Crucial Insurance Coverage for Your Online Business
If you’re starting or have an online business, there are several types of insurance coverages you’ll want to consider. Below are four key questions to contemplate when deciding how to best protect your business.
An estimated 80% of Canadians have shopped online in the past year and by 2023, online spending could reach as high as $108 billion. Based on these statistics, its obvious many people enjoy doing business online.
E-commerce can present several challenges and expose business owners to many liabilities. Undoubtedly, having the proper insurance coverage is crucial for online business owners. Here are questions to consider and discuss with your insurance broker to ensure you have proper insurance coverage for your online business.
1 | How is client information being stored?
Inevitably you’ll have to store customer information, whether it be for payment processing purposes and/or delivery. This data must be kept private and secure. If you are storing it in “the cloud” or on a server you may need to consider cyber insurance.
2 | Is your product being exported?
Insurance companies may not insure international sales of certain goods. It’s important to speak with your insurance broker for clarifications and insight on this.
3 | What are you selling?
This may be the most straightforward and logical question. What you’re selling has a lot to do with how much and the type of insurance you need. If you’re selling T-shirts your insurance needs are different than if you’re selling table saws.
4 | What kind of coverage do you already have?
If you have general commercial liability insurance or business interruption insurance, you may need some additional supplemental coverage. The brokers and CSRs at DPM Insurance Group can provide you with expert advice, so you have the best insurance coverage to protect your online business.
Click here to find the office nearest you: https://dpmins.com/locations/
Source: Youngs Insurance Brokers