If you operate a small internet-based business, you may be under the misconception that you do not need business insurance. However, even if you work from home and conduct your business entirely online, forgoing business insurance can still leave you vulnerable to substantial losses. As a small business owner, it is critical that you invest in business insurance to protect your company. If you are debating purchasing insurance for your internet-based business, here is a look at just a few of the reasons why it is critical that you do so.
Your Homeowner’s Insurance May Not Cover Your Business
There is often a belief amongst small business owners that they do not need business insurance if they operate their business out of their home. However, the fact is that many homeowners’ insurance companies will not cover accidents and losses related to a home business. This means that if your inventory is destroyed in a fire, your losses may not be covered by your homeowners’ insurance. It is important that you find out what your homeowners’ insurance covers, as you will likely need a Business Owner’s Policy to protect you if business property is lost, stolen, or destroyed.
You Still Need Liability Insurance
Even if you conduct your business 100% online and do not plan to have customers or clients coming to your home, it is still critical that you have general liability insurance to protect you against an advertising injury lawsuit. If you inadvertently defame another business through your advertising, you may see yourself facing an advertising injury lawsuit. The “injured” party may claim that their reputation suffered because of your advertising tactics, leading to a financial loss. Without the proper business insurance, you may see yourself facing substantial losses.
Data Breach Insurance is Critical for Online Businesses
As an online business, it is particularly critical that you invest in data breach insurance, as you are particularly susceptible to losses if your servers or website are hacked and customer data is stolen. Without data breach insurance, you will be facing thousands of dollars in direct and indirect costs as a result of lost data and a diminished reputation.
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Even if you do not have a physical business, it is still critical that you invest in insurance for your small business.
If you would to like to discuss your options for business insurance please call us at 561-732-9305 our quoting hours are Monday through Friday from 8:30 AM to 5:30 PM. In addition, you can request a quote online. Please remember, We Handle All the Work, While You Save!
Robert Macoviak is the President of Oyer, Macoviak and Associates. Oyer, Macoviak and Associates is the oldest independent insurance agency in Boynton Beach and has been in business since 1953. Oyer, Macoviak and Associates are vested members of the community who are committed to doing business face-to-face and being your insurance advocate in times of need.