What is E-Commerce Insurance?
Online businesses may be exposed to less risk than brick-and-mortar stores, but this doesn’t mean that online sellers are free from all risk. They still face a significant number of risks, including both property and liability perils. E-commerce insurance can help Massachusetts online businesses protect themselves from many of the perils that they do face.
E-commerce insurance is a commercial insurance that’s tailored to meet the needs of online businesses. In order to offer online businesses multiple protections, e-commerce policies typically are underwritten as package policies that combine multiple coverages together.
What Massachusetts Businesses Need E-Commerce Business Insurance?
Most businesses that are located in Massachusetts and sell online should consider purchasing e-commerce business insurance. This includes retail, wholesale and service-based businesses, the latter of which have become much more prevalent.
Additionally, both businesses that sell online only and those that sell online in addition to physical retails likely need an e-commerce business policy. Businesses that have online and physical outlets may find that an e-commerce policy doesn’t meet all of their insurance needs, but the policy probably should be part of a broader insurance portfolio.
Businesses also generally should consider this insurance regardless of their size. Simply being small or new doesn’t preclude a business from having a claim. Virtually any business can sustain a loss or be named in a liability lawsuit.