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When you also have equipment or operate from an office
All Basic plan benefits and:
Get protected against employment-related issues
All Standard plan benefits and:
*plus Workers Compensation
These policies provide coverage for the most frequent risks faced by e-commerce businesses:
Ecommerce sites are notorious targets for hackers who want your customers' credit card details. Cyber Liability will protect your business against liability for data theft or public exposure.
The product you sell online can malfunction and cause injury to the user. Products defects in its manufacture or design are among the most common product liability claims made by online purchasers. Product Liability Insuranc (or Product Recall Insurance) can protect your business should you need to recall one of your products.
Your contracts are at the heart of your ecommerce site, as they state the terms and conditions agreed by you and the buyer. If you breach them and your customer loses money, you could be sued for their loss. General Liability insurance will cover your ecommerce business if you deliver products that do not match the terms and conditions.
You are selling products online. This means that you are exposed to product liability. When your store sells defective products and injures someone the manufacturer, the distributor, and you, the seller, are all legally responsible. Your business is legally liable within the entire process. Without insurance, your business is at risk of this liability. You’ll be paying for court and legal fees and the settlements to be made.
Opening an e-commerce business comes with inherent risks. Here are some of those:
These are just some of the many risks your e-commerce sites could face.
There are a lot of factors that contribute to insurance for e-commerce sites. This includes the type of business you have, the employees you have and how much inventory you have. Without taking into account that criteria, here’s an average median cost of insurance policies:
You have probably heard when some big named companies have had a data breach and had either credit card information stolen or personally identifiable information of customers’ stolen. Because you are in the e-commerce sporting goods store business, you have the same risks as these other stores for this type of loss. Because customers are using the internet to purchase items from your apparel shop, there is a Cyber Liability risk and your company is going to be held responsible if this type of event should occur. Cyber Liability insurance can help prevent your business and similar businesses, as athletic equipment stores, from going bankrupt in the event that you are hacked or there is a data breach.
A huge expense associated with a cyber liability loss is notifying your customers when it happens and saving your public reputation. Cyber Liability insurance will provide coverage for these expenses. Your public persona is important to your e-commerce sporting good store and in order to keep turning a profit, it is critical that you get ahead of any situation that may impact it negatively. Plus, you will have a better chance of keeping good, loyal customers if they see how well you are able to handle a data breach.
A Businessowners Policy, or BOP, is usually one of the first types of insurance policies that any small business purchases. An e-commerce store has unique risks since you are dealing with the public through the internet. A BOP is great because it packages together General Liability and Property insurance so your bodily injury and property damage claims will be covered, as well as Property if you own any buildings or keep any inventory on hand.
Additionally, there are some extra coverages that are usually included that are essential to your e-commerce store insurance portfolio. Business Interruption is one very important coverage that will come in handy if one of your vendors has an unforeseen incident and cannot fulfill your orders. It will allow you to keep your business up and running so you can keep your customers happy, as well as keep your profits growing.
Often, a BOP will contain a small amount of coverage for Data Breach which is vital to an e-commerce store. Since you are taking payments over the internet, a cyber attack is a risk you will always have to face. Be sure to discuss this risk with an advisor, as you may need to increase the limit of coverage, or purchase a separate Cyber Liability insurance policy.
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