Having commercial insurance for your online business is an important part of your risk management strategies, along with having written contracts and considering your legal structure.
There are five important types of commercial insurance that you should consider for your online business:
A CGL policy is the basic liability policy that every business requires. You may think of it as relating to having a physical space, but it also includes some important additional coverages.
A CGL policy primarily covers two main risks (1) Bodily Injury to third parties - think someone slipping and falling on your premises and (2) Property damage to third party property. These could happen on your business premises, on public property or at a client’s premises and could result from your actions or inactions of you or your employees.
A CGL policy may also contain important extensions including a Non-Owned Automobile Liability...