Ive been researching a little bit about different types of insurance that I may need as I grow. I came across a few different types of insurance while I was researching around, and a relatively new type to the market, which is particulary targetted towards e-commerce stall holders; cyber insurance.
I see that business insurance may be worth the while (protection from theft, product liability, business interruption and packages that get lost or broken in transit).
Cyber insurance relates to privacy protection eg: Covers costs to defend and settle claims against you for failing to keep clients personal data secure. Cyber business interruption and loss of revenue, cyber liability such as intellectual property rights infrigement, defamation, privacy breach, viruses etc stealing information or negligent sharing of information. Also hacker damage including Cover for damage, destruction, alteration, corruption, theft, or misuse of the business’ website, program or electronic data by a hacker. Lastly cyber extortion eg: Cover for illegal threats received directly, or indirectly, by a third party for money, goods or services, as a condition of not carrying out the threat.
Does anyone have cyber insurance? Obviously using shopify, you would think its pretty secure and keeps the hackers out etc and private things like credit card details etc all secure.
What type of business insurace do you have if any? And why did you make the call to insire or not to insure? Thoughts???
From what I know, you might need product insurance and cyber liability insurance. But it would depend on where you're from. You might want to ask a local insurance agency/agent or you can try these people at www.teamais.net.