Online Merchants Need The Following Insurance
Business Liability Insurance (GL): You might operate your business mostly from your computer, but you still need general liability, just as any merchant does. This way, you will be protected if anyone gets hurt in your office or any other space you use for your business. Without general liability, you would likely have to pay for that person’s medical expenses. You would also have to pay to replace the belongings of anyone whose property was damaged while on your business property. Fortunately, it’s easy to make sure your online merchant insurance policy comes with general liability for your protection.
Business Personal Property Insurance: BPP is another important feature of any online merchant insurance policy, because it focuses on keeping business property in good working order. For example, if you have a warehouse that burns down, BPP will cover the costs to repair the building. It will also replace the products, furniture, and any equipment that was in it. Without BPP on your online merchant insurance policy, you would have to pay for these costs on your own, which could put you out of business. That’s why this coverage comes highly recommended for online merchants.
Workers Comp Protection: Many merchants have at least a few employees who work hard to send orders, collect payment, provide customer service, and generally help keep the business running. If this describes your situation, obtaining workers compensation coverage is essential. When you add this to your online merchant insurance policy, you and your employees can rest assured that their medical expenses will be paid for if they are injured at work. Workers comp can also pay for their missed wages if they have to call out of work, and for your legal fees if your employees ever try to sue you after they are hurt while working for your online business.
Umbrella/Excess Liability: General liability is considered the minimum coverage you need as an online merchant. If you want more protection, you need to add excess liability when you get online merchant insurance. This way, if you are responsible for any major expenses – such as the hospital bills of anyone who is hurt on your property – you can feel confident that your online merchant insurance policy will cover those costs due to your extensive excess liability coverage.
Cyber Crime Liability: Cyber crime is a very real threat to businesses of all types, including online merchants. But you can protect your business from that threat by simply adding cyber crime liability to your online merchant insurance policy.