A lot of online business owners are of the opinion that they don’t need to sign up for business insurance since they don’t have a physical workspace. But that’s a faulty concept any day. There are various kinds of business insurance policies. It could be that your internet business won’t need the exact insurance policies that a physical business requires. But it would need its own share of business insurance for sure. The post below offers a brief on the major insurance policies your online business would need.
Insurance for data breach
Since yours is an internet business, you have a huge virtual database to maintain. The database houses important details about your business as well as that of your customers. Now, there is no dearth of hackers around. And they are always trying to sneak their way into such important databases. This is why your online business needs data breach insurance. This particular insurance policy will help to cover the massive cost of data recovery of breached data. The data breach cover policy will cover all your expenses related to ID protection public relation management, legal fees and so on. Put simply, it will help you to manage the costs of everything you need to clean your reputation before your audience after a data breach incident.
Just like any physical business needs general liability insurance, your online business needs that too. What if a customer sues you for something you post on your site that hurts their interests or sentiments? Well, that would mean a high-price litigation affair and the liability insurance will be your safeguard here.
Homeowner’s insurance policy isn’t enough
Most of the online business entrepreneurs run their business from home. But you should remember here, your homeowner’s insurance policy won’t be enough to cover your home office. Thus, you should also take a property damage insurance to cover your home-office.