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Episode Info: I often get this question in my EBiz Insider Workshops: Do I need business insurance for my ECommerce business? Well, if you ask an insurance salesperson, the answer will always be a resounding YES!...because you're talking to an insurance salesperson. In reality, things are a bit different. Be sure to Subscribe to the Show! Find much more TRUTH about ECommerce on my site. EPISODE TRANSCRIPT Business Insurance - Do You Need It? Welcome to Chris Malta's EBiz Insider Podcast, where there's no such thing as too much truth! I often get this question in my EBiz Insider Workshops: Do I need business insurance for my ECommerce business? Well, if you ask an insurance salesperson, the answer will always be a resounding YES!...because you're talking to an insurance salesperson. In reality, things are a bit different. Keep in mind that I'm not a legal professional, so this isn't meant to be legal advice. If you want legal advice, talk to an attorney. My advice in this area comes from more than 40 years of actually owning and running businesses, and is my PERSONAL OPINION, from me to you. There are times when I've had business insurance, and times when I haven't. It depends on the circumstances. The most common type of business insurance is Liability Insurance. An insurance salesperson will tell you that you need this in case somebody gets sick or is injured by something you sell, or somebody is injured on your business premises. In MY businesses, I've had offices where my employees work and where potential customers and other people come to meet with us. I have ALWAYS had Liability Insurance for any office space I've ever had where other people work or visit. On the other hand, if you own a Home-based business, in my opinion you can rule out Liability Insurance for your business premises. You will NOT have your internet-based customers traipsing in and out of your home. They'll be buying from you online, and won't even know where you LIVE. So the chances of one of your customers being injured on your business premises by tripping over your cat or slipping on a patch of ice on your front porch is NIL. Won't happen. Another potential liability is one of your customers getting sick or being injured by something you sell. When it comes to that scenario, follow these simple rules: 1. NEVER sell anything that people eat, drink, put on their skin or feed to their pets. 2. Never sell anything that EXPLODES. I've never carried Liability Insurance on any of the sites I've had where I've sold physical products online, because I've always followed those rules. Is it possible that someone could hurt themselves with other products you sell? Sure. There are a lot of idiots out there. If you sell clothing irons, and some guy tries to flatten the hair on his arms using a hot iron, that's gonna hurt. If somebody has a knot in their shoelace that they can't untie and tries to cut through it with a Skil Saw that you sold them, THAT's gonna hurt. So you really can't protect you...
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