What Types of Insurance Do Online Businesses Need?

With many businesses needing to shift gears so they can work remotely these days, the type of insurance they need may not be top of mind when navigating a lot of other day-to-day changes. Below are a few types of insurance that online businesses and virtual offices can benefit from.

Cyber liability: A cyber business’s storefront is the Internet. Cyber liability insurance covers any ransomware attacks, business interruption, restoration of any computer systems, and legal or public relations fees related to the incident.

General liability: Even if you don’t have a physical location, if someone is injured by your product, you could be liable for the damage your product causes someone else.

Employment practices liability: As you grow and expand your business, you may see fit to hire employees. To be sure that your interests are protected, employment practices liability insurance protects you against claims for harassment, discrimination, wrongful termination, and allegations that can be leveled against you by an employee.

Workers’ compensation: No matter how careful you or your business is, accidents happen. Workers’ compensation insurance covers accidents and illnesses related to work in addition to any litigation related to the incident.

Seller suspension insurance: For any suspension of your seller account that could occur on a large online platform, you could face a significant amount of lost income. This insurance helps you replace lost income while you work to get back to business.

Reach out and let me know how I can help support you during these times of unexpected change. I’m just a call or email away. Let me help.