Find out which kinds of commercial coverage your online business should have in place.
If you run an online business, you might think that you are safe from the liability risks that physical businesses face. While it’s true that you don’t need to worry about a customer injuring themselves on your premises, this doesn’t mean that your company is immune to every liability threat. Here are some of the coverages that your online business needs to protect against its unique liability risks.
Cyber Liability Insurance
As an online business, one of the most serious risks that your company faces is the threat of a data breach. Luckily, having the right cyber liability insurance in place can protect you from this threat. This type of insurance will offer coverage for the expenses associated with notifying your customers, recovering compromised data, repairing damaged computer systems, and so on.
Professional Liability Insurance
Also known as errors and omissions (E&O) insurance, this type of insurance covers any mistakes that your company might make while rendering professional services. For instance, imagine that you offered professional advice to one of your clients. Should the client experience losses as a result of your advice, they could sue your company for their damages. Professional liability insurance offers coverage for situations such as this and also for accusations of negligence, slander, libel, copyright/trademark infringement, and so on.
Product Liability Insurance
If your online business sells and distributes goods, then product liability insurance is a must-have coverage for your business. This type of insurance will offer coverage in the event that one of the products that you sell causes bodily injury, illness, property damage, and other losses to your customers.
These are some of the commercial coverages that your online business should have in place. Do you have further questions regarding your business insurance? Then don’t hesitate to contact the experts at Patterson & Associates in Richardson, Texas. Our dedicated team is ready to assist you with all your coverage needs today.