E-Commerce Insurance in District of Columbia – DC

If you run an e-commerce business, you invest in e-commerce insurance in the District of Columbia. e-commerce businesses are on the rise these days and account for more than 3.53 trillion US dollars.

Similar to running any type of business, big or small, you shield your e-commerce business from failure, which is why you should buy e-commerce business insurance.

E-Commerce Insurance in District of Columbia

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Reasons Why Your Online Business Needs Insurance in the District of Columbia

There are many reasons why your e-commerce business must have insurance including:

Data Breach and Data Security

Online businesses are susceptible to a data breach, which takes place when customer information is compromised.

Even if you’re just opening an e-commerce business, you’re probably going to gather personal customer information.

And it is not the bulk of information you collect, losing even one entry could cause big damages for your company.

A data breach is not limited to your customers but can happen to your employees as well.

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Let’s take a leading company as an example, the corporation leaked employee Social Security numbers in 2014.

This breach weakened customer trust, which took a toll on the company’s brand reputation and loyalty.

If your e-commerce business is not covered by the latest online security measures, it will hit expensive lawsuits. These lawsuits can cause damage reputation-wise, and monetarily.

You will probably not have the cash to settle these lawsuits, which is why you must have eCommerce business insurance.

DDoS Attacks

Have you noticed a rise in traffic to your website? Normally, a rise in traffic is a good thing, but sudden traffic could be a reason for concern.

Distributed Denial of Service, short for DDoS attacks are common to e-commerce businesses, because they conduct a business online, and are very cheap 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 prevent losses from DDoS attacks, you should get e-commerce cyber attack insurance.

Cyberattack insurance is a considerably new type of insurance, but that is on the rise quickly and for several nice reasons.

However, getting the best cyber attack insurance may be a bit overwhelming, because there is a high number of different types to choose from.

Crisis management is the most common type of cyber attack insurance and shields your e-commerce business from damages 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 big companies.

Due to product damage, these companies gave millions of dollars in lawsuits, which were covered with some type of e-commerce insurance.

You may think your products are extremely safe but have no clue about the damage they can cause to others. Here you can find more information about e-commerce companies in the District of Columbia.

Fraud

The cost of fraud for e-commerce businesses is a lot today than it used to be some years ago. There are different types of e-commerce fraud including card testing fraud, friendly fraud, account takeover fraud, and much more.

If you run an e-commerce store, you not only should protect your customers from fraud, but you also must protect your business from getting scammed.

Preventing fraud is tough, given that oftentimes you have no control over how and when it occurs.

When searching for the best e-commerce insurance in the District of Columbia, it is important to choose a company that offers protection against fraud.

Different Types of e-commerce Insurance Coverage in the District of Columbia

When choosing the best e-commerce insurance company in the District of Columbia, you first have to choose the type of coverage you want to shield your business from damage.

There are several different types of e-commerce insurance policies to choose from, most commonly:

General Liability Insurance

The is perhaps the common type of eCommerce insurance coverage available for your e-commerce insurance company in the District of Columbia.

Whether you operate your online business from your home or commercial space, you should 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 visits your office, and suffers an injury, then the legal obligations, and potential expenses will be paid for by your e-commerce insurance company in the District of Columbia.

It is wise not to confuse e-commerce general liability insurance with your homeowners’ insurance policy.

While a few homeowners’ insurance contracts may cover your household physical items, they will not protect you from any fraud costs relevant to your e-commerce business.

This is why you need a separate e-commerce insurance policy.

Commercial Crimes Insurance

Commercial crimes insurance may be a bit complicated, but to point out briefly shields your e-commerce business from damage commonly from crimes committed by your staff or third parties.

These crimes can include robberies, fraudulent transactions, and embezzlement involving your e-commerce business.

Technology Errors & Omissions Insurance

Another type of e-commerce insurance to protect your business insurance is technology errors and omissions insurance.

This category of insurance is a mix of several different categories of insurances including product liability and cyber insurance.

When you choose technology errors and omissions insurance, you safeguard your e-commerce business from product failure that causes injury to your customer.

How to Choose an E-Commerce Insurance Company in DC?

There are several factors to think about when buying the best e-commerce insurance company in the District of Columbia.

Company Reputation

The e-commerce insurance company you choose should have a stellar reputation.

When you’re selecting the best e-commerce insurance company in the District of Columbia, you need to stay away from cheap e-commerce insurance companies in the District of Columbia, because these will not provide the perfect coverage you need.

It is also very critical to prioritize the coverage over the fees as this may amount to big financial damage.

Read Your e-commerce Business Insurance Policy

When you do opt for an e-commerce business insurance policy, it is crucial that you read the policy including the fine print for any errors.

If you don’t get any terms in the policy, then it’s a good idea to seek clarification from your insurance broker before signing off the policy. If you do not do this, then you may have problems when you file a claim.

Consider the Deductible

Most e-commerce business insurance companies in DC ask for a deductible. This is a price you will have to give in the event you file a claim.

A high deductible may not be cost-efficient for your business, hence it is a good idea to try and bargain with your insurance provider about reducing the deductible.

Final Thoughts

Investing in the best e-commerce insurance policy is a wise choice for your online business. There are several insurance providers to select when checking for the best insurance provider including cost, reputation, and coverage amount.

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