Can my online bliable for selling a produsiness be held uct that caused injury to a customer, despite the product being manufactured by a different company?

Yes, it is possible that you can be held liable for products you have sold even if you did not manufacture the products. Make sure that products liability coverage is present in your insurance policy. Take a thorough look at your inventory to determine if you sell products that are highly likely to cause injuries, such as products for babies and toddlers. Whenever possible, do business with manufacturers that already carry an insurance policy.

Do I need Cyber Liability Insurance if I am operating online?

It is recommended that you protect your business operations with Cyber Liability Insurance if you are selling products online as online transactions usually require an exchange of financial information over the internet. Many online retailers also store customer data to complete and ship out orders. If any third party data on your systems are stolen or damaged in a cyber attack, you may need Cyber Liability Insurance to cover the damages. Cyber attacks are becoming increasingly common. According to StatCan, one-fifth of all Canadian small businesses were targets of cyber attacks in 2017, and the number has only gone up since.

Do I need to carry insurance on my stock if I am operating by dropshipping?

Confirm with your supplier if they are responsible for insuring inventory. However, it never hurts to carry this coverage in the event that you get dragged into a claims scenario. If you have multiple suppliers, it can be difficult to keep track of which suppliers have insurance and which don’t. It is highly recommended that you add Property Insurance to your insurance policy to manage your risks.