Do I need commercial insurance for an online business? | Blog
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The Sanford Group Insurance Blog

Do I need commercial insurance for an online business?

From the day you start a business, you need to purchase sufficient commercial insurance. However, the online business model is different from a business with a physical location. At the end of the day, you have inventory and equipment to protect. If you have a bricks-and-mortar business in Ball Ground, GA you have to protect the goods you are selling against disasters and events such as fires. You may also need coverage from The Sanford Group to protect your business against slip and fall claims. But, what are the potential liabilities you may encounter when running an online business?

Online business potential liabilities

For example, if you are selling jewelry, razors, or baby clothes online, you may be sued for injuries caused by those products. Your e-commerce business deals with products that have the potential of causing allergies or even food poisoning. Even if you have not manufactured the products you can be found liable and be sued for a lot of money. This can happen, especially if the manufacturer is overseas or you have refurbished the products that you sell on your online store.

Why insurance is important

It is possible to face lawsuits due to incidences of data loss, hacking, or your website being unavailable for a period of time. If you don’t have sufficient coverage you might end up closing shop. While it is not easy to find online insurance products, you can discuss your specific needs with your insurer to see whether it is provided. Furthermore, some commercial insurance coverage options such as Workers’ Compensation may not apply to an online business. But, The Sanford Group can customize an online business insurance package that is suitable for your specific type of business.

Remember, insurance can be expensive and in case you decide to use, you have to read your policy carefully to avoid making costly mistakes. Do you own an online business store? You can contact one of our knowledgeable insurance agents in Ball Ground, GA for more information on how to start protecting your online business today.

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