Online business insurance

Posted: Thu Nov 05, 2009 09:48 am Post Subject:

It's a good question. I do understand that while doing a home-based business online, one may use his personal computer which would very well be covered under his home insurance. It's true that the loss of materials or equipments won't affect such a business as it does to other traditional businesses. I'd rather wait and see what the others have to say regarding this.

Posted: Fri Nov 06, 2009 09:52 am Post Subject:

MY friend, there are some specific risks associated with all businesses. I don't think a business can do without property insurance, workers' compensation insurance, liability coverage etc.
Today, all types of businesses would opt for some form of legal coverage as well as malpractice insurance.

Posted: Sat Nov 07, 2009 06:54 am Post Subject:

Hi Steven, I guess by legal insurance you're referring to the 'prepaid' one. It really helps to cover legal costs e.g. fees for your attorney. The bills forwarded by the attorneys and the retainer charges would often pose a big problem for many business owners.

Posted: Sat Nov 07, 2009 10:03 am Post Subject:

Did anyone talk about liability insurance?
I guess liability has got nothing to do with the type of business you're in. You could be liable to pay back even when you're operating from home.

Posted: Mon Nov 09, 2009 10:28 am Post Subject:

Yes, both legal insurance and liability insurance are important for your online business. If you'd need to pay for attorney fees frequently, then it's better to have your
legal expenses covered beforehand. On the other hand, if you'd offer your products to a person, then you surely bear some liability.

Posted: Fri Jan 15, 2010 09:23 am Post Subject:

Any type of business needs the protection of insurance to secure it against various hazards. Business by its very nature is a financially risky proposition, thus needs to be safeguarded for growth and profitability. An Internet or online business is very different from traditional brick and mortar business as it has no solid spatial structure and does not have customer footfalls

Posted: Fri Jul 02, 2010 01:34 am Post Subject: Insurance

I am starting my online business as well a home-based soon to have a Brick and Mortar. I also have a question since I will have merchandise at my home, what kind of insurance shall I get for this. Second question so sorry, this is actually a silly question what is Legal Insurance?

Posted: Wed Jul 07, 2010 07:22 pm Post Subject: Insurance for an Online Business

You would really need to consider general liability including professional liability and cyber liability. The cyber liability would cover you in the event one of your customers would have an identity theft issue while conducting business with you. Also, you have liability for whatever product you are selling (if it hurts someone, someone falls on it etc) - I would need to know what type of business it is to explain further. Even if you end up not being at fault on an issue insurance covers defense costs.