Online Accessory Shop Insurance
Now that so many people regularly shop online for everything from clothing to accessories, it makes sense to put your products online. And an accessory shop could be a particularly good investment, considering that online sales for women’s accessories in the US alone grew by 7 percent from 2013 to 2014. (Source: The NPD Group). Now this industry is worth more than $7 billion. If you’re thinking about adding to that, take a look at the online accessory shop insurance you will need.
Online Accessory Shops Need The Following Insurance
Business Liability Insurance (GL): If you have a factory, office, or brick and mortar store associated with your online accessory shop, you will need general liability. This will pay for the medical bills of any visitors who are injured while on the premises. It will also pay to fix their personal property if it is damaged while on your business property. But even if you do not have a physical structure for your business, you can benefit from general liability coverage. For instance, it will pay for your legal costs if you need to defend yourself from accusations of slander or libel. It will also cover your costs if customers claim the accessories you sold them somehow injured them. Whether you need legal fees to defend yourself in court or have to pay the medical bills of the injured customer, you will be glad that general liability is part of your online accessory shop insurance.
Business Personal Property Insurance: When you run an online store of any kind, you will need BPP. This is especially true if you have an office or warehouse where your accessories are stored. If the building or products are damaged due to a fire, inclement weather, or any other covered reason, BPP will pay for repairs and replacements when necessary. But BPP is helpful for shops that exist only online, too, because it can pay to replace computers that are used to run the business.
Workers Comp Protection: If you have employees who help you operate your accessory shop online, you should provide them with workers compensation. This coverage will pay for them to see a doctor, go to a hospital, or even get physical therapy if they are injured at work. So whether your employees get hurt while shipping the accessories you sell or need treatment for carpal tunnel syndrome after working on the computer for too long, workers compensation will cover them.
Umbrella/Excess Liability: Now that you know what an important role general liability plays in your online accessory shop insurance policy, you will probably see the value of excess liability, too. This coverage increases the amount your general liability policy will pay when you need to use it.
Cyber Crime Liability: Since your business takes place online, you’re likely familiar with how common cyber crime is. But you can easily protect your store from this major issue when you add cyber crime liability to your online accessory shop insurance coverage. This can lower the odds of your business being negatively affected by cyber criminals who steal private data and money, or damage businesses in any other way.