eCommerce Insurance Nevada Policy Information
eCommerce Insurance Nevada. E-commerce business owners oftentimes feel immune from the litigious atmosphere of brick-and-mortar establishments, but this is far from true. E-commerce sites are just as prone to litigation as other types of businesses, even if precedents are slowly being set.
In one particular case, a woman with a hearing impairment sued eBay because she claimed that the company failed to follow the Americans With Disabilities Act when it required that she receive an automated phone call with a registration access code in order to register as a seller. Since she could not hear the registration code, she claimed eBay violated the mandated of the ADA.
The woman also alleged that eBay is a storefront and was required as such to accommodate people with disabilities. Ebay's legal counsel countered that the entity is not a storefront at all, and thus exempt from ADA regulations that brick-and-mortar businesses must adhere to. According to eBay, the web is not a place, but instead is a means for remote communication. Still, E-commerce lies in a gray area that is very much open to interpretation in the courts. New legislation is continually on the forefront to address e-commerce related claims such as this one. And that is why online stores need eCommerce insurance Nevada.
eCommerce insurance Nevada protects your online store from lawsuits with rates as low as $57/mo. Get a fast quote and your certificate of insurance now.
Three decades ago, E-commerce was nonexistent. In today's world, there are millions of different businesses selling products and offering services online. E-commerce businesses face different risks than traditional businesses, but the risks are still there, and mitigating them requires the purchase of eCommerce insurance Nevada that is specially designed for the unique needs of the E-commerce genre.
E-commerce is poised for growth. By 2017, spending online is estimated to top $370 billion, with an estimated 10 percent of all retail sales occurring on the web. With this growth comes additional litigation from customers who feel they were wronged in some way by E-commerce sites. As an operator, you face claims from customers, some of which are covered by a business owner's policy, or BOP. This type of policy covers general liability. However, a standard liability policy on its own is not enough. You must also safeguard your business against potential data security breaches and business interruption with eCommerce insurance Nevada.
When conducting business online, there is an exchange of sensitive data belonging to customers, and there is also valuable business information that is generally stored on secure databases. Regardless of safeguards in place, breaches do occur. While proper risk management can offset some breaches, some are inevitable. Being prepared for the fallout and claims against you is important, no matter what type of E-commerce business you operate. If your customer's information is compromised, you can be held liable.
Business interruption is another risk that E-commerce business owners face. If you are reliant on a third-party provider for shipping, internet service, or other services, then your business can be impacted by problems with that third party. For example, if they experience a business stoppage, their problem can lead to reduced profits for your business.
Coverage for E-Commerce Businesses
Speaking with a licensed and knowledgeable insurance agent about your inherent risks is a good start when shopping for the right type of level of protection for your particular business. Some of the eCommerce insurance Nevada coverage types you might consider, based on your business' unique structure include:
- Transportation coverage. Shipping errors that result in loss of money for your business are covered by transportation coverage.
- Contents coverage. If you have a warehouse or manufacture the products you sell, then contents coverage gives you comprehensive coverage for your tools and machinery.
- Worker's comp. Worker's compensation coverage is vital for E-commerce businesses with employees. This insurance provides protection for employees who are hurt or become ill due to a work-related peril and is mandatory in NV.
- Intellectual property insurance. You can be sued for the rights to software, gaming operations or data. Intellectual property insurance covers the cost of defending yourself in court.
- Directors and officers coverage. Liability of directors and officers for your business is mitigated with this type of coverage. It covers operational mistakes that end up costing your company money.
Liability Protection for E-Commerce Businesses
Regardless of the type of E-commerce business you own, you must have liability insurance in place. The limits you choose should take all potential scenarios into account. Analyze your business' worth and risk factors when making a buying decision, and then determine the right level of eCommerce insurance Nevada coverage based on the deductibles and limits you need to fully protect your business. Discuss your situation with a licensed agent who has dealt with E-Commerce clients in the past, and work with an agent who can compare rates for eCommerce insurance Nevada coverage with multiple companies to find a mix of affordability and protection.
Nevada Economic Data, Regulations And Limits On Commercial Insurance
Nevada is home to one of the most famous cities in the world: Las Vegas; it's also home to numerous businesses and provides great opportunities for entrepreneurs who are thinking about setting up shop in the state.
However, before you set your sights on Nevada, it's important to determine if the state offers an environment that is favorable for your specific industry. In order for a business to thrive, the area it's located in has to offer a target market that will benefit from the goods and services the company offers; it also has to have access to a reliable workforce.
If you are thinking about doing business in the Silver State, it's important to determine if it is a suitable location for your operations.
Below, we provide an overview of two key pieces of information that are vital for the success of a business: economic trends and business insurance requirements.
Economic Trends For Business Owners In Nevada
The unemployment rate of a state is important for prospective business owners, as it provides an overview of the workforce and indicates whether or not businesses are flourishing in the area.
In December of 2019, the Bureau of Labor Statistics reported that the unemployment rate in Nevada was 3.8%. While that's slightly higher than the national average of 3.5% that was also reported in December, 2019, the rate has fallen steadily. For example, in July, 2019, the rate was 4.1% and in November, 2019, it was 4.0%.
