Find necessary and appropriate coverage for your e-business.
With the widespread availability of the internet, it’s not always necessary to have the overhead of a brick and mortar store in order to run a successful business. Whether you sell products online or conduct services, your online business may be a hit. While not having a physical storefront can be a great way to cut costs, one area that should not be cut is commercial insurance. Here are the types of insurance you may need as an online business.
Liability Insurance
If a customer sues you or a client visits you and slips and falls on your property, liability coverage can help to pay for associated costs. Typically, your homeowners insurance policy will not cover a liability claim stemming from business work, even if the accident happened in the home.
Property Insurance
Whether you store your stock, tools, or materials at home or in a warehouse, you should obtain coverage if these items were to be stolen or damaged. Property insurance can cover your supplies, tools, and inventory, as well as the property used to operate your business such as a computer and printer equipment.
Cyber Liability Insurance
Running a business online means you’re exposed to various risks such as hacking, cracking, and more cybercrimes. Cyber liability insurance is a critical tool for keeping your business going if it ever falls victim to crimes online.
Products Liability Insurance
If you sell a product, you will be held responsible for any injuries that are caused by your product, especially if you have the item made or repaired. This coverage can help to pay for legal expenses, fines, and more.
Workers’ Compensation
Even if you have just one employee, you will need workers’ compensation. The penalties for not having this coverage is severe, so be sure you know your local laws.
Loss of Income
If your online sales business provides you income, think about what would happen if that income were to suddenly stop due to a fire or other covered event? Loss of income insurance can help fill the gap when you are working to get your business back on track.
Are you ready to get started?
Contact Tompkins Insurance for help securing your business insurance today.
