E-Commerce Insurance in Georgia – GA
If you conduct an e-commerce business, you should get e-commerce insurance in Georgia. 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 losses, which is why you should invest in e-commerce business insurance.
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Reasons Why Your Online Business Needs Insurance in Georgia
There are many 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 occurs when customer information is leaked.
Even if you’re just opening 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 could 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 information 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 shielded 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 funds to settle these lawsuits, which is why you need eCommerce business insurance.
Have you noticed 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 costly 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 excellent reasons.
However, getting the correct cyber attack insurance could be a bit tricky, because there is a high number of different types to choose from.
Crisis management is the most prevalent type of cyber attack insurance and covers your e-commerce business from damages resulting from DDoS attacks.
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Product Liability Issues
Even you only sell digital products, it can cause damage to your consumers. Some good examples of product errors are big companies.
Due to product damage, these companies paid 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 clue about the damage it can cause to others. Here you can find more information about e-commerce companies in Georgia.
The damage of fraud for e-commerce businesses is much more today than it used to be many years ago. There are many types of e-commerce fraud including card testing fraud, friendly fraud, account takeover fraud, and much more.
If you have an e-commerce store, you not only have to protect your customers from fraud, but you also have to protect your business from getting robbed.
Preventing fraud is impossible, given that oftentimes you have no control over how and when it happens.
When looking for the best e-commerce insurance in Georgia, it is important to commission a company that gives protection against fraud.
Different Types of e-commerce Insurance Coverage in Georgia
When commissioning the best e-commerce insurance company in Georgia, you first have to opt for the type of coverage you need to shield your business from damage.
There are several different types of e-commerce insurance contracts to choose from, most generally:
General Liability Insurance
The is perhaps the common type of eCommerce insurance coverage available for your e-commerce insurance company in Georgia.
Whether you pursue your online business from your abode or brick-and-mortar 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 shield 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 expenses will be paid for by your e-commerce insurance company in Georgia.
It is a good idea not to mistake e-commerce general liability insurance with your homeowners’ insurance contract.
While myriad homeowners’ insurance policies may cover your home’s physical items, they will not cover you from any fraud costs about your e-commerce business.
This is why you need a new e-commerce insurance policy.
Commercial Crimes Insurance
Commercial crimes insurance may be a bit complex, but to tell you briefly covers your e-commerce business from damage commonly from crimes committed by your workers or third parties.
These crimes can include robberies, fraudulent transactions, and embezzlement pertaining to your e-commerce business.
Technology Errors & Omissions Insurance
Another type of e-commerce insurance to safeguard your business insurance is technology errors and omissions insurance.
This category of insurance brings together several different types of insurances including product liability and cyber insurance.
When you buy technology errors and omissions insurance, you shield your e-commerce business from product failure that causes threats to your customer.
How to Choose an E-Commerce Insurance Company in GA?
There are several factors to think about when choosing the best e-commerce insurance company in Georgia.
The e-commerce insurance company you find should have a 5-star reputation.
When you’re finding the best e-commerce insurance company in Georgia, you need to avoid cheap e-commerce insurance companies in Georgia, because these will not offer the correct coverage you need.
It is also very necessary to prioritize the coverage over the fees as this may result in big financial damage.
Read Your e-commerce Business Insurance Policy
When you do choose an e-commerce business insurance policy, you must peruse the policy including the fine print for any errors.
If you don’t comprehend 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 fail to do this, then you may have problems when you file a claim.
Consider the Deductible
Most e-commerce business insurance companies in GA ask for a deductible. This is a price you will have to pay 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 negotiate with your insurance provider about reducing the deductible.
Investing in the best eCommerce insurance policy is a great choice for your online business. There are several insurance providers to select when shopping for the best insurance provider including cost, reputation, and coverage amount.