The post Best eCommerce Business Insurance by Sarah Horvath appeared first on Benzinga. Visit Benzinga to get more great content like this.
It’s now easier than ever before to get involved in eCommerce and open an online store. From handmade clothing to skincare consultations, eCommerce stores have taken the market by storm. If you operate an eCommerce store, be sure that you’re protecting yourself and your livelihood with the right insurance coverage.
Table of contents [Show]
Compare eCommerce Insurance
Benzinga offers insights and reviews on the following eCommerce liability insurance providers. Consider beginning your search for coverage using the links below.
Tired of buying insurance for your small business the old-fashioned way? Forget about waiting around for that insurance agent to call you back. Now, B2Z has launched a full suite of insurance policies, including cyber insurance, workers’ compensation, professional liability and business owner’s policies (BOP). The B2Z platform uses AI to create personalized coverage just for you—all in as little as 5 minutes.
B2Z offers small business insurance in a language everyone understands. Easy applications, mobile claims and digital quotes are just a few of the ways B2Z makes buying insurance for your business fast and easy. Affordable, too.
- One-Stop-Shop Coverage
- Shopping Online
- Hassle-Free Cancelation for Old Policy
- User-friendly online portal
- Multiple products
- Digitally-based
- AI-driven
- Data sourcing
- No phone call needed
- No brick and mortar
- Too fast-paced for some
NEXT is a business insurance provider dedicated to helping small business owners find affordable, customized policies that fit the unique risks of their industry. NEXT offers a complete suite of the most common business insurance protections that you might need, and you can apply for a policy entirely online.
Getting insurance through NEXT takes less than 10 minutes — simply choose your business type, answer a few questions about your experience and history and purchase coverage. You can adjust your policies and coverage limits to balance cost and protections with just a few clicks.
Though NEXT’s 100% online model might not be right for everyone, it can be a strong contender for digital natives in search of affordable insurance.
- Small business owners looking for quick, affordable coverage available online
- Apply for a policy in as little as 10 minutes
- Policies customized to industry type and need
- Discounts available on bundled policies
- No option for paper policy application
- May need to connect with a representative if your occupation isn’t listed
When you’re a small business owner, you have a lot on your plate. Finding the best insurance policies for your business probably isn’t on the top of your list. Simply Business makes it easy to get the coverage you need. It’s a digital small business insurance agency, which means it offers coverage from multiple insurance carriers.
With Simply Business you can compare quotes and coverage options from multiple companies to determine what’s best for you. Simply Business works with top providers like Hiscox, Travelers and Axis Insurance Company.
You can get policy options online in less than 10 minutes, and if you need more guidance or have questions, its licensed agents are just a phone call away.
Simply Business is a great fit for small businesses and sole proprietors. You can look at its recommended insurance options based on the type of work you do, whether it’s landscaping, accounting or photography.
While Simply Business doesn’t handle your claim directly (the provider you decide to purchase from does), it’s there to help you if you run into any issues. It can get you new copies of your policy documents and help you get in touch with your provider if you need assistance.
If reviewing or buying business insurance has been on your to-do list, Simply Business is an excellent place to start. You can get a quote while you take a coffee break.
- Small business owners
- Sole proprietors
- Quick quote process
- Licensed agents to assist you
- Can choose from top insurance providers
- No mobile app
The Hartford is a leader in casualty and property insurance. It brings more than 200 years of experience in developing and providing insurance products. The company uses a quote-based pricing scheme to offer insurance in 2 main segments: commercial and personal lines.
Its commercial segment serves over 1 million small businesses. The personal segment offers only nationally-endorsed home and auto insurance through the AARP® Insurance Program. The Hartford sells its products mainly through a network of independent brokers and agents.
The company is also a 12-time honoree for the world’s most ethical companies according to The Ethisphere Institute. It delivers the name recognition and reputation of an experienced insurance carrier.
- Those looking for an experienced insurance provider
- Multiple coverage options with 1 carrier
- More than 200 years of insurance experience
- Provides online quotes
- Has a solid financial rating
- Offers a wide range of commercial insurance products
- Pricing is entirely quote-based
Shopping for business insurance can be a tedious process. It takes time to collect and review quotes and coverage unless you visit CoverWallet. CoverWallet, an Aon company, makes it easy to get quotes from multiple insurance providers.
With CoverWallet, you can start by talking with an insurance advisor or start directly with quotes. You can get quotes from multiple reputable insurers, including Hiscox, Chubb and Progressive. Choose from a wide range of coverage options to protect every area of your business, including workers’ compensation, general liability and commercial property insurance.
Once you decide on your insurance coverage, you can manage your policies through MyCoverWallet. This online dashboard allows you to send copies of your insurance certificates when needed, file claims and pay premiums. It keeps your policies organized and allows you to reach out to an expert at any time.
CoverWallet also offers extensive educational resources. You can review its recommended coverage by industry. You can also dig into more specific information based on your industry, location, number of employees and annual revenue.
