what insurance do you need for an online business, online business insurance

What insurance do you need to consider for an online business?

Given the challenging current climate in the midst of a global pandemic, one silver lining is that many businesses learned to innovate and evolve quickly to do more business online when they were unable to operate their bricks and mortar business as usual. You’ve probably discovered that operating a business online can be cost effective and flexible, with fewer overheads and greater geographic reach. Whether you’re new to doing business digitally or you’re an old hand, you know there is a never ending list of things to think about, from your supply chain and logistics to your digital marketing and technology solutions.

Have you recently started doing business online?

As with any change in your business, it’s important to make sure your insurance broker is aware so they can make sure you’ve got the right insurance solution in place and that you’re aware of any new risks. One of the common scenarios we’ve seen over recent months is that while the business is still in the same industry, the actual business activities and services have changed. For example, hair salons or professional photographers who typically would have been providing an on site, hands on service, might now be offering educational sessions online or providing ‘how to’ seminars. This can be considered providing advice and therefore depending on your circumstance we might talk to you about professional indemnity insurance.

So what insurance do you need to consider for an online business?

We’re part of the Community Broker Network, and they’ve prepared a helpful insurance checklist specifically for online businesses. Click here to read the full list, but at a high level it includes:

  • Business contents
  • Stock/inventory
  • Marine transit
  • Machinery breakdown
  • Business interruption
  • Public and products liability
  • Product recall
  • Cyber liability
  • Management liability
  • Professional indemnity
  • Trade credit

Get an online insurance quote

Remember that every business is different and you’ll have your own set of opportunities and challenges. Contact us if you’d like a complimentary review of your current insurance solution, or a quote.

This article provides information rather than financial product or other advice. The content of this article, including any information contained in it, has been prepared without taking into account your objectives, financial situation or needs. You should consider the appropriateness of the information, taking these matters into account, before you act on any information. In particular, you should review the product disclosure statement for any product that the information relates to it before acquiring the product.