Insurance Tips to Keep in Mind if Your Business is Going Virtual

2020 drastically changed the way we all do business. Businesses all over are embracing remote work and even plan to keep the new practices in the coming year. But now that your business is going virtual, do you need the same insurance? Do you need more or less? Here are some insurance tips to keep in mind if your business is going virtual.


Why do online businesses need insurance?

Before we get started with the tips, it is essential to understand why you need insurance. This includes any business primarily operating online. Doing business virtually is not just about operating your website. You are also using email, social media, and other online platforms that all come with their own risks. Hacking, fraud, and lawsuits are all possibilities – so keeping your business protected with the proper insurance coverage is essential.

Data Breach and Cyber Liability

Operating virtually means you probably have large amounts of sensitive and confidential customer information stored in your servers or online portals. Data breach insurance can keep you covered if there is some sort of cyber-attack on your stored data. The policies can potentially cover the costs of notifying your customers, offering credit monitoring, and restoring your business’s reputation.

Consider a Business Owner’s Policy

Many online business owners prefer a business owner’s policy because it combines several different coverages into one. These are the policies that can be included and what they cover:

  • General Liability – This policy will cover claims of bodily injury or property damage.
  • Commercial Property Insurance – This policy will help protect any owned or rented physical location, equipment, or tool your business uses.
  • Business Income Insurance – This will help cover any lost income if you experience a loss or property damage.


Transitioning to operating a business virtually can be a bit tricky. Feel free to reach out to us with any insurance-related questions!