Running a traditional business necessarily involves risk. Whether it is a child choking on a product in your store or someone slipping on a wet floor, exposure to liability is such a concern that buying liability insurance is part of any “to do” checklist when launching a business.
The same is true for online businesses.
While a customer is unlikely to sue you for slip and falls, lawsuits for defamation, copyright infringement, trademark infringement, and other legal claims are common in the online business arena. Operating online without a liability insurance policy is dangerous. Any lawsuit could wipe out your business and, potentially, force you into personal bankruptcy as well. In light of this, let’s take a look at the basic elements of a liability policy. [Read more…]