E-Commerce Insurance in Pennsylvania – PA
If you operate an e-commerce business, you need e-commerce insurance in Pennsylvania. e-commerce businesses are extremely common these days and account for more than 3.53 trillion US dollars.
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Similar to conducting 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 Pennsylvania
There are many reasons why your e-commerce business should have insurance including:
Data Breach and Data Security
Online businesses are susceptible to a data breach, which happens when customer information is stolen.
Even if you’re just launching an e-commerce business, you’re bound to gather personal customer information.
And it is not the bulk of information you collect, losing even one entry could cause 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 corporation 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 protected 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 noticed a rise in traffic to your website? Normally, an increase in traffic is a good thing, but unexpected traffic could be a reason for concern.
Distributed Denial of Service, short for DDoS attacks are inevitable 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 long-term 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 on the rise quickly and for several great reasons.
However, getting the right cyberattack insurance can be a bit tricky, because there are a lot of different types to choose from.
Crisis management is the most general type of cyber attack insurance and protects your eCommerce business from losses resulting from DDoS attacks.
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Product Liability Issues
Even you only sell digital goods, it can malfunction to your consumers. Some good examples of product errors 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 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 Pennsylvania.
The cost of fraud for e-commerce businesses is a lot today than it used to be some 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 must protect your customers from fraud, but you also should protect your business from getting ripped off.
Preventing fraud is impossible, given that many times you have no control over how and when it happens.
When looking for the best e-commerce insurance in Pennsylvania, it is important to select a company that provides protection against fraud.
Different Types of e-commerce Insurance Coverage in Pennsylvania
When selecting the best e-commerce insurance company in Pennsylvania, you first have to select the type of coverage you need to protect your business from damage.
There are several different types of e-commerce insurance policies to choose from, most notably:
General Liability Insurance
The is perhaps the common type of eCommerce insurance coverage available for your e-commerce insurance company in Pennsylvania.
Whether you operate your online business from your house or leased 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 safeguards 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 Pennsylvania.
It is important not to mistake e-commerce general liability insurance with your homeowners’ insurance terms.
While myriad homeowners’ insurance terms may cover your household physical items, they will not cover you from any fraud costs relevant 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 point out briefly shields your e-commerce business from scams commonly from crimes committed by your staff or third parties.
These crimes can include robberies, fraudulent transactions, and embezzlement pertaining to 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 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 PA?
There are several factors to take into account when buying the best e-commerce insurance company in Pennsylvania.
The e-commerce insurance company you choose should have a 5-star reputation.
When you’re finding the best e-commerce insurance company in Pennsylvania, you need to avoid cheap e-commerce insurance companies in Pennsylvania, because these will not provide the right coverage you need.
It is also very necessary to prioritize the coverage over the fees as this may -cause big financial damage.
Read Your e-commerce Business Insurance Policy
When you do choose an e-commerce business insurance policy, it is crucial 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 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 issues when you file a claim.
Consider the Deductible
Most e-commerce business insurance companies in PA may ask for a deductible. This is a cost you will have to provide 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 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 checking for the best insurance provider including cost, reputation, and coverage amount.