E-Commerce Insurance in New York – NYC
If you conduct an e-commerce business, you should get e-commerce insurance in New York. e-commerce businesses are increasingly popular these days and account for more than 3.53 trillion US dollars.
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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.
Reasons Why Your Online Business Needs Insurance in New York
There are several reasons why your e-commerce business needs insurance including:
Data Breach and Data Security
Online businesses are more inclined to a data breach, which happens when customer information is leaked.
Even if you’re just starting an e-commerce business, you’re likely to collect personal customer information.
And it is not the number 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 information 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 protected by the latest online security measures, it will hit 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 sudden traffic may be a reason for concern.
Distributed Denial of Service, short for DDoS attacks is prone to e-commerce businesses, because they operate a business online, and are very affordable to execute.
DDoS attacks can cause a big loss in revenue and have costly 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 relatively new type of insurance, but that is on the rise quickly and for several great reasons.
However, getting the right cyberattack insurance may be a bit overwhelming, because there is a high number of different types to choose from.
Crisis management is the most general type of cyber attack insurance and covers your eCommerce business from losses resulting from DDoS attacks.
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Product Liability Issues
Even you only sell digital products, it can break down your consumers. Some good examples of product errors are leading 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 goods 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 New York.
The result of fraud for e-commerce businesses is much more 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 run an e-commerce store, you not only should protect your customers from fraud, but you also must protect your business from getting ripped off.
Preventing fraud is impossible, given that most times you have no control over how and when it occurs.
When looking for the best e-commerce insurance in New York, it is important to select a company that offers protection against fraud.
Different Types of e-commerce Insurance Coverage in New York
When choosing the best e-commerce insurance company in New York, you first have to select the type of coverage you desire to safeguard your business from damage.
There are many different types of e-commerce insurance policies to choose from, most generally:
General Liability Insurance
The is mostly the common type of eCommerce insurance coverage available for your e-commerce insurance company in New York.
Whether you run your online venture from your home 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 protects your eCommerce business from third-party bodily injury and property damage claims.
So, if anyone visits 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 New York.
It is wise not to mistake e-commerce general liability insurance with your homeowners’ insurance contract.
While a few homeowners’ insurance terms 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 an exclusive e-commerce insurance policy.
Commercial Crimes Insurance
Commercial crimes insurance may be a bit complicated, but to point out briefly covers your e-commerce business from fraud notably from crimes committed by your employees or third parties.
These crimes can include robberies, fraudulent transactions, and embezzlement about your e-commerce business.
Technology Errors & Omissions Insurance
Another type 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 injury to your customer.
How to Choose an E-Commerce Insurance Company in NYC?
There are many factors to take into account when choosing the best e-commerce insurance company in New York.
The e-commerce insurance company you find should have a stellar reputation.
When you’re finding the best e-commerce insurance company in New York, you need to steer clear of a cheap e-commerce insurance company in New York, because these will not give the perfect coverage you need.
It is also very critical to prioritize the coverage over the costs as this may amount to big financial damage.
Read Your e-commerce Business Insurance Policy
When you do choose an e-commerce business insurance policy, you must check the policy including the fine print for any errors.
If you don’t comprehend any terms in the policy, then it’s best to seek clarification from your insurance broker before signing off the policy. If you overlook doing this, then you may have trouble when you file a claim.
Consider the Deductible
Most e-commerce business insurance companies in NY may ask for a deductible. This is an amount 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 smart idea to try and speak with your insurance provider about reducing the deductible.
Investing in the best eCommerce insurance policy is a wise choice for your online business. There are many insurance providers to select when looking for the best insurance provider including cost, reputation, and coverage amount.