3 General Questions About online shop insurance
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What is included in the webshop insurance?
It is a property damage liability with extensive built,
• Costs of external PR consulting to prevent, eliminate or reduce an imminent or already existing damage to reputation through a claim or the dissemination of fake news;
• Personal damage caused by changing or blocking your own website (e.g. hacking damage);
• Costs for regaining the domain name in the event of a loss of domain name rights caused by a third party (domain legal protection).
In addition to the integrated office and business liability insurance and product liability insurance, there is also insurance cover for personal injury and property damage from operating the web shop and from working as an online retailer:
In addition, there is the possibility of adapting the insurance cover to your business using optional additional modules. These are:
• Data Protection & Cyber Damage Cover
• Cyber Business Interruption & Blackmail
• External Liability Insurance
• Fidelity & Fraud
These e-commerce business insurance modules cover also includes the fulfillment of justified and the defense against unfounded liability claims (so-called passive legal protection).
2. Why are there exclusions in the webshop insurance?
Exclusions and restrictions on insurance benefits are necessary, since otherwise the calculated insurance premiums would be exorbitantly high if the insurer would cover all conceivable risks.
A classic exclusion is the intent or the knowledgeable breach of duty. For understandable reasons, no insurer wants to insure the knowingly and willful (so to speak willful) damage to a person or a company.
In addition, delimitations must be made, as the insurance is usually tailored to a special need or to a specific target group. This automatically results in areas that are not insured.
All-risk coverage
Insurance contracts that work with so-called all-risk covers are very consumer-friendly. Put simply - all risks that the insurer does not explicitly name in an exclusion are insured.
The webshop insurance offered by exali.de is an all-risk cover.
3. In what way the eCommerce insurance protects the operators?
The eCommerce insurance essentially provides 4 benefits:
Review of claims
The insurer checks at its own expense whether and to what extent the web shop is obliged to pay compensation.
Payment of Damages
In the event of a justified claim for damages, payment of the damage (up to the agreed sum insured minus any agreed deductible).
Legal protection function (defense against damage at the expense of the insurer)
So-called passive legal protection: If necessary, the insurer also fends off unjustified or excessive claims for damages as well as warnings or omissions through extrajudicial or judicial proceedings. The insurer also conducts a necessary liability-related legal dispute for the online store and assumes all procedural costs incurred (lawyer, court, expert, and expert and witness costs). This also applies to possible criminal proceedings (criminal legal protection).
Minimizing the entrepreneurial risk for personal damage
By the trapped party insurance and the optional additional components privacy & cyber first party coverage, Cyber-interruption, external liability insurance as well as fidelity & fraud reduced the store insurance entrepreneurial your online shop risk.