There are several industries that are seeing significant gains in NV. Among the most notable sectors include:
- Architecture and engineering
- Arts and culture
- Commercial real estate
- Film and entertainment
- Healthcare and bioscience
- Human resources
- Tax planning and accounting
If you are interested in starting a company in any of these industries, Nevada will offer you ample opportunities.
If you want to see the most success possible, it goes without saying that you'll want to choose a location for your business that offers the most favorable conditions within NV. The following locations are where businesses are experiencing the most success:
- Boulder City
- Carson City
- Las Vegas
- North Las Vegas
Commercial Insurance Requirements In Nevada
The Nevada Division of Insurance regulates insurance in NV. Nevada mandates very few forms of insurance coverage by law. They enforce worker's compensation.
Nevada requires you to have worker's compensation insurance if you hire even one employee on a regular basis. This includes part-time employees, family members, minors, and immigrant employees. It is not required for independent contractors or domestic employees, though you should check to make sure any contractors you have are true contractors, and not employees.
Nevada also requires all business-owned vehicles to be covered by commercial auto insurance. Other types of business insurance that business owners should carry depend on the specific industry.
Additional Resources For Information Technology & Internet Insurance
Learn about small business IT technology insurance policies that help protect IT businesses, consultants & subcontractors from the unique risks that small tech businesses face when they work.
- Application Development
- Amazon Seller
- Computer Electronic Repair
- Computer Programming
- Computer System / Network Developer
- Cyber Liability
- Data Breach
- eBay Sellers
- Internet Business
- IT Consultant
- Online Store
- Software Developer
- Technology Services
- Website Design
Some the more popular IT businesses do IT contracting or freelancing work. These businesses have specific risks they face, and can have huge exposures to uncommon risks. Even if the business is very careful, a small oversight or mistake can lead to a large and expensive lawsuit.
For information technology companies, like some of the more popular ones listed below, data security is paramount:
Application Development (Mobile & Web), Business Intelligence / Data Mining Businesses, Computer Installation & Repair, Computer Programming, Computer Retail Store, Data Analysts, Architects & Scientists, Database Administrators, Frontend Developers, Hosting, IT Business Consulting, IT Project Management, IT Staffing, IT Training, Information Technology Consulting, Life Sciences & R&D, Network Architects, Network Security Consultants, System & Network Design, Technical Writing and Web Site Development.
The IT business segment has a critical need for professional liability and errors and omissions coverage. If coverage applies, the insurer has several rights and duties such as providing a legal defense against claims and suits brought by parties claiming damages. The insurer is permitted to investigate all claims to determine whether they are covered by the policy and they may choose to litigate, deny or settle claims.
Most policies providing coverage for electronic data liability, computer professional liability, and computer errors and omissions are claims-made contracts.
Minimum recommended small business insurance coverage: Business Personal Property, Business Income with Extra Expense, Equipment Breakdown, Computer Fraud, Employee Dishonesty, Accounts Receivable, Computers, Valuable Papers and Records, General Liability, Employee Benefits Liability, Errors and Omissions Liability, Professional Liability, Umbrella Liability, Hired and Nonowned Auto Liability & Workers Compensation.
Other commercial insurance policies to consider: Building, Earthquake, Flood, Real Property Legal Liability, Forgery, Cyber Liability, Employment-related Practices Liability, Directors and Officers Liability, Business Auto Liability and Physical Damage and Stop Gap Liability.
Request a free eCommerce Insurance Nevada quote in Alamo, Battle Mountain, Beatty, Blue Diamond, Boulder City, Bunkerville, Caliente, Carlin, Carson City, Carter Springs, Cold Springs, Crescent Valley, Dayton, Double Spring, Dyer, East Valley, Elko, Ely, Enterprise, Eureka, Fallon, Fallon Station, Fernley, Fish Springs, Fort McDermitt, Gardnerville, Gardnerville Ranchos, Genoa, Gerlach, Glenbrook, Golconda, Golden Valley, Goldfield, Grass Valley, Hawthorne, Henderson, Imlay, Incline Village, Indian Hills, Indian Springs, Jackpot, Johnson Lane, Kingsbury, Kingston, Skyland, and Humboldt River Ranch, Lakeridge, Lamoille, Las Vegas, Laughlin, Lemmon Valley, Lovelock, McGill, Mesquite, Minden, Moapa Town, Moapa Valley, Mogul, Mount Charleston, Walker Lake, and Zephyr Cove, Nellis AFB, Nixon, North Las Vegas, Orovada, Osino, Owyhee, Pahrump, Panaca, Paradise, Pioche, Reno, Round Hill Village, Ruhenstroth, Ruth, Sandy Valley, Schurz, Searchlight, Silver City, Silver Springs, Smith Valley, Spanish Springs, Sparks, Spring Creek, Spring Valley, Stagecoach, Stateline, Summerlin South, Sun Valley, Sunrise Manor, Sutcliffe, Tonopah, Topaz Lake, Topaz Ranch Estates, Verdi, Virginia City, Wadsworth, Washoe Valley, Wells, West Wendover, Whitney, Winchester, Winnemucca, Yerington and all other cities near me in NV - The Silver State.
Also find Nevada insurance agents & brokers and learn about Nevada small business insurance requirements for general liability, business property, commercial auto & workers compensation including NV business insurance costs. Call us (702) 693-4277.