Insurance By Trade
E-Commerce Business Insurance
E-Commerce Business Insurance
The United States e-commerce market is continuing its winning streak in 2019 that it has grown by double digit rates for the tenth consecutive year. It will cross 10% of total Unite States retail sales for the first time in history. As per estimation, US consumers are likely to spend $586.92 billion on e-commerce in 2019, representing an increase of 14.0% vs spending’s made in 2018 and 10.7% of total US retail spending.
Retailers, particularly the smaller ones, have concerns that e-commerce takes away from their brick-and-mortar experience while also causing operational hurdles. Although, with the right management, these issues can all be overcome and better managed, helping merchants get over their fear of selling online.
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Why e-Commerce Business Insurance Is Worth The Money e-Commerce Is A Whole New World. Are You Prepared?
Some Folk Say e-Commerce Is Risky Business
It is a huge risk to only sell on a platform you do not own or control like Amazon. You could mitigate the risk by selling on more than one of them, but you still don’t own or control where you are selling. You never know when the rules may change such as eBay banning drop-shipping.
The experts strongly recommend that you invest in your own online store on a domain you own. You really must control and own your own domain. Do not risk the customer base you build by selling only on someone else’s site. Start growing your own customer base that you can upsell and remarket to regularly.
5 Best Reasons to get E-Commerce Business Insurance
Protect Your Reputation
Insurance protects against employees misrepresenting your company.
Plan For The Future
Insurance protects against unforeseen risks.
Lawsuit Protection
Vital protection in a litigious society.
Prevent Financial Ruin
Insurance helps your business survive disaster.
Get Peace of Mind
Insurance that protects the little guy.
What E-Commerce Business Insurance Do I Need?
You ignore the need for e-commerce insurance at your own peril. Cyber attacks, credit card fraud, and making promises that you don’t keep are all very real threats to your e-commerce business. It makes sense to investigate what you can do to protect your online shop.
We offer expert insurance advice, based on your exact needs. Contact one of our professional consultants today. Find out how we can help to protect your business now and in the future.
Growing Cyber Security Issues
While most small businesses understand the need for cybersecurity, but many still have not taken sufficient measures to protect themselves against hackers. A survey by the National Cyber Security Alliance (NCSA) found that 71% of security breaches target small businesses, and about 50% of small businesses have suffered from cyber-attacks.
Small businesses with e-commerce operations are increasingly using cloud services for expense savings, but they do not always ensure that the services use strong online security measures. This combination of cloud services and lack of strong online security provides the hacker the opportunity to easily access reams of sensitive data.
Attracting Quality Traffic
Its difficult task for small e-commerce businesses to drive quality traffic to their website. Newbies in e-commerce usually do not pay attention towards developing customized websites. Understanding their audience is important to design a website that resonates with their audience preferences. In order to turn traffic into converting customers, it is important to have a website that is modern, clean, user-friendly, trustworthy and virus-free.
Fulfilling Online Orders
Small e-commerce business owners can be overwhelmed by success, especially when inundated with online orders. This inability can hamper their business. Increase efficiency by outsourcing to a third-party fulfillment company.
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