E-commerce gains ground every year, surging forward to new sales records and cementing its position in the hearts and minds of consumers everywhere. That explosive growth creates a wave of challenges unique to online business, necessitating the development of comprehensive insurance for e-commerce.
The Importance of Data
Arguably the most important assets of any Internet enterprise are consumer data. Constant vigilance must be exercised to protect the sensitive customer information that drives your business, but no countermeasure can be 100 percent effective 100 percent of the time. Eventually, there will be a breach, exposing your business to significant, potentially crippling damages. Litigation and negative press in the aftermath of the breach threaten your finances and the intangible currency of your company’s reputation.
The Value of Coverage
A policy that offers insurance for e-commerce could protect you from catastrophic losses in such an event, providing coverage for:
- Actual financial damages incurred as a direct result of the breach.
- Loss of potential revenues due to diminished business and/or production disruption.
- Costs of mounting legal defenses in the event lawsuits are filed by customers whose data were compromised.
Make Sure You’re Ready
There’s always a new threat just around the corner. While safeguarding data has to be every company’s top priority, prudence demands recognition that no defense is foolproof. Protect what you’ve built with solutions designed to deliver insurance for the e-commerce world.