E-Commerce Insurance in Vermont
What is E-Commerce Insurance?
Running an online business doesn’t present all of the risk considerations that operating a brick-and-mortar business does, but this isn’t to say e-commerce businesses are risk-free. They’re instead exposed to their own unique risks, against which they should protect themselves when possible. E-commerce insurance helps online businesses in Vermont shield themselves from many of the risks that are relevant to their industry and operations.
E-commerce insurance is a particular type of commercial insurance that’s designed for online businesses. To offer these businesses the multifold protections that they need, most e-commerce policies are package policies that contain several coverages within them. Businesses can usually select the exact coverages that they want in their e-commerce package policy, making it easy to customize protection.
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What Vermont Businesses is E-Commerce Business Insurance Right For?
Most online businesses that have operations in Vermont ought to consider the protections that e-commerce business insurance can provide. This includes online retailers, online wholesalers, and service-based online businesses, and it extends to both businesses that sell through their own site and those who rely on a third-party platform.
Additionally, small and large online businesses should consider insurance. While small businesses might be exposed to less risk, they still usually face at least some risk and have fewer resources to overcome an incident with.
Businesses that sell through both online and in-person channels may need e-commerce business insurance and/or another type of commercial insurance. These businesses should speak with a knowledgeable insurance agent who specializes in this type of insurance. An agent will be able to explain whether an e-commerce business or another policy is better-suited to a business’ specific situation.
What Protections Are Available Through E-Commerce Business Insurance?
Because businesses normally have the option to customize their e-commerce business insurance policy’s coverages, the coverage combinations found in these policies vary. Nevertheless, there are a number of common coverages that policies tend to make available and businesses commonly select. Some of the protections that a business may want are:
- Commercial Property Coverage, which might cover physical assets including buildings, fixtures, inventory and supplies
- Ocean Cargo Coverage, which might cover shipments of products as they’re transported long distances between continents
- Inland Marine Coverage, which might cover shipments of products as they’re transported within countries or continents
- Intellectual Property Coverage, which might cover intangibles such as data, software, artistic works or patents
- Business Income Coverage, which might cover revenue losses that follow certain disasters
- General Liability Coverage, which might cover common accidents, defamation lawsuits and false advertising claims that result in harm to third parties
- Errors and Omissions (E&O) Coverage, which might cover errant advice that employees give to customers or clients
- Product Liability Coverage, which might cover harm that products cause after they’re sold
- Cyber Liability Coverage, which might cover DDOS attacks, website attacks and data breaches
- Commercial Umbrella Coverage, which might provide a supplemental layer of liability protection
Commercial auto coverage and employment practices liability coverage are still other protections that online businesses may want. A knowledgeable insurance agent can help businesses sort through all coverage options and select those that make sense to include in a policy.
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