Insurance for Online Retailers

Professional liability insurance, sometimes called errors and omissions or E&O coverage, is recommended for any company that provides advice to clients.

Professional liability insurance may cover the costs of a claim or lawsuit that alleges that you did something you shouldn’t have done (an error) or that you didn’t do something you should have done (an omission). It can cover the cost to defend you against the claim or suit, as well as a settlement or judgment.

Companies can be sued for just about anything, and even a baseless lawsuit can be expensive to defend.

Learn more about professional liability insurance for online retailers, including how much it will cost to protect your business.

General Liability (GL) insurance, sometimes called small business liability insurance or commercial liability insurance, provides insurance coverage for your business against claims made by others including bodily injury, damage to property, or personal injury. Here are some scenarios in which a general liability policy could protect your business.

• Bodily injury: If a vendor comes to your home office and trip and falls, your homeowner’s insurance will likely not cover this since the purpose of the visit was business-related. However, a general liability policy could cover the associated medical costs.
• Products and completed operations: You sell a treadmill to a customer. The customer claims that the treadmill is faulty and caused them to fall and sustain an injury while running on it. Although this is probably the fault of the manufacturer, the customer sues you. If you have a general liability policy, the legal fees you incur to protect yourself could be covered.

A Business Owner’s Policy (BOP) combines general liability coverage (for third-party claims of bodily injury, property damage, and more) with coverage for your own business property.

For example, a BOP could cover a claim from a client that they were injured while meeting with you at your office. It could also cover the cost to replace your damaged or stolen laptop computer and get you back to work.

If you work from home, your homeowner’s or renter’s insurance may not cover claims that occurred because of your business activities. A BOP will help protect the business you’ve worked so hard to build.

Learn more about a Business Owner’s Policy, and find out how much it will cost for your online retail business.

As an online retailer, you use your computer and the internet to conduct your business, which leaves you vulnerable to a cyber attack. Cyber criminals are getting bolder all the time and AI is making them even more successful.

Cyber security insurance can protect your online business from the costs associated with data breaches, ransomware attacks, cyber crime, and more. It can even cover income you lose as the result of a cyber incident.

Here’s an example. You click on a link in an email that looks like it came from a vendor you often use. But the email is fraudulent, and your system is infected with malware. What’s more, the threat actor uses your system to access the vendor’s network as well. Your system is down for three days, causing you to lose revenue, and the vendor sues you for not having adequate security.

A Hiscox cyber security insurance policy can cover the cost of getting your system back up and running, as well as the revenue lost while your system was down, and can defend you against the vendor’s claim.

Learn more about cyber security insurance and what it will cost to protect your online retail business.