What Commercial Insurance Does an Online Business Need to Have?

If you have an online business in Wayne, PA, or somewhere around the Tri-State area, you may be wondering what kind of insurance you need.

Just like every other business, online businesses do have liabilities. You want to protect the business from claims of bodily injury, property damage, and lawsuits to succeed and grow. There are several liabilities an online business can acquire. If you aren’t sure which insurance your business needs, an agent at The Sirover Agency, LLC can also help you.

  • Data Breach Insurance: Your online business can be hacked, and customer data can be stolen. Data breach insurance can help cover the costs associated with a data breach.
  • General Liability: Someone may file a lawsuit about something you post on social media platforms or websites. A general liability policy will help protect a business from any advertising or personal injury claims. This insurance policy can also cover legal fees and damages, so it’s crucial for any business regardless of the industry. Even if you run a home-based business, liability insurance will still protect you because home insurance won’t cover any business damages or losses.
  • Workers Compensation: Just because your business is online doesn’t mean you don’t need this insurance if you have more than one employee, even if they are part-time employees. If you do, you are required to have this insurance to cover workers’ injuries on the job.
  • Property Insurance: If you sell products, your products will need to be housed somewhere, and property insurance can protect your inventory along with other items. Home insurance won’t cover any products that are stored at your home, and you will need separate property insurance if your inventory is in your home.

Contact The Sirover Agency, LLC, serving Wayne, PA to get a quote on commercial insurance. 

What You Should Know When It Comes to Home Insurance

When it comes to home insurance in Wayne, PA, the most important thing to remember is that you need home insurance. While it may not be required, everyone will need protection against liability for any accidents that can injure others and cause damage. It’s also important to protect the home and your belongings in the house.

Determine How Much Coverage You Want

The better coverage you have, the less you will have to pay out of pocket if disaster strikes. Sometimes your lender will require how much coverage you need, which is typically at least the amount of the mortgage. It’s important to note the amount of coverage you buy will affect your monthly premiums.

Actual Cash Value or Replacement Costs?

You may have the option to choose between actual cash value and replacement costs. Replacement costs are the amount it takes to replace or rebuild your home with similar materials without depreciation. You want to insure your home for at least 80% of its replacement value.

Compare Deductibles

The deductible is the amount you have to pay on each claim. You should choose a policy where you can afford to pay the deductible. If your policy has a lower deductible, it will usually cost more.

Read Your Policy Carefully

Each policy is different, so you should read your policy carefully. Doing so will help you know what is covered and what isn’t. Keep it in a safe place, and know the name of your insurer. For example, home insurance doesn’t cover flooding.

Review Every Year

Check with your agent at The Sirover Agency, LLC to see if you need to update your policy to make sure you have enough coverage. New insulation, remodeling, or an addition of a room can add value to your home and increase the replacement costs.

Contact The Sirover Agency, LLC, serving Wayne, PA, to get a quote on home insurance.