Make sure you protect your online business with the right insurance coverages.
If you own a physical store, you should have insurance to protect against the risk of damages, the risk of a customer injuring themselves on your premises, and so on. But what kinds of insurance coverages do you need when your business is virtual? If you run an online business, here are some of the essential insurance policies that you cannot overlook.
Cyber Liability Insurance
As an online business owner, one of the most serious risks that your business faces is the risk of a data breach. This is why it’s so vital that you have the proper cyber liability insurance in place. This type of insurance will provide coverage for the expenses associated with notifying your customers about the breach, restoring personal identities of affected customers, recovering compromised data, and repairing damaged computer systems. Additionally, this type of insurance will offer coverage in the event that an affected customer decides to sue your company for damages.
Professional Liability Insurance
Also known as errors and omissions (E&O) insurance, this type of policy will offer coverage in the event that you make a misstep while rendering your professional services. For instance, say that your business offered advice to a client. If this client experiences losses as a result of following your advice, they could sue your business. Professional liability insurance would cover the cost of your legal defense and, if necessary, your settlement. This coverage protects against claims of negligence, slander, libel, copyright/trademark infringement, and so on.
Product Liability Insurance
If your online business sells goods, then you should definitely invest in the protection offered by product liability insurance. If a product that your company sells is accused of causing bodily injury, illness, property damage, or other losses, product liability insurance will cover the cost of this liability issue.
If you run an online business, make sure you get these coverages to secure the protection that your business needs. Do you have further questions regarding your business insurance? Then don’t hesitate to contact the experts at Scavone Insurance in White Plains, New York. Our dedicated team is ready to get you the coverage that you need today.