Who can benefit from online retailer insurance?
Businesses that sell products online can benefit from this type of cover. Whether it’s your main outlet for a service or products, or is supplementary to your ‘real-world’ outlets, online retailer insurance can be a useful addition to your cover. Business insurance for online retailers is suitable for a wide range of outlets, including craft stores, jewellery makers, e-commerce websites, and anyone who sells products or services online.
What does it cover?
Online retailer insurance can provide cover for all aspects of your business. From protecting stock against fire and flood damage to a safety net against the cost of injury or damage to property compensation claims, there are lots of different elements you can include in your cover package, including:
- Public Liability Insurance – Covers the cost of compensation claims and the associated legal costs
- Employer’s Liability insurance – This is a legal requirement if you employ anyone, including part-time workers and family members
- Business contents insurance – Provides cover for any physical assets essential to the running and maintenance of your online business
- Commercial building and contents insurance – Suitable if your online operation is run from a business premises
- Product Liability Insurance – Provides financial cover if a faulty product you sell causes injury or damage to property (such as an electronic gadget catching fire or if a customer has an allergic reaction to a product sold by you, when you are legally liable)
- Stock insurance – Provides cover if your stock is damaged or stolen, for example, as a result of a burst water pipe, a break-in, a fire, or while being transported where Goods In Transit cover applies
- Cyber insurance – If your online platform is hacked, this can help to cover the costs of recovering and getting your online business back up and running
How much cover should I get for my stock?
It is advisable to take out the full replacement value of all the stock you hold at any one time, rather than its retail value.
Will my stock be covered whilst the goods are being delivered?
If you add Goods in Transit cover to your package, you can then protect your goods while they’re being delivered. Depending on the value of the goods you send, you may need higher limits or additional cover.
What if I sell on third-party platforms?
E-commerce retailer insurance is suitable for businesses that sell goods via third-party platforms such as Etsy and eBay.
Protect your online business with Park Insurance
For over 30 years, Park Insurance has worked with businesses of all sizes, providing cost-effective insurance for online retailers and high-street outlets. Our position as a preferred broker to some of the UK’s largest insurance providers means we can find cover that fits your business model. You can use our online Get A Quote button for an instant, no-obligation quote, or talk to one of our professional advisors, who will be happy to work with you to create a tailored insurance package. Call us today.