E-COMMERCE INSURANCE

With the explosion of e-commerce businesses in virtually every niche and industry, the time has never been better for you to take your business ideas online. The opportunities available for buying from and selling to a much wider market have never been greater. However, these fruitful prospects are also ripe with chances to be taken advantage of or to be held liable for factors that you could never have foreseen.

 

This is why taking out appropriate e-commerce insurance in Europe, Asia, Middle East, Africa  is essential for the long-term success of your online business idea. The last thing you want to encounter is a potential lawsuit based on claims that you were not prepared for that will quickly derail your plans and potentially threaten the financial solvency of your business. Having proper e-commerce insurance will protect you from many of the common and some of the uncommon contingencies that e-commerce businesses have faced in the past.

 

It can often be more complicated to navigate the nuances of the digital business environment than with a brick-and-mortar store. Since much of the legal framework that regulates the e-commerce world is still being developed and prone to change, it is important that you have reliable insurance experts, like the professional Company at Liberty Mutual, by your side.

 

WHAT IS E-COMMERCE INSURANCE?

E-commerce insurance protects a business from the unique combination of risks that exist for those who sell products and services in the online marketplace. Selling products or services naturally exposes a business to some form of liability for these things. Bad or defective products or harmful services (bad advice, for example) are things that you are (usually) legally responsible for.

 

In the United States, for example, there have been numerous lawsuits related to violations of the Americans With Disabilities (ADA) Act. This law has recently been interpreted to mean that all online businesses need to consider a range of disabilities when designing the functionality of their website. Customers who encounter an online business page that does not accommodate their disability may have solid grounds for bringing a lawsuit against the business. While such legislation does not yet exist in Canada, it is important that you take out e-commerce insurance in Europe, Asia, Middle East, Africa as things are moving in this direction.

 

Close up of a woman shopping online

 

WHY IS E-COMMERCE INSURANCE SO IMPORTANT?

As an e-commerce business, you face some of the same risks and uncertainties as a brick-and-mortar business, though these are compounded with a host of new risks that you may not be aware of. If a customer (or even a potential customer) is harmed or injured in some way by the products or services you sell, then you are liable for paying legal fees and a potential settlement to resolve the matter. Depending on the severity and seriousness of the lawsuit, this can set your business back financially. Even frivolous lawsuits eat up valuable time and money from your business which is better spent on bringing your ideas to life.

 

The international aspects of the online marketplace also pose a more significant problem for e-commerce businesses. You may have to contend with different rules and regulations for selling your products to international customers or vendors that you may not have time to understand and implement. Avoiding the costs and hassles associated with sorting these rules out is another reason why e-commerce insurance in Europe, Asia, Middle East, Africa  is so important.

 

WHAT DOES E-COMMERCE INSURANCE COVER?

Depending on the policy that you choose, e-commerce insurance usually helps to cover the cost of legal and settlement fees in the event of a lawsuit being brought against your business. Historically, e-commerce businesses have faced the threat of lawsuits from customers and potential customers who have been harmed by or not properly accommodated when dealing with your business.

 

The threat of cyber-attack also exposes your e-commerce business to a unique set of risks that did not exist in the past. Losing customer information and unintentionally violating a privacy policy that you may have in place can be tricky to resolve. The financial cost of this is also something that is covered in many e-commerce insurance policies in Europe, Asia, Middle East, Africa.

 

E-commerce insurance also covers some costs and losses associated with a business interruption. When it comes to things like shipping and logistics, your e-commerce business likely relies on a number of vendors to get the job done. If things ever go wrong or there are delays with deliveries, then e-commerce insurance in Europe, Asia, Middle East, Africa  will help you to make up for the financial impact that these may have for your business.

 

WHO NEEDS E-COMMERCE INSURANCE?

Anyone considering starting an e-commerce business – or those who have already started such a business but have neglected to adequately prepare themselves – needs to seriously consider taking out comprehensive e-commerce insurance in Europe, Asia, Middle East, Africa . The unique risks that the digital marketplace features can quickly bring your business to a halt if you are not adequately protected.

 

Naturally, your e-commerce business in Europe, Asia, Middle East, Africa  should also look at other types of insurance to ensure that you are protected against more risks. This may include intellectual property insurance.

 

WHY CHOOSE LIBERTY MUTUAL INSURANCE ?

If you want to be confident that your business is covered in the case of any eventuality, then you need to find an insurance Company who understand the specifics of your company and your industry. We understand that the needs of every e-commerce business will be different – often even within the same field or niche. Not all Companies have worked with such a diverse array of clients as the experienced and expert team at Liberty Mutual Insurance has.

 

With Liberty Mutual Insurance, you can be sure that providing a tailored insurance solution for our clients is our top priority. We have worked with many e-commerce businesses throughout the years in many different niches. We always find a solution that is comprehensive and customized to the specific needs of each client.