How to insure your e-commerce business.
An e-commerce business can be successful because having transactions carried out online is convenient and appealing to many consumers and still offers you the chance to run your own business and make a living. Like with any business, however, it’s important to get the proper insurance coverage to be sure you have what you need in case of an injury, accident or loss. This should include everything from insurance for your buildings, stock, and even cheap van insurance if you use a vehicle in your business. If you’re planning for your future, here’s what you need to have.
General Liability Insurance
This type of coverage is sometimes called business liability insurance and is needed to cover you in cases of bodily injury, property damage or a personal injury on the job. The coverage offers financial assistance in these cases and ensures that you don’t lose your business if you have to pay a claim. This is the least coverage you’ll have to have, but you may want to expand on that depending on what products and services you provide and offer.
Product Liability Insurance
Similar to general liability, this type of coverage insures you in cases of bodily harm or property damage but is exclusively for the products you sell. If one of your products is under a claim, your coverage pays for court costs and other expenses, which can often mean the difference between losing your business or not. Should a lawsuit be brought against you in relation to a product you sell, product liability insurance is vital so don’t overlook purchasing it when you start your e-commerce company.
Commercial Auto Insurance
This type of coverage is important if you have any vehicles that you use for business purposes. This coverage insures your vehicles as well as costs from claims filed after an accident that resulted in injury or damage to your company vehicle or a third party’s vehicle or person. Auto insurance is one of the most competitive types of insurance so it really pays to look around for the best deals for cheap van insurance.
Professional Liability Insurance
Much like product liability insurance, this type of coverage is specific to services you offer and is sometimes called errors and omissions insurance. It covers you in cases of claims made against you when someone is harmed or otherwise disabled as a result as using a service provided by you.
Worker’s Compensation Insurance
If you have any employees working for you, it’s important to have worker’s compensation insurance in case any of your employees are hurt on the job. This covers their medical care and lost wages if they are unable to work as a result of the injury. This coverage also means that court costs are covered should an employee file a legal claim as a result of the injury. Having worker’s compensation insurance shows you are a boss concerned for your employees’ welfare. Again, not having coverage could mean a loss of your business if something happens.