Online Retailer Insurance
If you operate an online store of any kind, you’re in a growing industry. After all, one study found that 69 percent of adults in the US shop online at least once per month, and 33 percent shop online once a week. That is an increase of 24 percent from 2014 (Source: Mintel). If you want to be poised to take advantage of the growth in this field, you should first acquire an online retailer insurance policy.
Online Retailers Need The Following Insurance
Business Liability Insurance (GL): Operating your business online does not mean you can go without general liability. Even if you work out of an office that people rarely visit, you should still get general liability coverage when you obtain online retailer insurance. This part of your policy will protect you if someone gets injured while visiting you. Whether it’s a friend who trips over the laptop cord in your office or a delivery person who slips on your floor, general liability will pay for their medical bills. It will even pay for the medical bills if a customer is hurt by the products you sell. Another way this coverage will benefit you and your visitors is if their personal property is damaged in your office, since this part of your online retailer insurance policy will cover replacement or repairs when necessary.
Business Personal Property Insurance: BPP is the portion of your policy that will cover damage to any properties associated with your business. For instance, if you have an office you work out of or a warehouse where you store your products, BPP will pay to fix the building if there is a fire or other destructive event. This part of your online retailer insurance policy also applies to the items inside the building, since it will pay to replace anything that is damaged. If you want to reduce the chance of having to shut down or at least temporarily close your business while you raise money for repairs or replacements, it’s important to get BPP.
Workers Comp Protection: Whether you have a whole team of employees or just a few people helping you run your online store, they would surely appreciate workers compensation. This is an important part of your online retailer insurance coverage because its main point is to pay for your employees’ hospital bills if they are ever injured as a result of working for your business. If an employee drops a heavy box on his or her foot while filling an order, for example, workers comp will pay the doctor bill and any physical therapy bills or related expenses. If that employee has to take time off work and loses income as a result, workers comp will cover that, too.
Umbrella/Excess Liability: Maybe you have general liability, but if you don’t also have excess liability, you might be leaving yourself open to some unexpected expenses if the worst occurs. For instance, if there’s an accident on your property that injures several people, excess liability will provide the extended coverage you need.
Cyber Crime Liability: If you’re worried about how cyber crime might affect your online store, you’re not alone. Many business owners worry about it because it’s a reality. But you can put your mind at ease when you add cyber crime liability to your online retailer insurance.