I only retail a small amount on Amazon, do I need Insurance?
It does not matter where you sell your products, or in what volume, on-line, in a retail shop environment, you wholesale, or you distribute.
If you are selling on other e-commerce platforms as well such as Etsy for instance or you are involved in dropship or other similar e-commerce sites just selling even one product can expose you to a claim.
What other insurance do I need as an Amazon Seller
Having already discussed the critical covers to protect your online retail business, there are other areas that need consideration.
Property Insurance – your business may be clicks and mortar, hence you may have premises to work from. Inevitably, you will need cover for your property such as fixtures and fittings, machinery for packaging, and of course stock cover. Property insurance will cover costs associated with a range of potential risks, these being Fire, Theft, Flood, Storm Damage.
Business Interruption Insurance – Following a claim at your business premises you might be unable to trade for a while. Business Interruption will continue to pay your overheads whilst repairs are carried out
Employers Liability Insurance – if you have people who work for you including voluntary or perhaps even on work experience it’s a legal requirement that you must have this covered.
Goods in Transit Insurance – getting your goods from A to B, delivering to an Amazon warehouse for instance means your products need covering against losses such as fire or theft.
Marine Insurance – sending your goods overseas to perhaps an FBA warehouse in the USA, Marine insurance will cover you for most eventualities on their journey from your supplier or your premises.
Cyber Insurance – getting hacked, attacked networks, social engineering, denial of service, in the modern era of technology Cyber Insurance is an essential business component.
Why use Real Insurance Brokers for your Amazon Seller Insurance
Real Insurance are a specialist insurance broker who deal with certain sectors of the market, exporters insurance as well as USA Product Liability being just two of the areas that have synergy with Amazon Sellers.
Speak with a member of our team, we can discuss your business insurance requirements whether you are a small business just staring out or a larger more seasoned enterprise.
We discuss the insurance requirements of online retailers or exporting to the USA where insurance can be different, requiring different types of insurance.
Are you a business with interests in the USA?
As a specialist in the US market for UK companies exporting there, our partners in the USA can look after your interest there. You may have a sister company, a subsidiary or due to the volume of sales you have decided to have premises there employing people locally.
If this is the case then insurance will need to be obtained in the USA, this is where we can work with you both in the UK and with our insurance partners in the USA who can provide insurance cover as you would have in the UK.
They are an invaluable source of advice who know the US insurance markets, the laws that differ from state to state and the insurance covers that are commonplace there which are generally unheard of in the UK.