Find out how you can secure your online business with the proper insurance coverages.
Do you run an online business? If so, you might be operating under the assumption that your business is free from any liability risks. However, this is simply not true. Just like any brick-and-mortar business, your virtual business faces a myriad of risks. If you want to keep your business safe, here are some of the essential commercial coverages you cannot afford to miss.
Cyber Liability Insurance
The most serious risk that online businesses face is the threat of a data breach. This is why it’s so important to protect yourself with the right cyber liability insurance. This type of insurance will provide coverage for the costs associated with notifying your customers about the breach, recovering compromised data, repairing damaged computers systems, and so on. Additionally, if an affected customer decides to sue your business over the data breach, cyber liability insurance will cover your legal fees and, if necessary, the cost of your settlement.
Professional Liability Insurance
Also known as errors and omissions (E&O) insurance, this type of policy offers coverage in the event that you make a misstep while rendering professional services. Imagine that your business offers a customer some professional advice. If that customer were to experience losses while following this advice, then they could sue your business. Professional liability insurance provides coverage to address this type of lawsuit. This coverage extends to claims of negligence, slander, libel, copyright/trademark infringement, and so on.
Product Liability Insurance
If your online business handles and ships goods to your customers, then product liability insurance is a must-have policy. This type of insurance will offer coverage in the event that a product that you sell is accused of causing bodily harm, illness, property damage, or other losses.
These are some of the insurance policies you need to protect your online business. Do you have further questions regarding your business’s insurance needs? Then contact the team at Weaver & Associates in Arcadia, California. We are ready to assist you with all your commercial coverage needs today.
