Online Electronics Store Insurance
As ecommerce and our reliance on electronics both rise, you can expect any online electronics store to be doing better than ever. After all, the three types of products people buy most online are books, clothes, and electronics (Source: The NPD Group). Whether you sell video game consoles, DVD players, tablets, or other electronic devices, you need online electronics store insurance for your business. Here’s what it should include if you want to be fully covered.
Online Electronics Stores Need The Following Insurance
Business Liability Insurance (GL): You might not have a physical location where customers come to shop, but you likely have a warehouse or at least an office where you keep products, paperwork, and more. If so, you need to protect anyone who visits it by getting general liability when you obtain online electronics store insurance. This coverage is there to pay for the doctor bills of anyone who gets hurt on your business property. It can also pay to replace or repair their personal belongings if they are stolen or damaged while on the premises. If you do not get general liability on your online electronics store insurance policy, you will be responsible for these costs instead.
Business Personal Property Insurance: If you have any property associated with your business, BPP as part of your online electronics store insurance policy is essential. For example, if your office or warehouse burns down, BPP will pay to replace the building and all of the items inside of it, including your products, furniture, and computers. The same goes if any other covered event damages your building and the electronics you sell. Even if you do not have a building that serves your online store, BPP is useful, since it can pay to replace the computer or other equipment you need to do business.
Workers Comp Protection: Any store that has employees needs to feature workers compensation as part of their business insurance policy. So if you employ people to help you fill orders, perform tech support for your site, or provide customer service in any way, workers comp is important. This is because if they get hurt while doing their job, they will appreciate your online electronics store insurance policy paying for their hospital bills and missed wages. You’ll appreciate it, too, considering that you would likely have to pay out of pocket if you did not have workers comp.
Umbrella/Excess Liability: As useful as general liability is, it doesn’t mean that all of your costs will be covered if someone is hurt while on your business property. You never know when an event will exceed your general liability coverage, which is why you should get excess liability for peace of mind.
Cyber Crime Liability: Cyber crime is a legitimate threat for all kinds of businesses, especially successful ones that cyber criminals might target. If you want to protect your store from the damage that cyber criminals can do when they steal data or funds from your business, make sure your online electronics store insurance policy has cyber crime liability.