company’s day-to-day running, from libels, breach of data, and lawsuits. A cover that fits all your company’s needs gives you peace of mind that the unpredictability of running a business won’t catch you unprepared.

At Desmond Insurance, we do our best in making sure that our clients are well-protected with affordable and comprehensive policies. We make sure to go the extra mile to help you with your needs. To learn more about how we can help you, please contact our agency at (859) 491-5100 or Click Here to request a free quote.