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Liability insurance policies every online business should have

Online businesses face numerous risks that could lead to severe financial losses. These three online business liability insurance policies can help protect your company.

What is liability insurance?

Liability insurance provides protection against claims related to injuries, damages, or financial losses. Online business liability insurance policies can help cover legal expenses if your company is found liable for what occurred.

Does your online business need liability insurance?

When you start an online company and take on work as a small IT business owner, you’re inevitably exposed to a number of risks, including the potential for a liability lawsuit if something goes wrong.

Even if you own a home-based online business and do most of your work from a home office, you will still face a multitude of risks every day. That’s where liability insurance for online businesses comes in.

Liability insurance for online business will help protect you against:

  • Client or visitor injuries
  • Damage to client property
  • Professional errors and oversights
  • Undelivered services
  • Missed deadlines
  • Claims of negligence
  • Data breaches
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Types of liability insurance for online business

There are many kinds of liability insurance for online businesses. But at a minimum, you should consider protecting your business with the following three digital business insurance policies.

1. General liability insurance

General liability insurance can protect IT business owners against third-party personal injury and property damage claims, as well as advertising injuries.

For example, if a client visits your office and is injured by slipping on a wet surface, general liability insurance would help cover medical bills and legal expenses.

Smaller, low-risk tech companies can often bundle this policy with commercial property insurance in a business owner's policy (BOP) at a discount.

2. Errors and omissions insurance

Errors and omissions insurance (E&O) protects you against lawsuits if you make a mistake in rendering your professional services.

For instance, if you miss a project deadline and your client suffers a financial loss as a result, this policy will help cover your legal defense costs if the client decides to sue.

3. Cyber liability insurance

Cybercrime and data breaches are increasingly huge potential threats for any small IT business. If a project you work on for a client results in customer data being stolen, you could be looking at a substantial lawsuit.

Cyber liability insurance can help pay the costs associated with a data breach, including legal fees, customer notification, credit monitoring, and public relations. Tech businesses can often bundle this policy with errors and omissions insurance in a package called tech E&O.

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