Digital Nomad? Here’s Why Your Online Business Needs Business Insurance

When you finally make the decision to ditch your full-time job and travel the world as a digital nomad, you’re immediately filled with excitement. The thought of leaving your desk and chair behind; The thought of freeing yourself of your annoying coworkers; And the thought of escaping the toxic work environment is such a sigh of relief you never thought you’d be able to experience.

As a soon-to-be entrepreneur traveling the world, you know that there are some legalities you need to acquire before you can begin your online entrepreneurial journey into digital nomadism. Of course, you need to purchase a domain name and build a website, but another important aspect is making sure you obtain business insurance before you set foot on a plane or post your digital “open for business” sign.

Most people who venture into the world of entrepreneurship tend to think that business insurance is solely for physical businesses but little do most people know that business insurance can save your online business from a world of trouble just as much as it can a physical business.

Most digital nomads will start off by looking at general liability options first, to keep all your bases covered and based on the type of risks your business will face, you can then customize your policy to meet your business’ specific needs.

Why Does Your Online Business Need Business Insurance?

As the owner of an online business, you’re going to face risks of loss of income, potential damage to equipment, reputational damage, and even theft of your equipment. Those are just a few reasons as to why your business needs business insurance but they’re not the only reasons. Online businesses face unique challenges that physical stores don’t have to worry about.

It’s not like clicking on an important file and accidentally deleting it, and it has the potential to completely take your website offline? You, of course, wouldn’t do anything like that on purpose but you’re not perfect, you could accidentally right-click on file or database entry and never see that file or your entire website ever again.

When it comes to protecting your business if a hacker hacks into your network and steals all of your customers’ personal information? That’s what business insurance is for… it protects your business from threats you might not even know are threats. Take a look at some of the biggest threats your online business could face.

Potential Threats Facing Your Online Business

1.   Reputational Damage

Reputational damage is something that can have a drastic effect on your business. Reputational damage is something that’s affected by your digital footprint and keeping track of your digital footprint is of great importance for your business, according to the Smart Business Network.

Did you know that more than half of online shoppers will look at online reviews of a product before committing to actually buy a product? If your online reputation is bad for the products or services you’re selling, it can negatively impact the growth of your business. This type of damage is done by disgruntled past employees, unsatisfied customers, or competitors

2.   Phishing

With your business being online, it makes your business more susceptible to phishing. Phishing is when someone sends fake emails to people pretending to be real companies only to take those customers’ personal information… they’re “phishing or digging” for personal information. 

Things like credit card numbers and passwords are all fair game to phishing. Fake emails aren’t the only place where phishing can happen either… fake links on social media are now one of the top culprits of phishing now.

3.   Data Breaches

A breach in data is when a cybercriminal hacks into a company’s network and steals customers’ private information like social security numbers, phone numbers, and email addresses for identity theft.

Last But Not Least…

Aside from the safety of your business, your number one priority needs to be your own personal safety. It’s important to know that as you travel the world, you’re only going to be able to pack the essentials, meaning that everything you had at home, it’s not going to be sustainable to carry them with you as you go on your entrepreneurial journey… some digital nomads will search for a reliable travel partner before embarking on their travels.

Most digital nomads will only pack just enough essentials that will fit in your backpack. In knowing that, it’s also important to know that thieves can also recognize a tourist/digital nomad a mile away. So before you head out to different locations to work, only pack what you need and nothing more, especially if you’re in a foreign country… thieves are constantly watching.

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from David's Been Here https://davidsbeenhere.com/2020/03/06/digital-nomad-heres-why-your-online-business-needs-business-insurance/
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