Does my online business need business insurance? 

Who says you need a storefront to run a business? Those days are long gone, and people all over the world are operating successful businesses online without a physical location. But without people physically in an office, store or warehouse, does your online business still need to purchase business insurance? This is one of the most common questions we get from South Carolina entrepreneurs who want to start a small business online. “If my company is just me and my computer, do I really need business insurance?“ 

Your online business does need business insurance 

As an answer to your question, yes, your online business does need business insurance. What type of business insurance you need can vary depending on your industry and your offerings.

Is your laptop covered? If you work at home, your laptop and business 

equipment would likely be covered under your homeowners insurance or renters insurance policy. But if you work from an office outside your home, or take your laptop with you as you travel for business, you need commercial property insurance. Commercial property insurance covers the equipment you depend on to run your business, including your laptop.

Do customers come to your home or office? If you require customers to come to your home or office to do business, you need commercial property insurance to cover any instances of someone getting hurt on your property. Even if you’re in an industry that’s physically low-risk (as in, you’re all just sitting in chairs, not climbing mountains) like accounting, consulting, or tax preparation, someone who visits your office or home could still slip and fall or be bitten by your dog. 

Do you give advice? If your online business involves giving advice, such as business consulting, financial advisement, or executive coaching, you could find yourself in hot water if the advice you give to a client turns out to be damaging to them, their business or their bank account – even if you had the best of intentions. To protect your online business against lawsuits from damaging advice, you’ll need to purchase an errors and omissions policy. Errors and omissions insurance covers claims that your product or service inadvertently caused damage to a client. It also covers attorney fees, court costs and out-of-court settlements. 

Do you sell food products, supplements or health and beauty products online? If you do, then your online business definitely needs business liability insurance, which protects you from claims that your product caused injury to a customer. Allergic reactions and intolerances can be very serious (and costly). Business liability insurance keeps your online business safe. 

Not sure exactly what you need, but know you need something? A business owners policy covers all your bases. With a business owners policy, you’re protected from product claims, injury claims, theft or loss of business equipment, and more.

Let’s get your online business insured today! 

Call the insurance experts at Edwards Insurance Agency in Taylors, SC today. We’ve helped thousands of online business owners all over South Carolina and the Southeast protect their businesses, and we’d be happy to help you, too.