E-Commerce Insurance in Virginia – VA
If you conduct an e-commerce business, you should get e-commerce insurance in Virginia. e-commerce businesses are on the rise these days and account for approximately 3.53 trillion US dollars.
Similar to conducting any type of business, big or small, you shield your e-commerce business from failure, which is why you should buy e-commerce business insurance.
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Reasons Why Your Online Business Needs Insurance in Virginia
There are myriad 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 stolen.
Even if you’re just starting 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 cause big damages for your company.
A data breach is not prone 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 data 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 protected 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 money to settle these lawsuits, which is why you need eCommerce business insurance.
Have you seen a rise in traffic to your website? Normally, a rise in traffic is a good thing, but unexpected traffic may be a reason for concern.
Distributed Denial of Service, short for DDoS attacks are common to e-commerce businesses, because they run a business online, and are very low cost 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 need 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 overwhelming, because there are many different types to choose from.
Crisis management is the most prevalent type of cyber attack insurance and covers your eCommerce business from costs 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 errors are big companies.
Due to product damage, 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 knowledge about the damage they can cause to others. Here you can find more information about e-commerce companies in Virginia.
The result of fraud for e-commerce businesses is higher 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 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 ripped off.
Preventing fraud is tough, given that most times you have no control over how and when it occurs.
When finding the best e-commerce insurance in Virginia, it is important to commission a company that provides protection against fraud.
Different Types of e-commerce Insurance Coverage in Virginia
When selecting the best e-commerce insurance company in Virginia, you first have to select the type of coverage you want to shield your business from damage.
There are several different types of e-commerce insurance coverages 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 Virginia.
Whether you operate your online venture from your abode 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 safeguard your family.
General liability insurance protects your eCommerce business from third-party bodily injury and property damage claims.
So, if anyone comes to your office, and suffers an injury, then the legal obligations, and potential expenses will be paid for by your e-commerce insurance company in Virginia.
It is a good idea not to mistake e-commerce general liability insurance with your homeowners’ insurance terms.
While a few homeowners’ insurance contracts may cover your household physical items, they will not cover you from any fraud costs related 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 tell you briefly shields your e-commerce business from scams generally from crimes committed by your staff or third parties.
These crimes can include robberies, fraudulent transactions, and embezzlement related to your e-commerce business.
Technology Errors & Omissions Insurance
Another category of e-commerce insurance to protect your business insurance is technology errors and omissions insurance.
This type 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 damage to your customer.
How to Choose an E-Commerce Insurance Company in VA?
There are myriad factors to take into account when buying the best e-commerce insurance company in Virginia.
The e-commerce insurance company you choose should have a stellar reputation.
When you’re selecting the best e-commerce insurance company in Virginia, you need to avoid cheap e-commerce insurance companies in Virginia, because these will not give the perfect coverage you need.
It is also very necessary to prioritize the coverage over the fees 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 crucial 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 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 VA may ask for a deductible. This is a price you will have to provide 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 negotiate with your insurance provider about bringing down the deductible.
Investing in the best e-commerce insurance policy is a wise choice for your online business. There are several insurance providers to opt for when checking for the best insurance provider including cost, reputation, and coverage amount.