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What Kind Of Insurance Should I Carry For My Etsy Business?

Updated: Sep 12, 2023

February 23, 2023

If you have an Etsy business, it's essential to consider the types of insurance that can protect your business and personal assets. The specific type of insurance you need depends on various factors, such as the size of your business, the products you sell, and the potential risks involved in your operations. Here are some types of insurance that may be relevant for your Etsy business:

  • General Liability Insurance: This type of insurance can protect your business from claims related to third-party injury or property damage, such as a customer tripping and falling in your studio.

  • Product Liability Insurance: If you sell physical products (like soap or lotion), this type of insurance can protect your business from claims related to product defects or malfunctions that cause injury or property damage to your customers.

  • Business Owners Policy (BOP): A package policy that combines general liability insurance with property insurance, providing comprehensive coverage for your Etsy business.

  • Home-Based Business Insurance: If you run your Etsy business from your home, you may need specific insurance coverage to protect your personal property and the area of your home used for business purposes.

  • Professional Liability Insurance: If your Etsy business provides a service, such as custom design or consulting this insurance can protect your business from claims related to errors or omissions in your work.

  • Cyber Liability Insurance: If you store sensitive customer data, such as credit card information, on your computer or other electronic devices, this type of insurance can protect you from claims related to cyber attacks, data breaches, and other cyber risks.

It's important to carefully consider your individual circumstances and risk factors when deciding which types of insurance are appropriate for your Etsy business. Additionally, it's a good idea to consult with a qualified insurance professional to determine the best type and amount of insurance coverage for your needs. It may sound like a lot of insurance and a lot of money involved, but Independent Agents such as Hudson Valley Agents can often package many of these coverages together for one low premium. They can even write stand-alone products such as product liability at a price that won't leave you having to sell a kidney.

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