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It's hard to even remember the times before there was an Internet. It was a struggle, a great frustration, for people to even think about starting their own business before the web ever existed. Everything was turned upside down for small-time entrepreneurs and aspiring business owners when the online business industry finally flourished. The sheer convenience of the net is enough to convince a practical business owner to make the switch. Not to mention the fact that it's much cheaper to set up an online business.

Do Online Businesses Need Commercial Business Insurance?Business insurance is something to consider whenever you start any type of business because all businesses may need the protection that insurance provides from time to time. An online business is a little different from a traditional brick-and-mortar business because generally, customers don’t visit the place of business. So, with an internet-based business, the primary concern is not necessarily protection from loss of equipment and materials; however, even an internet business may need some type of insurance protection.

Currently the industry has not settled on a set of standards to cover internet liability insurance, but as more and more businesses seek coverage, standardization will become inevitable. There are several types of business insurance that many businesses simply can’t do without. Some of the common types of insurance for businesses include property insurance, liability insurance, worker’s compensation insurance, malpractice insurance, and prepaid legal insurance.

Online businesses are susceptible to financial losses caused by many factors, hacking being only one of them. Data loss and internet connection problems can cause serious damage to a business that relies heavily on a continuous flow of traffic. The downtimes caused by server problems, which are totally out of the business owner's control, can also impede the success of an online business. Physical damages to the server computers, where the files are stored, are also a part of the problem. The more complicated aspects involve copyright disputes, country-specific law violations, computer viruses and lost ad revenues. A number of problems can cause the loss of revenue for a virtual business.

These reasons don't even begin to scratch the surface. There are many more risks for an online business, which make it all the more necessary for the owners to secure their virtual investment by getting business insurance for their online business. To answer the big question, business insurance is indeed necessary.

By Matt Reynolds - Google+
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Claude Reynolds Insurance Agency Inc.
6801 Dixie Hwy Suite 232
Louisville, KY 40258
Phone: 502-933-2255
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