E-Commerce Insurance in Maine – ME
If you conduct an e-commerce business, you need e-commerce insurance in Maine. e-commerce businesses are on the rise these days and account for approximately 3.53 trillion US dollars.
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Similar to operating any type of business, big or small, you safeguard your e-commerce business from damage, which is why you should get e-commerce business insurance.
Reasons Why Your Online Business Needs Insurance in Maine
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 occurs when customer information is compromised.
Even if you’re just starting an e-commerce business, you’re bound to store personal customer information.
And it is not the number of information you collect, losing even one entry could result in 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 company leaked employee Social Security data 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 create expensive lawsuits. These lawsuits can result in damage reputation-wise, and monetarily.
You will probably not have the cash 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 unexpected traffic may be a reason for concern.
Distributed Denial of Service, short for DDoS attacks are prone to e-commerce businesses, because they conduct a business online, and are very affordable to execute.
DDoS attacks can cause 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 need e-commerce cyber attack insurance.
Cyberattack insurance is a significantly 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 tricky, because there are a lot of different types to choose from.
Crisis management is the most prevalent type of cyber attack insurance and shields your eCommerce business from losses 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 malfunction are big companies.
Due to product malfunction, these companies forked out millions of dollars in lawsuits, which were covered with some type of e-commerce insurance.
You may think your goods are extremely safe but have no knowledge about the damage they can cause to others. Here you can find more information about e-commerce companies in Maine.
The damage of fraud for e-commerce businesses is much more 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 have an e-commerce store, you not only should protect your customers from fraud, but you also should protect your business from getting ripped off.
Preventing fraud is tricky, given that many times you have no control over how and when it takes place.
When finding the best e-commerce insurance in Maine, it is important to select a company that provides protection against fraud.
Different Types of e-commerce Insurance Coverage in Maine
When selecting the best e-commerce insurance company in Maine, you first have to choose the type of coverage you need to shield your business from damage.
There are several different types of e-commerce insurance policies 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 Maine.
Whether you operate your online company 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 protect your family.
General liability insurance safeguards your eCommerce business from third-party bodily injury and property damage claims.
So, if anyone comes to your office, and experiences an injury, then the legal obligations, and potential fines will be paid for by your e-commerce insurance company in Maine.
It is a good idea not to mix up e-commerce general liability insurance with your homeowners’ insurance contract.
While myriad homeowners’ insurance contracts may cover your household physical items, they will not protect 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 complex, but to explain briefly protects your e-commerce business from damage 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 shield your business insurance is technology errors and omissions insurance.
This kind of insurance brings together several different categories of insurances including product liability and cyber insurance.
When you choose technology errors and omissions insurance, you shield your e-commerce business from product failure that causes damage to your customer.
How to Choose an E-Commerce Insurance Company in ME?
There are many factors to take into account when selecting the best e-commerce insurance company in Maine.
The e-commerce insurance company you find should have a superior reputation.
When you’re finding the best e-commerce insurance company in Maine, you need to avoid cheap e-commerce insurance companies in Maine, because these will not offer the correct coverage you need.
It is also very important to prioritize the coverage over the costs as this may -cause 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 check 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 accepting the policy. If you overlook doing this, then you may have issues when you file a claim.
Consider the Deductible
Most e-commerce business insurance companies in ME charge deductible. This is an amount you will have to give in the event you file a claim.
A high deductible may not be feasible for your business, hence it is a good idea to try and speak 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 plenty of insurance providers to opt for when looking for the best insurance provider including cost, reputation, and coverage amount.