E-Commerce Insurance in Connecticut – CT
If you run an e-commerce business, you should get e-commerce insurance in Connecticut. e-commerce businesses are on the rise these days, and account for more than 3.53 trillion US dollars.
Similar to operating any type of business, big or small, you protect your e-commerce business from failure, which is why you should invest in e-commerce business insurance.
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Reasons Why Your Online Business Needs Insurance in Connecticut
There are myriad reasons why your e-commerce business must have insurance including:
Data Breach and Data Security
Online businesses are prone to a data breach, which happens when customer information is compromised.
Even if you’re just starting an e-commerce business, you’re bound to collect personal customer information.
And it is not the amount of information you collect, losing even one entry could amount to big damages for your company.
A data breach is not limited to your customers but may happen to your employees as well.
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Let’s take a leading company as an example, the organization leaked employee Social Security numbers in 2014.
This breach weakened customer trust, which hurt the company’s brand reputation and loyalty.
If your e-commerce business is not shielded by the latest online security measures, it will hit expensive lawsuits. These lawsuits can make damage reputation-wise, and monetarily.
You will probably not have the cash to settle these lawsuits, which is why you require eCommerce business insurance.
Have you had a rise in traffic to your website? Normally, a boost in traffic is a good thing, but sudden traffic could be a reason for concern.
Distributed Denial of Service, short for DDoS attacks is prone to e-commerce businesses, because they run a business online, and are very affordable to execute.
DDoS attacks can result in a big loss in revenue and have detrimental effects on your e-commerce business.
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To safeguard losses from DDoS attacks, you should get e-commerce cyber attack insurance.
Cyberattack insurance is a considerably new type of insurance, but that is catching up quickly and for several great reasons.
However, getting the right cyberattack insurance could be a bit confusing, because there is a high number of different types to choose from.
Crisis management is the most general type of cyber attack insurance and shields your e-commerce business from costs resulting from DDoS attacks.
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Product Liability Issues
Even you only sell digital stuff, it can malfunction to your consumers. Some good examples of product errors are major companies.
Due to product failure, these companies forked out millions of dollars in lawsuits, which were covered with some type of e-commerce insurance.
You may think your stuff is extremely safe, but have no idea about the damage it can cause to others. Here you can find more information about e-commerce companies in Connecticut.
The result of fraud for e-commerce businesses is a lot today than it used to be a few years ago. There are many types of e-commerce fraud including card testing fraud, friendly fraud, account takeover fraud, and much more.
If you operate an e-commerce store, you not only should protect your customers from fraud, but you also must protect your business from getting robbed.
Preventing fraud is tricky, given that oftentimes you have no control over how and when it happens.
When finding the best e-commerce insurance in Connecticut, it is important to commission a company that offers protection against fraud.
Different Types of e-commerce Insurance Coverage in Connecticut
When commissioning the best e-commerce insurance company in Connecticut, you first have to opt for the type of coverage you want to protect your business from damage.
There are a lot of different types of e-commerce insurance contracts to choose from, most notably:
General Liability Insurance
The is notably the common type of eCommerce insurance coverage available for your e-commerce insurance company in Connecticut.
Whether you operate your online venture from your house or leased space, you have to get general liability insurance, and here’s why!
With regards to injury, like an e-commerce business owner, it is a good idea to check out e-commerce life insurance plans to safeguard your family.
General liability insurance covers your e-commerce business from third-party bodily injury and property damage claims.
So, if anyone appears at your office, and goes through an injury, then the legal obligations, and potential fines will be paid for by your e-commerce insurance company in Connecticut.
It is important not to mistake e-commerce general liability insurance with your homeowners’ insurance contract.
While myriad homeowners’ insurance policies may cover your household physical items, they will not cover you from any fraud costs related to your e-commerce business.
This is why you need an exclusive e-commerce insurance policy.
Commercial Crimes Insurance
Commercial crimes insurance may be a bit complex, but to point out briefly protects your e-commerce business from scams notably from crimes committed by your workers or third parties.
These crimes can include robberies, fraudulent transactions, and embezzlement related to your e-commerce business.
Technology Errors & Omissions Insurance
Another kind of e-commerce insurance to shield your business insurance is technology errors and omissions insurance.
This kind of insurance is a mix of several different types of insurances including product liability and cyber insurance.
When you select technology errors and omissions insurance, you shield your e-commerce business from product failure that causes injury to your customer.
How to Choose an E-Commerce Insurance Company in CT?
There are many factors to think about when buying the best e-commerce insurance company in Connecticut.
The e-commerce insurance company you select should have a superior reputation.
When you’re finding the best e-commerce insurance company in Connecticut, you need to avoid cheap e-commerce insurance companies in Connecticut, because these will not provide the right coverage you need.
It is also very critical to prioritize the coverage over the premiums as this may -cause big financial damage.
Read Your e-commerce Business Insurance Policy
When you do select an e-commerce business insurance policy, you must read the policy including the fine print for any errors.
If you don’t comprehend any terms in the policy, then it’s wise to seek clarification from your insurance broker before accepting the policy. If you fail to do this, then you may have issues when you file a claim.
Consider the Deductible
Most e-commerce business insurance companies in CT charge deductible. This is an amount you will have to give in the event you file a claim.
A high deductible may not be affordable for your business, hence it is a wise idea to try and speak with your insurance provider about bringing down the deductible.
Investing in the best e-commerce insurance policy is a smart choice for your online business. There are several insurance providers to choose from when shopping for the best insurance provider including cost, reputation, and the coverage amount.