E-commerce & Online Retail Insurance
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Why do I Need E-commerce Insurance Coverage?
When you run an online shop, your work may be primarily virtual, but the risks your small business faces are all-too real. Among them are product liability, copyright infringement, data breaches, and ransomware.
What Insurance do I Need for an E-commerce Business?
General Liability Insurance
A foundational coverage for online retailers to help handle costs from third-party accidents, property damage, and bodily injury.
Cyber Liability Insurance
Coverage to insure e-commerce businesses against claims associated with stolen customer data, cyberattacks, breaches, and fraud.
Workers’ Comp Insurance
Coverage to help take care of employees who get sick or injured on the job. Most states require this for small businesses with full or part-time employees. Can also benefit business owners without employees.
Equipment and Business Property Insurance
Also known as inland marine insurance, this coverage can financially protect equipment and inventory that is in transport or stored offsite.
Why Should I Get Insurance for My Online Business?
As an e-commerce business owner, you’re likely exposed to a lot of risks that may not be immediately obvious.
Plus, with more e-commerce platforms like Amazon requiring proof of e-business insurance, more and more online business owners are prioritizing e-commerce insurance coverage.
Here are some reasons why:
Product liability
This coverage is a big one for e-commerce business owners, and for good reason: As part of your general liability policy, it can help cover you in the event a customer claims that a product from your online store caused them damage or made them ill or injured in some way.
Advertising injury
Having an online business means opening yourself up to a lot of digital risk, which includes claims involving copyright infringement, libel, slander, and more. A general liability policy could help pay for those types of third-party claims.
Third-party accidents
If a vendor or client visits your office, workshop, or location and accidentally gets hurt while there, your general liability policy could pay for any resulting medical bills and claims.
Data breaches and ransomware
A successful cyberattack can result in stolen customer information or even the inability to run your business. Cyber liability insurance can help cover a lot of the financial impact, including:
- Finding and fixing the breach
- Notifying customers
- Cyber ransom payments
- Fines and penalties
Care for sick or injured employees
Exams, tests, surgeries, and more. Costs can add up if an employee gets hurt or becomes ill working for you. Workers’ comp insurance can help cover medical costs as well as rehab expenses, partial lost wages, and funeral and survivor benefits.
Even if you have no employees, we also recommend workers’ comp to take care of yourself, especially since many health insurance policies won’t cover workplace injuries.
Damaged or stolen equipment or inventory
What would happen to your e-commerce business if equipment, inventory, or materials stolen or damaged? What about your laptop or mobile device that you travel with for work? An inland marine policy can help cover the cost to repair or replace them.
Business Insurance
A one-minute explanation
Learn more about policies for small businesses, what they cover, why you might need them, and how we can help – all in just 60 seconds.
Business insurance is often made up of different types of policies to cover different things, similar to how your health insurance can be made up of medical dental and vision coverage. Here are some of the ones small business owners may need. General liability is kind of the Swiss army knife of insurance, it can do a lot like help handle cost from third party accidents, property damage, bodily injury, and more. Nobody’s perfect right? That’s what professional liability is for. It could come in handy in the event of honest mistakes or claims of negligence. Workers’ comp can protect your business and help take care of employees who get sick or injured on the job. Small businesses are big targets for cyber criminals. Cyber Insurance can help cover costs associated with stolen customer data, cyber attacks, breaches, and fraud. BOP, or a business owners policy, combines different types of coverages like general liability and commercial property insurance. Putting them together for you is where we come in, you tell us a bit about your business online or on the phone, we customize the coverage options for what you do and what you need. It’s your business it should be your insurance as well, that’s why we’re here.
How Much Does Insurance for Online Sellers Cost?
Try our E-commerce Insurance Calculator
Get a quick estimate in just 3 steps.
Answers To More E-commerce Insurance Questions
What types of businesses need e-commerce insurance coverage?
The state or city (or both) where you operate your e-commerce business may require you to have proof of insurance, especially if you have employees. If you sell on Amazon, eBay, Shopify, Walmart, or other e-commerce platforms, you may be required to carry general liability.
What if I’m not required to have e-commerce insurance coverage?
It can still be a good idea. ebusiness insurance can help ensure that you don’t have to use your business or personal finances to pay for any claims.
Business insurance for online businesses can cover legal costs (like hiring a lawyer) if you’re sued by a customer for a faulty product or by a competitor for copyright infringement. It also can help you get any licenses or leases that may require proof of insurance coverage.
What should I consider before buying e-commerce insurance?
If you’re thinking of buying business insurance, we want to make it easier for you.
Although it’s not necessary when using our e-commerce insurance calculator, we think it’s helpful to have an idea about your annual revenue and payroll estimates as well as information about any previous insurance before you get started.
Why work with Simply Business?
Small business insurance is what we do. Whether it’s meeting e-commerce platforms requirements, covering product liability, or protecting your equipment and inventory, we can help find the coverage you need for your online store.
We provide customized coverage options and quotes from top-rated small business insurers – all in just 10 minutes. More than 1 million small business owners worldwide trust us with their insurance, and we consistently earn high customer ratings and reviews.
Feel confident about your choice
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*Actual savings may vary based on the nature of your business, its location, and insurance provider appetite. Savings percentage is calculated using the average price difference of quotes from SB’s panel of insurance providers.