The one drawback to the CoverWallet is that it doesn’t have a mobile app. You can still access the site through your mobile browser and you can call any time for assistance. Overall, CoverWallet makes it easy to shop for and buy business insurance, and it’s an excellent fit for small businesses and the self-employed.
- Self-employed
- Start ups
- Small to medium businesses
- Can get multiple quotes easily
- Can learn about recommended insurance for your industry
- Offers many types of insurance
- No mobile app
What is eCommerce Business Insurance?
eCommerce business insurance is a collection of insurance protections customized to the needs of online businesses. You can customize your eCommerce business insurance to fit the unique structure of your business model. For example, as an eCommerce business, you might not have a physical location where you operate from, which means that you can save money on commercial property insurance and extend your product liability coverage.
Benefits of eCommerce Business Insurance
Some eCommerce business owners assume that they don’t need insurance because they may not have a physical location or any employees beyond themselves. However, the truth is that eCommerce business owners face their own set of risks. For example, eCommerce stores should invest heavily in both product liability insurance and cybersecurity insurance, as these stores can still be sued by their customers just like a traditional business. Operating your business without any type of insurance coverage could put you at risk of being personally financially responsible for any type of legal expenses and judgments incurred in the event that a customer or client takes you to court.
Types of eCommerce Business Insurance
Several different types of business insurance could help you protect your eCommerce business. Some of the most popular types of coverage that you might purchase as a small business owner include the following.
Bodily injury: Bodily injury liability coverage helps you pay for the cost of legal expenses and court-ordered judgements in the event that a client or customer injures themselves on your property. For example, imagine that a client visits your warehouse, trips on a tool left on the floor and breaks her ankle. If this client sues you for the cost of her medical bills, your bodily injury liability insurance would help you pay for the cost of your lawyer and any medical bills you’re ordered to pay.
Property damage: Property damage liability insurance is a type of protection that helps you pay for the cost of legal representation and awarded judgements in the event that you damage a client or customer’s property and they sue you for the cost of a replacement. For example, imagine that a client visits your home business to view a sample product, and you drop his laptop while attempting to show him a new website. If the client sues you for the cost of a replacement laptop, your property damage liability coverage will help pay for it.
Advertising injury: The phrase “advertising injuries” refers to any harm that you do to a competing business, intentionally or unintentionally, through your advertising. For example, when advertising your business, you might accidentally copy a competitor’s copyrighted slogan. If the competitor sues you for infringement of their copyright, this insurance coverage will help you pay for the cost of legal representation and damages a judge orders you to pay.
Product liability: Product liability insurance compensates you if one of your customers purchases your product, the product causes harm to them and they sue you for damages. For example, imagine that you sell cosmetics. A customer purchases an eyeshadow palette from you and has an allergic reaction from an ingredient that was improperly listed on the product packaging. If that customer sues you for the cost of their medical bills, your product liability insurance will help you pay for the cost of legal expenses and court-ordered judgements. Product liability insurance also protects you in the event of claims that your product malfunctioned or failed to provide proper warning, causing damage.
Workers compensation: Workers compensation insurance is a type of coverage that compensates your employees in the event that they are injured on the job. If you don’t have any employees, you won’t need to purchase workers compensation insurance. However, you might be legally required to purchase and maintain workers compensation insurance as soon as you hire your first full-time or part-time employee depending on the state that you live in and where you conduct business.
Business property insurance: Business property insurance (sometimes referred to as “commercial property insurance”) is a type of insurance coverage that helps you pay for the cost of damage to your business space, inventory and equipment. For example, if you own a clothing store and an electrical fire damages all the clothing in your warehouse, your business property insurance would help you cover the cost of replacing your inventory. If you rent a commercial space, you might be required to purchase and maintain a certain level of business property insurance as a term of your lease.
Professional liability insurance: Professional liability insurance helps to protect you against claims of negligence made against your business. For example, if you provide copywriting services and you don’t deliver magazine copy to a client on schedule, the client could potentially sue you, claiming that your delay caused them to lose business. In this instance, your professional liability insurance would help you cover the cost of legal representation and any court-awarded judgements.
Cybersecurity insurance: As an eCommerce store owner, cybersecurity insurance is an absolute must-have. Cybersecurity insurance helps cover expenses that you incur after a hack or malware attack. For example, if your website is hacked and the hacker releases or sells the credit card information of your customers, cybersecurity insurance would help cover the cost of notifying your customers, legal expenses if a customer sues your business as a result of the hack and providing credit monitoring services for your customers whose information was leaked.
Business interruption insurance: Business interruption insurance (sometimes called “business income insurance”) compensates you when a qualifying peril forces you to shut down your business, resulting in losses. For example, if you store your products in a warehouse and that warehouse catches on fire, your business interruption insurance would cover lost income while you rebuild and prepare to open again.
