E-Commerce Insurance in Oklahoma – OK
If you run an e-commerce business, you invest in e-commerce insurance in Oklahoma. e-commerce businesses are increasingly popular these days and account for approximately 3.53 trillion US dollars.
Similar to conducting any type of business, big or small, you protect your e-commerce business from damage, which is why you should buy e-commerce business insurance.
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Reasons Why Your Online Business Needs Insurance in Oklahoma
There are many reasons why your e-commerce business should have insurance including:
Data Breach and Data Security
Online businesses are susceptible to the data breach, which happens when customer information is stolen.
Even if you’re just launching an e-commerce business, you’re likely to collect 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 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 company leaked employee Social Security information in 2014.
This breach weakened customer trust, which affected the company’s brand reputation and loyalty.
If your e-commerce business is not covered by the latest online security measures, it will cause expensive lawsuits. These lawsuits can make damage reputation-wise, and monetarily.
You will probably not have the funds to settle these lawsuits, which is why you must have 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 are common to e-commerce businesses, because they operate 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 protect losses from DDoS attacks, you require e-commerce cyber attack insurance.
Cyberattack insurance is a relatively new type of insurance, but that is becoming popular quickly and for several great reasons.
However, getting the right cyberattack insurance can be a bit confusing, 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 eCommerce business from losses 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 damage are major companies.
Due to product malfunction, 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 idea about the damage it can cause to others. Here you can find more information about e-commerce companies in Oklahoma.
The cost of fraud for e-commerce businesses is much more today than it used to be a few years ago. There are different 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 have to protect your customers from fraud, but you also must protect your business from getting scammed.
Preventing fraud is tricky, given that most times you have no control over how and when it takes place.
When looking for the best e-commerce insurance in Oklahoma, it is important to commission a company that provides protection against fraud.
Different Types of e-commerce Insurance Coverage in Oklahoma
When choosing the best e-commerce insurance company in Oklahoma, you first have to choose the type of coverage you desire 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 Oklahoma.
Whether you operate your online venture from your home 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 protect your family.
General liability insurance covers 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 fines will be paid for by your e-commerce insurance company in Oklahoma.
It is wise not to mistake e-commerce general liability insurance with your homeowners’ insurance contract.
While some homeowners’ insurance policies may cover your residence 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 complicated, but to explain briefly shields your e-commerce business from scams 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 protect your business insurance is technology errors and omissions insurance.
This kind of insurance combines several different categories of insurances including product liability and cyber insurance.
When you choose technology errors and omissions insurance, you protect your e-commerce business from product failure that causes injury to your customer.
How to Choose an E-Commerce Insurance Company in OK?
There are many factors to think about when selecting the best e-commerce insurance company in Oklahoma.
The e-commerce insurance company you find should have a 5-star reputation.
When you’re finding the best e-commerce insurance company in Oklahoma, you need to stay away from cheap e-commerce insurance companies in Oklahoma, because these will not give the perfect 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 choose an e-commerce business insurance policy, it is critical that you read 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 agreeing on the policy. If you do not do this, then you may have trouble when you file a claim.
Consider the Deductible
Most e-commerce business insurance companies in OK charge deductible. This is an amount 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 good idea to try and bargain with your insurance provider about lowering 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 checking for the best insurance provider including cost, reputation, and coverage amount.