E-Commerce Insurance in Florida – FL
If you operate an e-commerce business, you invest in e-commerce insurance in Florida. e-commerce businesses are increasingly popular these days and account for in excess of 3.53 trillion US dollars.
Similar to running any type of business, big or small, you protect your e-commerce business from losses, which is why you should invest in e-commerce business insurance.
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Reasons Why Your Online Business Needs Insurance in Florida
There are myriad reasons why your e-commerce business should have insurance including:
Data Breach and Data Security
Online businesses are more inclined to a data breach, which takes place when customer information is compromised.
Even if you’re just launching an e-commerce business, you’re bound to store personal customer information.
And it is not the amount of information you collect, losing even one entry could result in big damages for your company.
A data breach is not restricted 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 threatened 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 create expensive lawsuits. These lawsuits can result in damage reputation-wise, and monetarily.
You will probably not have the money to settle these lawsuits, which is why you need 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 are common to e-commerce businesses, because they operate a business online, and are very low cost to execute.
DDoS attacks can cause a big loss in revenue and have long-term effects on your e-commerce business.
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To safeguard losses from DDoS attacks, you require e-commerce cyber attack insurance.
Cyberattack insurance is a significantly new type of insurance, but that is becoming popular quickly and for several nice reasons.
However, getting the best cyber attack insurance could be a bit overwhelming, because there are a lot of different types to choose from.
Crisis management is the most common type of cyber attack insurance and protects your e-commerce business from costs resulting from DDoS attacks.
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Product Liability Issues
Even you only sell digital goods, it can cause damage to your consumers. Some good examples of product damage are big companies.
Due to product malfunction, these companies gave millions of dollars in lawsuits, which was covered with some type of e-commerce insurance.
You may think your products are extremely safe but have no idea about the damage they can cause to others. Here you can find more information about e-commerce companies in Florida.
The cost of fraud for e-commerce businesses is higher today than it used to be many years ago. There are several 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 must protect your customers from fraud, but you also have to protect your business from getting robbed.
Preventing fraud is tricky, given that many times you have no control over how and when it occurs.
When looking for the best e-commerce insurance in Florida, it is important to choose a company that gives protection against fraud.
Different Types of e-commerce Insurance Coverage in Florida
When choosing the best e-commerce insurance company in Florida, you first have to select the type of coverage you need to protect your business from damage.
There are many different types of e-commerce insurance policies to choose from, most generally:
General Liability Insurance
The is notably the common type of eCommerce insurance coverage available for your e-commerce insurance company in Florida.
Whether you run your online venture from your abode or commercial space, you must 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 shield 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 experiences an injury, then the legal obligations, and potential expenses will be paid for by your e-commerce insurance company in Florida.
It is important not to confuse e-commerce general liability insurance with your homeowners’ insurance contract.
While some homeowners’ insurance terms may cover your household physical items, they will not shield you from any fraud costs pertaining 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 confusing, but to tell you briefly shields your e-commerce business from scams notably 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 category 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 buy technology errors and omissions insurance, you safeguard your e-commerce business from product failure that causes threats to your customer.
How to Choose an E-Commerce Insurance Company in FL?
There are myriad factors to take into account when buying the best e-commerce insurance company in Florida.
The e-commerce insurance company you choose should have a stellar reputation.
When you’re finding the best e-commerce insurance company in Florida, you need to avoid cheap e-commerce insurance companies in Florida, because these will not give the right coverage you need.
It is also very necessary to prioritize the coverage over the premiums 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 important that you read the policy including the fine print for any errors.
If you don’t understand any terms in the policy, then it’s best to seek clarification from your insurance broker before signing off 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 FL charge deductible. This is a cost 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 reducing the deductible.
Investing in the best eCommerce insurance policy is a smart choice for your online business. There are several insurance providers to select when looking for the best insurance provider including cost, reputation, and coverage amount.