Inland marine insurance: Inland marine insurance compensates you for damage done to your merchandise while it is in transit under the control of a third party. For example, imagine that you’re expecting a shipment of accessories for your online store. During transit, your delivery truck is broken into, and a large number of items are stolen. In this instance, your inland marine insurance would help you cover the cost of replacing them.
How to Customize an eCommerce Business Owners Policy
Every eCommerce business is unique, which means that you’ll want to take steps to customize your eCommerce business insurance. Here’s how to get the policy that’s perfectly suited to your business’s needs.
Speak to an agent: Insurance agents are experts in providing advice on business insurance coverage. If you’re shopping for commercial insurance for the first time, speak with an agent to learn more about your specific state’s insurance requirements and receive personalized advice on policy options.
Eliminate coverage your business obviously doesn’t need: Though it’s important to maintain a comprehensive set of business insurance coverages, there may be coverage options that don’t apply to your business. For example, if you’re a sole proprietor and you don’t have any employees, you won’t need workers compensation insurance. Consulting with your insurance agent can help you determine which coverages you may be able to skip to save money.
Bolster needed coverage: After you eliminate coverages that you don’t need, bolster the coverages that will be most relevant to your business. For example, if you depend on shipments of merchandise arriving regularly, you might want to add extra coverage to your policy’s inland marine insurance.
Adjust your coverage as the business grows: It’s a good idea to reassess your business insurance needs regularly to keep up with the changing needs of your business. Take a look at your insurance limits annually to be sure that your business doesn’t require any insurance adjustments.
Keeping Your Insurance Current
The insurance that you’ll need will vary depending on the specifics of your eCommerce business and how your business operates. Be sure to return to Benzinga to explore multiple types of insurance coverages before you sign onto a policy.
Frequently Asked Questions
Do I need insurance for a dropshipping business?
If you don’t have any employees, you may not be required to carry business insurance for a dropshipping business. However, going without insurance can put yourself at significant financial risk, so it’s recommended that you maintain coverage regardless of whether it’s required by law.
What are the four types of business insurance?
The four primary types of business insurance are general liability insurance, commercial property insurance, commercial auto insurance and professional liability insurance. Other types of insurance coverages also exist that you may want to invest in as a business owner.
The post Best eCommerce Business Insurance by Sarah Horvath appeared first on Benzinga. Visit Benzinga to get more great content like this.
- '
- "
- About
- Absolute
- access
- According
- Accounting
- Advertising
- advice
- advisor
- agency
- agents
- AI
- All
- annual
- Annually
- app
- applications
- AREA
- around
- auto
- available
- awarded
- Beginning
- being
- BEST
- Bills
- border
- brokers
- browser
- business
- business model
- businesses
- buy
- Buying
- call
- Can Get
- carriers
- caused
- certificates
- Chubb
- claims
- Clothing
- Coffee
- collection
- commercial
- Common
- Companies
- company
- Compensation
- consulting
- content
- contents
- control
- copyright
- could
- Court
- credit
- credit card
- Customers
- cyber
- Cybersecurity
- dashboard
- dedicated
- delay
- delivery
- developing
- different
- digital
- Display
- documents
- Doesn’t
- down
- Drop
- ecommerce
- educational
- employees
- equipment
- Event
- everyone
- example
- expenses
- experience
- experienced
- experts
- extend
- Face
- FAQ
- FAST
- financial
- Fire
- First
- first time
- fit
- following
- full
- General
- going
- good
- great
- hack
- hacker
- help
- helps
- hire
- history
- Home
- How
- How To
- HTTPS
- idea
- image
- important
- Including
- Income
- industry
- information
- insights
- insurance
- inventory
- involved
- issues
- IT
- Job
- language
- laptop
- large
- Law
- lead
- LEARN
- Legal
- Level
- LG
- liability
- Licensed
- List
- Listed
- little
- location
- looking
- malware
- Malware attack
- Market
- medical
- medium
- million
- Mobile
- Mobile app
- model
- money
- monitoring
- most
- Most Popular
- Navigation
- network
- notifying
- offer
- Offers
- online
- open
- operating
- Option
- Options
- orders
- Other
- owner
- owners
- Paper
- partner
- Pay
- personal
- Phone call
- photography
- physical
- platform
- policies
- policy
- Popular
- pricing
- process
- Product
- Products
- professional
- Program
- property
- protect
- protection
- provide
- purchase
- purchases
- range
- rating
- reaction
- Releases
- Rent
- require
- required
- Requirements
- Resources
- responsible
- revenue
- review
- Reviews
- Risk
- Run
- Search
- sell
- Services
- set
- Shopping
- significant
- small
- small business
- small businesses
- So
- Space
- Sponsored
- start
- started
- stolen
- store
- stores
- Storm
- strong
- sued
- talking
- Through
- time
- top
- touch
- traditional
- transit
- truck
- unique
- View
- Website
- whether
- without
- Work
- workers
- works
- world’s
- years
