Where once a bricks-and-mortar business would face the risk of someone slipping on their wet shop floor and suing them for damages, liability has now moved into the cyber realm.
A business now risks harming its customers through digital means, such as inadvertently spreading viruses or malware in marketing emails or compromising customers’ privacy and personal details via an online security breach.
And unfortunately these new exposures are not instead of the normal risks but as well as, meaning a business must not only insure itself against online risks but also take out other more traditional forms of business cover. These might include product liability insurance if they are selling goods online and professional indemnity insurance if they are offering professional services or advice online.
An online business should also have a range of traditional business covers in its portfolio, including:
Workers compensation insurance: if you pay annual wages. It is compulsory in Australia but differs in every state and territory.
Public liability insurance: if there is a bricks-and-mortar aspect to the business.
Product liability insurance: if you sell goods to the general public.
Professional indemnity insurance: if you provide professional services or advice.
Business insurance: to protect your stock, essential equipment etc against theft or damage.
Personal accident and illness insurance: to cover loss of income due to illness or injury if you are a sole trader.
Read our guide about business insurance
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