Do I need e-commerce insurance?
E-commerce insurance can be tailored to your individual needs to ensure your online business has protection against events that could lead to financial loss. Without the correct e-commerce insurance in place, you could be exposed to claims being made against you that could jeopardise the future of your business and your ability to trade. Liability claims in particular can be costly, so making sure you’re covered against all eventualities is key to your business continuity.
Liability insurance for e-commerce
Public liability insurance can protect your online business against accidental injury or damage to third parties or their property. If you have clients or suppliers visiting your premises, then this will typically protect you if they were to sustain an injury, and can cover legal costs and damages awarded as a result.
Products liability insurance provides cover if you sell or supply a defective product and someone injures themselves whilst using it, or damage is caused as a result of the defect. For example, if you are supplying your own branded cosmetics that someone suffers a reaction to, products liability can protect your livelihood against potentially large claims that could be made against you.
If you have staff helping you on a full or part time basis, then you will need to add employers' liability insurance into your online business insurance. This is a legal requirement, and typically all your liability covers can be combined to form part of your online retailer insurance policy, making it easier for you to obtain the covers you need most.
Property protection insurance for e-commerce businesses
You may also wish to protect your stock, premises and business equipment against fire, theft, accidental damage, and many more eventualities. Depending on the nature of your business, you may wish to include these within your e-commerce insurance so that you can work safe in the knowledge that should something happen, its covered.
Business interruption insurance for e-commerce
Business interruption insurance is an aspect of cover that is crucial to business continuity, as this safeguards your income should you suffer damage at your premises meaning you are unable to trade. For example, if you had a fire or flood, you could be out of action for a few weeks or even months. Business interruption cover can be included within your online retailer insurance to protect you against this eventuality. This means that should the worst happen, your income and fixed expenses would be covered. It can even help you trade temporarily from another premises while you get back up and running.
Hassle-free e-commerce insurance
We have many years’ experience arranging online retail insurance for a variety of online traders and work hard to get you the cover that’s right for your business. Speak to one of our advisors today or request a call back and we’ll get you a policy that meets your online retailing needs.