A record number of entrepreneurs and business owners are turning to the internet over traditional bricks and mortar. Customers are also beginning to favour web-based shopping experiences over the high-street. With a bit of luck and a lot of hard work, ecommerce stores that started as a hobby can blossom into full time professions. Just ensure you have Online Retailers’ Insurance.
As your online store grows and your house becomes a home office, or even a warehouse, it’s essential that you remain covered. Your existing home insurance is unlikely to cover business operations which can bring potential pitfalls. You don’t need a physical storefront to need retailers’ insurance. If your store has an online presence, you’ll want to make sure that you and your goods are protected as soon as you start selling them. The same applies whether you are selling goods you made yourself, or goods you sourced from a wholesaler.
As an online retailer you are at risk from the same common issues that physical stores come across. This includes businesses that may occasionally sell their products at fayres, markets, and pop ups, but are predominantly found online. Whether you are a dotcom boutique or a digital forcefield, chances are you’re juggling stock, customers, employees, orders, and deliveries. The correct online retailers’ insurance, or ecommerce insurance, will give you the peace of mind to focus on what matters most.
Online retailers’ insurance can cover you for:
- Stolen goods
- Damaged property
- Lost stock – including when in transit
- The safety of your customers/users of your products
- The loss or theft of personal data
- Claims made against you
- Claims made against your staff
- Legal advice and guidance
Depending on the policy it can include:
- Employers Liability Insurance
- Buildings and Contents Insurance
- Business Interruption Protection
- Product Liability Insurance
- Public Liability Insurance
- Stock Insurance
One claim could cost your ecommerce business a lot of money. So, having the correct cover in place could be a question of survival. Insurers are likely to check that you sell reputable products in compliance with all necessary rules and regulations before agreeing to a new policy.
SJL understand that no business is the same and a one size fits all approach doesn’t work for online retailers. At SJL we design retailers’ insurance specifically for niche products. We will work with you to get to know your business before creating the perfect solution, ensuring you only pay for the cover you need.