The internet makes life easier. Many things could be done online, which saves a lot of time and effort. Doing online business is a good idea, especially now.
An online business can save you money, such as the rent for offices if you work at home. Compared with traditional business, online business can also prevent some risks that you may face. For example, if your equipment is stolen or your products cause damage to customers. Usually business owners will purchase a liability insurance to cover the cost caused by these potential risks.
Well, that doesn’t mean that an online business owner has nothing to worry about. An online business also faces multiple risks, such as data breaches.
A liability insurance is a must for online businesses.
So, what kind of insurance should an online business owner purchase? We recommend two insurances that considered “must have” for your online business.
Cyber Liability Insurance
Your online business will surly store information of you and your customers. If there’s a data breach, cyber liability insurance can protect your business whether data is stolen or leaked. Though different insurance companies may offer different policies, basically there are some coverages in common:
Business interruption costs
Business Owner’s Policy for Online Businesses
A Business Owner’s Policy (BOP) is good for small businesses, because it covers 3 insurances in one policy: General Liability Insurance, Commercial Property Insurance and Business Income Insurance. These 3 insurances can protect your business property, your capital, and help protect against lawsuits from bodily or property damage.
Other insurances such as Workers Compensation, Professional Liability, Product Liability are also important for business owners, you can choose one or some of them to better protect your online business.