I'm offering an online payment solution that other business will build upon. I'm going to have a service agreement that will promise certain things such as quality of service, uptime, etc. I will charge a transaction fee for every transaction that goes through my system.
- Should I purchase E&O insurance or any other type of coverage?
- What risks am I assuming that I need coverage for when processing payments? Do I have to have coverage for fraud?
- How should I calculate how much coverage I need? Should this just be a multiple of my revenue over a period of time.
- Does anybody know what type of coverage other payment services like Chargify have?