Hiscox now has commercial liability insurance for Amazon Sellers in its portfolio according to the latest standard. The reason for this is that Amazon has tightened its requirements for sellers on the platform.
The background: At the end of July, Amazon sellers were informed that they must provide proof of existing business liability insurance within just 30 days, even if their gross turnover from transactions in a month exceeds 5,000 euros. In addition, Amazon itself must be included in this insurance as an additional insured party.
Constantly expands its modular insurance solution for online shop operators
The insurer says it launched an “Amazon-compliant” insurance policy last year. It also stresses that it is continuously expanding its modular insurance solution for online shop operators in order to optimally align it with the specific needs of retailers – especially those who use Amazon as a sales channel.
Hiscox’s insurance solution, specifically for Amazon Sellers, includes, among other things, commercial liability insurance including product liability. In addition, Amazon.com Services LLC is included in the insurance contract, including an “Amazon Certificate.” Hiscox offers this option with a 15 percent surcharge on the insurance premium.
NEWSLETTER
The insurance magazine newsletter regularly informs you about current developments within the insurance scene
Insurance solution meets requirements and offers additional models
Following the revision of its “A-to-z Guarantee Program,” Amazon requires its marketplace partners to have valid commercial liability insurance once the monthly gross sales exceed the compulsory insurance limit. This is especially important in case a defective product sold in the EU or UK causes property damage or personal injury. With the new requirements, Amazon wants to protect both itself and the sellers from potential liability claims.
Hiscox is convinced that its insurance solution not only meets Amazon’s requirements, but also offers various optional additional modules, such as product liability. With professional liability insurance, Amazon sellers can protect themselves from the financial consequences of errors that cause financial loss to third parties.
In addition, the insurer offers online retailers the option of business equipment and warehouse insurance to protect their warehouse and work equipment (including electronics). There is also cyber insurance to reliably cover digital risks.
Further information for brokers is here.
Quelle: Hiscox
Author(s): versicherungsmagazin.de
